We have the FOMC meeting wrapping up this Wednesday. While we don’t anticipate any changes to the Fed Funds rate, what Chairman Powell has to say following the meeting may impact mortgage rates. For more detail, check out my latest Mortgage Market Update video.
What’s the Difference Between being Pre-Qualified or Pre-Approved for a Mortgage?
Do you know the difference between being prequalified or preapproved for a mortgage? This short video reviews the importance of being preapproved.
If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automatic underwriting i.e. a computer). One way to make sure you have been fully underwritten is to ask your mortgage professional for the underwriter’s name…if they say “Fannie Mae” or “Freddie Mac” – that’s actually the automated underwriting system that lenders use. 😉
Being fully pre-underwritten not only helps to provide you with peace of mind with your loan approval, it also helps to expedite your closing AND may also help your offer be accepted over other offers with a weaker approval status.
If you have any questions or if I can be of any assistance, please reach out to me!
Mortgage Market Update for the week of January 22, 2024
Mortgage rates have been pretty steady lately. Check out my latest video for the details.
If you’re considering buying or refinancing your home, please contact me for mortgage rates based on your personal financial scenario.
Have a great week!
Mortgage Update for the Week of December 18, 2023
Next week, I will not be providing a Mortgage Update due to the holidays. I hope you and yours have a Merry Christmas and Happy Holidays!
Holy cats! My credit card interest rates!
I decided to take my own advice that I’ve been dishing out about credit cards and debts. Today I reviewed my credit card accounts to see what my current interest rates are. I’m pretty lucky to have great credit and that I’m able to pay off my debts monthly. [Read more…]
Another reason to pay off your credit card debts
Yesterday I read an interesting article in the Seattle Times about how (and why) to pay off your credit card debt as soon as possible. The article warns of a slowing economy and future rate hikes by the Fed, which will translate to higher interest rates on credit card debt. In addition to the higher rates, the slower economy may cause some people to have reduced income which will be more challenging with the high interest rate debt.
The article encourages readers to have an emergency savings fund and to focus on paying off credit card debt. [Read more…]
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