Mortgage rates have been all over the map recently, both in terms of their movement and in their variation between lenders. The disconnects are so big as to require a deeper explanation. Let’s quantify “big.” Best-case-scenario rates for a conventional 30yr fixed are down about half a point from last week on average and more than…
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It was a week for paradoxes on several fronts, most notably when mortgage rates moved lower just after the Fed floated the idea of an even bigger hike. There’s a popular misconception that the Fed sets mortgage rates, or controls them directly in some way. They don’t. The Fed sets the Fed Funds Rate (FFR)…
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In a year where mortgage rate volatility has been extreme, this week made everything else look tame by comparison. While it will never show up in weekly survey numbers, the 3-day jump between last Thursday and this Tuesday was one of the biggest on record, taking the average 30yr fixed quote from 5.55% to 6.28%…
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FHA LOAN LIMITS Increased to $420,680 in 2022 Up from $356,362 in 2021 The Federal Housing Administration (FHA) just announced an increase of the FHA loan limits for 2022.The loan limit for one-unit properties will rise to $420,680 in most parts of the country, up from $356,362in 2021. Loan limits are also increasing in high-cost…
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Why choose a one-time close construction loan and what options are available to you? A one-time close construction loan is a viable option for borrowers when they need to provide the builder with initial and interim financing for construction. This product has a single closing to save you on closing costs from having multiple…
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15 vs. 30: Two reasons some people take on a 15-year mortgage The primary difference between a 30 year mortgage and a 15 year mortgage is simply the length of the loan. One amortizes over 30 years, the other over 15. (Wikipedia says that an “amortizing loan is one where the principal is paid down…
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Working with your local independent mortgage broker has its benefits. One of which is access ground breaking products and exciting enhancements ahead of the big banks. We are proud to announce that we are currently accepting applications for conventional loans using the new increased loan limits to be set soon for 2022. Effective immediately Northeast…
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Navigating both low and no money down payment programs can be difficult and often confusing for new and experienced home buyers. Here at Northeast Financial LLC we have several options available to the public. Are you a veteran that serviced for our armed forces? If so ask us about our 100% VA Financing for both…
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The Department of Veterans Affairs has created mortgage programs designed specifically for military personnel, veterans, and surviving spouses of those who have so valiantly served our country. VA mortgage programs are among the most important benefits available to our military! PROGRAM HIGHLIGHTS ■ 10-, 15-, 20-, 25-, and 30-year fixed rates available ■ Up to…
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In most cases, an appraisal is required to buy or refinance a home. The appraisal protects you and your lender from paying for or financing a home for more than it’s worth. Your appraisal takes place once your application is filed and your initial documentation is reviewed. We’ll take care of placing the order for…
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