Over the weekend, the administration bounced the idea of having a 50-year mortgage. This was followed up by the FHFA director, Bill Pulte, stating that they are working on a plan. The reactions to this announcement are across the board with some embracing it as the miracle that will help create more affordability to others viewing it as a subprime product. Mortgage originators have been quick to post rates comparing 50-year amortized mortgages to what may be available with a 30-year. Even if this product becomes available, in my opinion, it’s highly unlikely a 50-year amortized mortgage will have the same rate as a 30-year fixed. Just look at how mortgage rates are priced when you compare a 30-year to a 15-year amortized mortgage. Click here for current mortgage rates for your personal scenario. [Read more…]
The 50 Year Mortgage Idea
Common Mortgage Abbreviations
There are so many abbreviations and acronyms in the mortgage process. As mortgage professionals, we’re so used to hearing these terms that some of us may not realize that not everyone may be aware what a DTI, AUS or MBS means.
Here’s a list of common mortgage abbreviations you may find useful. I’m sure I’ll be updating this as I come along other often used abbreviations. 🤓
By the way, if your mortgage professional talks in a language that’s difficult to understand, ask them to explain or maybe, find a different mortgage professional. I strongly believe that you should be able to make informed decisions about what is probably your largest debt on your greatest asset (your home) and your mortgage professional should be assisting in providing clarity.
Celebrating my 25 Years in the Mortgage Industry
25 years ago, I left my career in the title and escrow career to become a mortgage loan officer. I announced it on April fools day to the real estate agents that I was no longer going to be their title rep and that I was making the move to the mortgage side. Many were shocked as I had been in the title industry for 14 years and was pretty established. It was a big move! [Read more…]
Mortgage Market Update for the Week of September 30, 2024
It’s Jobs Week with the first week of October. Here’s my latest update featuring what may impact mortgage rates this week.
If you would like to learn more about mortgages for your personal scenario, please contact me!
PS: Go Seahawks!!!
Mortgage Rate Update for the week of June 3, 2024
It’s Jobs Week! Check out what’s going on with rates with my latest video.
2024 Mortgage Rate and Real Estate Forecast
Spoiler alert! I (along with many others) predict that mortgage rates will be below 6% by the end of this year and that we’re going to see a very competitive housing market due to the lack of inventory. I don’t believe we will see home prices come down or a “correction” with home prices. It is so important to make sure that you are fully approved and have your offer structured correctly when you’re ready to buy a home.
Please check out my video for more information and reach out to me if you would like to create a strategy for purchasing your next home!
Mortgage Rate Update for December 11, 2023
I’ve moved!
After 23 years of helping people with their mortgage needs at Mortgage Master Service Corporation, I have made a move to New American Funding. You can still reach me at my same phone number and email. And you can still click the “Get Approved” link above to start a loan application with me. I am still here to help you (and anyone you care about) with your home loans. [Read more…]
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