You Must Have a 620 Credit Score to Get a Loan…FALSE!
You must have a 620 credit score to get a loan. FALSE! This week I had a client come in who was referred by their Realtor for a refinance. They had been turned down by 2 other banks. The reason one bank gave was that the husband’s credit score was below 620, and the...Weekend Rate Sheet
Weekend Rate Sheet Your buyer’s interest rates can be locked in over the weekend, so if you have a client who is close to having an accepted offer and is nervous about rates we can lock that interest rate in. Remember, we also have the float down: if rates improve...
You Need to be on the Job for 2 Years Before Being Eligible for a Mortgage…FALSE
You need to be on the job for 2 years before being eligible for a mortgage. NOT TRUE. I just had a client come in who has been on her job for 5 months. She is a paralegal, and in the past had been in the hotel business. One lender turned her down, even though she had...
Busy on the Economic News Front, and Interest Rates Drop
Economic news: Historically, rates come down the first week of October, so we will see if they behave historically next week with the big numbers on Wednesday,Thursday and Friday. But even this week leading up to the BIG week, was busy on the economic news front. We...