Mortgage News

Closing a refinance or purchase is taking longer than ever before. We talked to one person yesterday who was able to lock in a great rate for a short time, 15 days, and had to pay off his credit line because to keep it open you must receive written permission from that lender in 2nd position which can take up to six weeks and you must pay for the privilege of keeping the line open to obtain what is called a subordination agreement. So this customer had to pay off the line even though it was near the prime rate which is currently at 3.25%. Another delay that occurs is lenders are requiring field reviews, in other words a 2nd appraisal, which just getting scheduled takes time not to mention waiting for the report to be finished. As the rush to refinance continues another development is that many lenders won't even look at the deal until the appraisal is submitted along with the other documents. Naturally the appraisal is paid for by the customer in advance. There will be a lot of disappointed people who paid for appraisals and can't close for many varied reasons. Welcome to the new world of mortgage lending.

Mortgage News

Rates edged higher slightly last week even as an unemployment report Friday indicated more than 8.0% of Americans were out of work. Mortgage rates are still as low as they have been since 1971. Consumer spending increased in January more than anticipated. The Spring selling season sprouts soon.

Mortgage News

Rates have been off a bit lately with the 30 year FHA mortgage now at 5.5%. An FHA loan can be used in the Milwaukee area up to about $281,750 in several counties and up to $365,700 in Kenosha county for a single family. Loan limits are higher for 2-4 units. There are different loan limits for different counties. Check with us and we will let you know.

There are no income limits on FHA financing. In other words earning a large income does not disqualify you. One advantage of FHA loans in our market now is that you do not need a large amount of equity to refinance with FHA. Some people discover that they may have less equity than they thought based on a recent lack of sales in their neighborhood or the uniqueness of their property. This is when an FHA loan really works well. Contact us for more information. We may be able to help you. 414-416-9194

The current conforming mortgage loan limit is up to $417,000. Higher than that rates are higher.

Mortgage News

Mortgage rates remain low but they have risen every day since Monday December 29th.
If you have not begun the refinance process you are missing the best money saving opportunity for homeowners since 1971. Call us today and schedule a no pressure consultation to see if refinancing youur present mortgage will save you money.