Jeff’s Carlsbad Blog for First Time Home Buyers


Recent Mortgage and Interest Rate Changes

Posted in Financial,Mortgage info by Jeff Dowler on June 20, 2007

loans_jpg.jpgloans_jpg.jpgloans_jpg.jpgI assume you have already had some conversations with a qualified mortgage broker to assess your qualifications for getting a loan. If not, and you are already on the hunt for a home, better get it done NOW.

I would recommend revisiting the issue of loans soon. There have been some recent changes within Fannie Mae and you will want to be sure that your ability to qualifiy for a loan has not changed. Or if it has, you will want to know in what way – do you qualify for a different program? Are the fees changing for PMI (mortgage insurance)?

I expect you have been watching the rates, which have been rising for some weeks, hitting, I believe, the highest level in 11 months (although they are still pretty favorable). I heard that the rates dropped again a little, but given the general direction I would, again, check in with your loan officer to assess the recent changes to see how it impacts you and your budget.

You may also want to ask about locking in a rate if you are already in the process of negotiating a transaction. It may or may not make sense for you.

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