Tag Archives: interest rates

More on Mortgage Loans

Most lenders get their money from the same sources – from Fannie Mae (FNMA), Freddie Mac (FHLMC), and Ginnie Mae (GNMA). The standards are uniform and fairly strict for the loan to be approved.  In industry jargon, we call this … Continue reading

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How Your Interest Rate is Determined

In the good old days, a buyer called a lender, gave him income, debts and permission to pull what we call an “in file” credit report, and the deed was done. A pre-qualification letter was sent out and promises made … Continue reading

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What do Rate Cuts Mean to Buyers and Sellers

The Federal Reserve (“the Fed”) cut key interest rates another half of a percent today. I’ve had quite a few buyers and homeowners ask me if that means mortgage rates will drop some more. The answer is a resounding “It … Continue reading

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Latest Mortgage Woes

Last week, a credit score of 620 was enough to get buyers the best interest rates. Today you most likely need a credit score of at least 680 and a down payment of at least 30% to be offered the … Continue reading

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Refinancing Out of an Exotic Mortgage

Did you get an loan with a balloon payment in order to afford your house? Maybe you have a loan with negative amortization, or a loan with an adjustable interest rate. If you are a Maryland homeowner, have one of these “exotic” loans, and you’re … Continue reading

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