When you’re shopping for a mortgage, it’s tempting to compare APRs — after all, that’s what the government designed APR for. The problem is that APR is one of the least reliable numbers in a mortgage quote. Here’s why, and what to look at instead.
Why APR Isn’t the Best Way to Shop Mortgage Rates (And What to Use Instead)
October 3, 2012 by 1 Comment
What Goes Into a Mortgage Rate Quote? 10 Factors That Affect Your Rate
March 22, 2012 by 3 Comments
One of the most common questions I get is some version of “what’s your rate?” It’s a fair question — but the honest answer is: it depends. Mortgage rates aren’t one-size-fits-all. They’re priced individually based on the specific details of your loan, your property, and you as a borrower.
Here’s what I actually need to know before I can give you an accurate rate quote — and why each factor matters. [Read more…]
Condo’s Getting Spanked by Fannie
January 12, 2009 by 2 Comments
Fannie Mae’s latest hits to rate will be implemented by lenders any day. Condominiums are really getting spanked with a 0.75% add to fee if there is less than 25% home equity in the property. This will apply to both purchases and refinances for any mortgage except those amortized 15 years or less.
If you are considering refinancing your condo, contact your local mortgage professional right away (I can help you if you’re located in Washington state)…if you’re in the process of buying a condo and are “floating” your interest rate, I highly recommend considering locking.
PS: Cash-out refinances are also getting whammo’d by Fannie. Don’t wait!
