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Experts predict stability through spring, with potential rate cuts by summer Freddie Mac’s latest Primary Mortgage Market Survey reveals a steady mortgage landscape, with the average rate for a 30-year fixed-rate mortgage (FRM) slightly increasing to 6.64% as of February 8. This minor change follows a period of stability in mortgage rates, reflecting broader economic…

Manual mortgage underwriting refers to the process of evaluating a mortgage application without solely relying on automated systems or algorithms. In manual underwriting, a human underwriter carefully assesses the borrower’s financial situation, credit history, income, assets, and other relevant factors to determine their eligibility for a mortgage loan. This process involves a thorough review of…

Part time employment does not automatically require one or two years as many may think. There is a difference between part time employment and second job employment although many of the guidelines lump them into the same category which can cause confusion. A second job is of course when you have a primary employment and…

Rather than wait for legislation, borrowers can simply opt out of sales calls better know as Trigger Leads. Applying for mortgage preapproval can be the exciting start of a journey toward homeownership. The problem is that a borrower’s credit information is then sold, leading to a flood of calls and texts from businesses trying to…

The process of obtaining a home loan is lengthy and can be confusing. Knowing what you should and shouldn’t be doing during this time might feel overwhelming and impossible, so work with someone who really knows their stuff . Work with me and I’ll guide you through every step of the process. Here are some…

Rather than wait for legislation, borrowers can simply opt out of sales calls. Applying for mortgage preapproval can be the exciting start of a journey toward homeownership. The problem is that a borrower’s credit information is then sold, leading to a flood of calls and texts from businesses trying to sell their services. You can…

GIFT DONOR CHANGES to Fannie and Freddie What happens when you have a realtor that is a family member on a transaction and they want to give a gift to their relative. This came up recently and is a great tidbit of information when someone is working with a relative. The difference is between Fannie…

The USDA offers home loans through the Rural Development Guaranteed Housing Loan Program, commonly known as USDA loans. Here are some key points about doing a USDA Purchase: USDA loans are designed to help families with low to moderate incomes buy homes in rural areas. Eligibility is determined by the property’s location and the applicant’s…

Mortgage rates are ringing in the new year much lower than their near-8% peak this past fall. The 30-year fixed-rate mortgage has decreased for the past nine weeks, though breaking for a slight uptick this week to reach 6.62%, Freddie Mac reports. “The overall trajectory of mortgage interest rates in 2024 is expected to decrease,”…

Home Sales “Will Improve in 2024” Home Sales “Will Improve in 2024”. Pending Home Sales were unchanged from October to November, though October’s figures were revised slightly higher according to the National Association of REALTORS (NAR). Sales were also 5.2% below the level reported in November of 2022. This data measures signed contracts on existing…