My thoughts on mortgage loan financing in todays market and the future of mortgage loans.
There is still money available for loans for pruchase and refinance loans for people with good, and in some cases, not so good credit.
The zero down loans are gone and the minimum downpayment is currrently at 3%. This is due to increase to 3 1/2% January 1st. Credit does not have to be impeccable to get this loan. It is FHA, 30 year fixed rate at 6.375% at todays current rate. The seller could pay the closing costs. The loan limit for this loan is $629,000. This loan limit is due to expire the end of this year but there is some talk about extending it. We don't know if, for how long or for how much.
Refinancing is still available at good rates and this would be a great time to refinance out of an adjustable rate loan onto a fixed rate loan. And remember, when you refinance you get to skip a months payment. All of the closing costs can be added to the loan so there will be no out of pocket costs.
There is talk of another rate cut. The rate cuts we have been reading about have certainly helped Lines of Credit and credit card rates but not home loan interest rates.
I would be happy to help you sort out the ins and outs of the financing puzzle. Please feel free to call me at 206-948-4566.
Dianne Hawley
Mortgage Specialists
lic# 510LO22203
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