See below for details on interest rates, the best realtors to work with, what you can do on my website, refinancing, what online reviews are good for, and much more.
Interest Rates Are Still Low. When Will They Go Up?
Interest rates supposedly have been ready to rise for years. Still waiting...Getting back to 5% and 6% interest rates still doesn't appear to be on the horizon. However, rates simply do not stay this low forever. The below link has a chart that will show this.
When rates do rise can they spike quite a bit in a short period of time? That's rare. However, there are two times in my 30 year mortgage career where interest-rates spiked about 1% in a week or two. Once in April 1987 and also July 2013. The Federal Reserve May Hike Rates In December?
Some people worry about buying soon before rates rise. But if rates rise will that take the steam out of the real estate market? Schedule a call with me to hear my opinion.
Refi To A 15 Year Loan From 30 And Keep My Payments The Same? Not Likely...
Cutting your loan term down to 15 years usually requires an increase in your mortgage payment, which still may be worth it. Click here to see details.
If you have gotten a mortgage before you know a loan officer may disappear after they have your business. Trying to get a status on your loan application can be frustrating. I automatically send updates at each important point in the process:
Getting Started. Appraisal Ordered.
Loan Application Submitted.
Loan Application Approved.
Closing Documents Released.
Occupancy fraud is when you say you'll live in a home when you are actually going to rent it out. Some attempt to say they are going to live in a home to get the lower interest-rate that comes with a primary residence. But this fraud, which is the largest fraud in the mortgage business, is risky and foolish to attempt.
Whether you are closing in 30 days or 60 days your sales contract will have a deadline for you to get your financing approved in a short period of time, usually in 21 days. And it takes all of 21 days to get a loan commitment.