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South Loop Scoop
January 11, 2011
 Historicly Low Interest Rates:
- Mortgage rates will slowly rise throughout the year
- Overall demand for mortgages will decrease
- Mortgage refinancing applications will drop
- Mortgage applications for a home purchase will become a greater part of the market
- Jumbo loan mortgages will be more attractive
- All-cash purchases will become a larger part of the market
- The mortgage loan process will remain slow and complex
While these general mortgage trends may impact the real estate market overall, your Weichert Realtors Frankel & Giles Real Estate Agent can point you in the direction to one of our preferred lenders. They will help you access your needs and guide you through the mortgage loan application and we will be there every step of the way.
Information provided by Investopedia and msnbc.com
September 2, 2010
This week, there were several issues with closings. The lenders have all informed me there is NO SUCH THING AS A QUICK CLOSING ANYMORE! And to add salt to the wound of having a slower market, they have now added additional obstacles for getting loans done. FHA now requires appraisers to attach a photo of the kitchen and bath to the appraisal, which mean all the ones completed prior to this change, will need updated appraisal prior to submitting file for a clear to close.
Some lenders now also require a “soft” credit report pulled and an employment verification ON THE DAY OF CLOSING! Another requires you to verify ANY deposits over $500 with documents. When will the restrictions end? Eventually they will want your blood type, leg, family history, past 20 years of employment history, dogs name, and favorite color prior to approving you for a mortgage.
Moral of the story, it will be in all of our best interest to offer words of advice to all clients in advance of the mortgage process. #1 Do NOT buy anything. #2 DO NOT open a new credit card #3 DO NOT spend any money in your account #4 DO NOT win the lottery (will fluctuate balance too greatly) and finally, #5 DO NOT BUY A DOG!
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South Loop Scoop
