Mortgage Rate Update for the week of May 27, 2024

I hope you had a great weekend. Here’s what may impact the direction of mortgage rates this week!

If you would like a mortgage interest rate quote with current mortgage rates based on your personal scenario, please contact me!

Comparing Closing Cost

Sometimes I see quotes from competitors that befuddle me. This morning, a home owner in Maple Valley asked me to review their FHA streamlined refinance quote that they received from a big bank.

The great big bank not only has a much higher interest rate, but their closing cost are also more expensive. In fact, when I review the closing cost, it makes me wonder if the loan officer has originated many FHA loans.

Here are the bank’s closing cost for an FHA streamline refi… [Read more…]

How Much Reserves are Required When Refinancing?

I had a great question yesterday from a potential client who asked how come my Good Faith Estimate was showing more reserves being required than the other lenders he was comparing me to. [Read more…]