Friday Coffee with your Mortgage Man, EricToday we talked about two items that pertain to the Refinance Boom we are currently in:
1. Mark Calabria, the Director of the FHFA, who controls Fannie Mae and Freddie Mac, the .500% Adverse Market Fee he has placed onto the Industry for all Conventional Refinances. This has raised rates .125-250%.
2. Turn Times: Underwriting Turn Times have increased as a result of record breaking volume due to the biggest refinance boom in US History.
Friday Coffee with your Mortgage Man, EricToday we take a deep dive on Condo's (Condominiums). The Risk, the Gamble. What do you mean? How can getting into Contract with a Condo be risky? There are extra costs associated with the upfront fees just to find out if your Condo Complex is eligible for financing. I bet you didn't know that. How much is the extra cost? Then, you will either have a Full Review or a Limited/Streamline Review of the Condo DOCS/Questionnaire/Certification paperwork. What does that mean? It is confusing for people in the Mortgage industry, so we know it is confusing for others. Yes it's a long video but you should be much better equipped about how Condos work their way through the Processing and Underwriting queues after watching.
Friday Coffee with your Mortgage Man, EricToday we talk about some recent Mortgage trends. Some Underwriting turn times are being extended. Some companies are mitigating the issue by prioritizing Purchases, some are not. We also talk about the lengthy turn times for Full Condo Reviews as well. Tune in to hear about these recent trends.
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How long does it take to close on a new home?
Generally, about 30 days. We aim to exceed that goal for each and every loan.
When can I refinance my home and how do I start?
On the average, you can refinance your home after 6 months of owning it. We’re happy to help you get started, give us a call!
What does my credit need to look like to buy a home?
We have loan programs for everyone. If you find yourself in a sticky credit situation, we can help with that, too.