If the US government defaults on its current obligation and does not raise the debt ceiling, our credit rating will take a hit and be downgraded from AAA. What will the new credit grade be? I don’t know, but it will cause interest rates on new loans to increase. Lower credit ratings cost borrowers more [...]
ShareAlmost every person I talk to about a home loan will ask me “what‘s your interest rate”? I respond with the current rate of 3.125%. The individual will say “really, 3.125% for a 30 year fixed rate mortgage?” No, the rate I have provided is for a 5 year ARM. Most customers may frown upon [...]
ShareI received 2 calls last week from Veteran’s who were trying to get approved for a VA home loan. They had both gone to their personal banks and were turned down for the VA program. I was surprised because both met all the VA guidelines and I was able to pre-approve them within 15 minutes. [...]
ShareSo, you have a foreclosure or a short sale. You’re renting now but you know you don’t want to rent for the rest of your life. In 2-3 years you’re going to be ready to buy again, but what do you need to do to make sure your going to get approved for the [...]
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