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No Financing, But Pre-Approved?
My brother just sold his home after 2 buyers backed out because of not getting financing. How can this be, since they were pre-approved? Annie Great questions! Its hard to guess why this would happen twice – once burnt and all that, but the main reason people can’t...
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 out...
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 she...