Mortgage Update

Interest Rate Update

Interest rates have eased down a tiny bit over the last few weeks. Some "experts" say rates could dip down again for a short period of time to keep the housing market moving.

Back From The Brink

Provisions of the Dodd-Frank Law

Lots of new regulations and guidelines go into effect today. Lots of talk about how it will make loans harder to get but in reality there should not be much of a change. More paperwork of course but that should be the extent of it. There are some new calculations limiting maximum fees that can be charged but that will only effect those lenders that overcharge anyway. There is some new requirements that deal with a persons Ability to Repay the loan but again most of that has already been worked into the underwriting process.

How Does This Affect You ?

Ask questions and discuss what is going on in the industry. The biggest problem we continue to see is sourcing of monies. Because of the Anti-Money Laundering guidelines lenders contin-ue to hammer on sourcing deposits, meticulous paperwork trail of money transfers, and continu-ally needed the "most current" statements and printouts. When talking with prospective buyers make them aware they have to be on financial lockdown until the process is complete.

30 Year Fixed up to $417,000	4.125% to 4.50%
30 Year Fixed "Agency" up to $625,500	4.375% to 4.625%
30 Year Fixed FHA up to $417,000	3.75% to 4.25%
30 Year Fixed FHA "Jumbo" up to $729,500	3.875% to 4.25%