Interesting fact that had major affect in the Nation’s Housing Market. Watch this video and get the facts.
Live and learn. Advice from a reputable Lender…When you’re in the Escrow process don’t alter your credit by spending money unnecessarily. Even though you’ve been approved for a loan you run the risk of losing the loan by charging items that may affect your loan ratios.
Example…You buy a bedroom set or other items for the new home or even worse buy a new car during the Escrow period. Recently Banks once again have been tightening their noose even though they gave you an approval. Their new business practice is a last minute credit check a few days before Closing to insure the Borrower’s ratios remained acceptable. If they discover a negative you most likely will lose the purchase or have to bring in cash to offset the penalty. Most Borrowers don’t have extra cash on hand and unfortunately lose the purchase.
My advice. Once you’re in Escrow don’t make these types of mistakes. Keep yourself informed. Work diligently with your realtor and lender. Relax and enjoy the waiting period and think of all the things you would like to do with the home once it’s yours.
FYI. Interest rates today: Government Loans 3.25%
Conventional Loans 3.75%
Spoke with a reputable Lender this morning for an update on Interest Rates. What GREAT NEWS…Interest rates nearing if not already all time LOW. Conventional 3.875% and no points. Government Loans even lower. I can’t remember gas under $2.00 and Interest rates under 4%. Great time to fill up the car and go house hunting.
Source: AOL Real Estate
Common credit mistakes could complicate the mortgage process for potential home buyers. Consequently, knowing ahead of time what one shouldn’t do can make all the difference in ensuring that a buyer does not jeopardize the loan approval process. For example, applying for credit during the loan process is a red flag.
The land of lawns and malls has experienced two years of solid growth, as more Americans are moving again to suburbs. Many of the nation’s fast-growing cities are slowing down, while suburbs and areas beyond suburbs are seeing an uptick in growth after expanding more slowly during the recession and its aftermath.
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