48 Meriden Rd, Suite 1, Middlefield, CT 06455

Category: Uncategorized

The Dots Put an Exclamation Point on Record-Breaking Drop in Rates

We came into this week expecting the Fed’s Dot Plot to set the tone, or at least to create a good amount of movement in rates, and that’s exactly what happened. The dot plot refers to a chart that appears 4 times a year in economic projections released by the Fed.  Projections are not the…
Read more

What New Loan Limits Mean; Should We Worry About “Worst Ever” Pending Home Sales?

It’s been a good week for extremes in the housing market with rates at 3 month lows, pending home sales at “record” lows, and conforming loan limits up to record highs. Here’s why at least two of those three things aren’t very interesting. Let’s start with what was probably the week’s most dramatic housing market…
Read more

Unlock Your Home’s Potential with Northeast Financial’s Quick and Reliable Fixed-Rate HELOC

In the realm of financial opportunities, few avenues are as promising as tapping into your home’s equity. Whether you’re eyeing home improvements, debt consolidation, education costs, or simply seeking a financial cushion, a Home Equity Line of Credit (HELOC) could be the perfect solution. And when it comes to securing your equity with a Fixed-Rate…
Read more

Leveraging Business Bank Statements for a Fixed-Rate Second Mortgage

When business owners seek additional funding or want to tap into their property’s equity while preserving their existing low fixed-rate mortgage, securing a fixed-rate second mortgage can be an excellent solution. By leveraging business bank statements as qualifying documents, entrepreneurs can access the necessary funds without jeopardizing their current mortgage terms. This article explores the…
Read more

Is There Really a New, Unfair Mortgage Tax on Those With High Credit?

Seemingly overnight, the internet is awash with news regarding a “new,” unfair tax on mortgage borrowers with higher credit scores. Some have gone so far as to suggest that someone could intentionally lower their credit score in order to get a better deal. Before you stop paying your bills in the hope of cashing in,…
Read more

Rates May be Falling, But Other Mortgage Costs Are Going Up

Mortgage rates have fallen quite a bit since hitting a long term peak in late October. By the middle of this week, the average 30yr fixed rate was more than 1.25% lower from the highs and at the best levels in more than 4 months. Rates have fallen due to improvement in the bond market,…
Read more

The Real Reason Mortgage Rates Are Dropping at a Record Pace

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…
Read more

Fed Talking About Big Rate Hikes, But Mortgage Rates Moved Lower

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)…
Read more

Mortgage Rates Hit 6%. World is Not Ending. May Just Be Beginning

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%…
Read more

New 2022 FHA Loan Limits

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…
Read more