Busy Week and it Shows
It was a busy week in economic news, and the rates show it. Tuesday we got a revised GDP for October up to 5.3% from 2.9% – wow did the US start producing or what? Such a big jump was not “mortgage interest rate friendly”. Wednesday the ADP payroll number came...
The Power of Credit Scores
Client applied for a loan with 593, 615 and 633 credit scores. In lending we use the middle of the three. With that rate the only loan I could find for $952,000 was a rate of 5.99% for a 7/1 ARM (meaning fixed rate that turns into adjustable) – yes with 30% down...
Bonds in the Dust
This week continued the bond market rally of last week, leaving bonds in the dust. The more people saw the shiny stock market, the more dull those bonds looked. When no one buys bonds they have to offer higher and higher prices to attract investors to the bonds....
Can I Put 10% Down on a Home Without Paying PMI?
I want to put 10% down on a new home but don’t want to pay PMI. Is there a way to do that? Yes indeed there is! There are 2 ways and half way. The first way is to get 2 loans = 1 loan that is 8% of the price of the home and the other 10%; because the first mortgage is...