Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
One of the most common questions I get from home buyers in Washington State is: how much should I put down? The short answer is: it depends. But the longer answer is actually pretty interesting — and knowing the tradeoffs can save you real money.
Let’s walk through how your down payment affects your loan, your rate, and your monthly payment. [Read more…]
Last week, the FHFA (Federal Housing Finance Agency) announced changes to how conforming mortgages are priced with loan-level price adjustments (LLPAs). Some borrowers will find improved pricing where others will have to pay more in fees. The fees are typically incorporated into the interest rate for the mortgage.
From Fannie Mae’s Lender Letter dated January 19, 2023:
“We are implementing additional changes to our LLPA framework that represent the next step in our effort to increase support for borrowers historically underserved by the housing finance market…”.
