APR was created by our government to help consumers select a mortgage rate. It was intended to be a tool that would allow someone to simply compare various mortgage scenarios and shop mortgage lenders for the “best rate” at the lowest cost. Unfortunately, APR is probably not providing an accurate view of what the true cost of the mortgage, whether it’s for a home purchase or refinance, is. [Read more…]
APR is not the best tool for shopping mortgage rates
October 3, 2012 by 1 Comment
The 10 Factors of Pricing a Mortgage Interest Rate Quote
March 22, 2012 by 3 Comments
As an established Mortgage Originator in the greater Seattle area, I’m often asked “what are the current rates” and that’s often answered with “that depends”.
Mortgage rates have layers of risk factored into them. Fannie Mae refers to them as LLPAs (Loan Level Price Adjustments).
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!
Recent Comments