by MtgGuy | Jan 26, 2023 | Mortgage Updates
What is a mortgage broker? A mortgage broker is an intermediary between the borrower and lender for the home loan. The broker works directly with the borrower to locate the best lender and loan product to satisfy their needs. While rate is an important part of the...
by MtgGuy | Jan 19, 2023 | Mortgage Updates
Private mortgage insurance (PMI) can be a frustrating extra cost for many borrowers. Most people have been conditioned to believe PMI is a negative feature of loans. This is not true. Mortgage insurance is one of the top reasons millions of Americans have been able to...
by MtgGuy | Jan 10, 2023 | Mortgage Updates
Student loan debt has exploded over the previous three decades. In 1995, the total federal student loan balance was $187 billion. In 2022, the total federal student loan balance was an estimated $1.617 trillion. Combining this with rising housing prices, both renting...
by MtgGuy | Jan 3, 2023 | Mortgage Updates
FHA loans offer many benefits for homeowners. Traditionally, an FHA loan will have more forgiving guidelines than conventional loans. This allows borrowers with higher debt to income and lower credit scores to qualify. Common FHA Misconceptions There are several...
by MtgGuy | Dec 22, 2022 | Mortgage Updates
Why are there home loan limits? The Federal Housing Finance Agency (FHFA) oversees Fannie Mae and Freddie Mac. To conform to the guidelines allowed on Fannie and Freddie loans, the loans have a limit on the loan amount. Every year they evaluate the appreciation seen...
by MtgGuy | Dec 21, 2022 | Mortgage Updates
This year has been a year for the record books! The market shifted quickly after two years of record-low interest rates and rising home prices. As you can see from the chart below, the average 30-year rate started at 3.39% and briefly topped 7% in October and early...
