Home Buyers Unaware How Mortgage Rules Have Loosened – Today’s Mortgage and Real Estate News

I eat up all your crackers and your licorice This is Dan on your inside team at Growella

It's Wednesday, May 16, 2018 Welcome to today's Mortgage Minute-and-a-Half If you're a security guard at Samsung, then you're a Guardian of the Galaxy And if you're a mortgage underwriter with a lender, then you're a guardian of the approval And, you've been letting more approvals get through

According to the Federal Reserve's quarterly survey of its member banks, it's getting easier to get mortgage-approved for every type of mortgage there is Conventional loans backed by Fannie Mae and Freddie Mac FHA loans and VA loans backed by the FHA and the VA HELOCs Even jumbo loans, where banks don't have to answer to anybody, are getting more approvals

And it all points to an easier time for today's buyer to get approved than during any time this decade And yet — somewhere — there's a major disconnect In Fannie Mae's most recent National Housing Survey which talks to a pretty hefty sample set, forty-three of consumers now think it would be "difficult" to get a home mortgage, a six percentage point increase from the month prior and a result that's totally not in keeping with what's actually going on It's not getting harder to get approved It's getting easier

And you won't know that until you talk to a lender So get on it if you're thinking of buying a house You can't know what's possible until you start to try It's hump day and mortgage rates are rising, which is less than ideal for buyers and households looking to cancel that FHA MIP Interest rates for conforming, FHA, jumbo, VA and USDA loans are higher across the board

The actual rate you get will depend on your loan size, where you live, and your history handling your credit You'll also put yourself in position to lower your overall costs when you commit to talking to more than one lender Statistically, you'll save two thousand dollars just by giving a second mortgage app so treat yourself right and comparison shop like a pro You can always identify decaf because it's faced backwards, just like you can always identify a strong housing market because buyers don't get deterred by lack of available home supply or deteriorating mortgage rate conditions Like buyers today

Despite the fewest number of homes for sale in years and rising mortgage rates across all fifty states, the National Association of REALTORS® reports the number of homes that went under contract increased in March for the second straight month, and the number of days before the typical home sells dropped to just thirty days nationwide — an entire week faster than during the month prior That's a strong, strong signal for housing works as a pretty, pretty, pretty, pretty good proxy for what buyers can expect over the three months in housing Two-thousand-eighteen housing is shaping up to be one of the strongest markets for housing of the decade so for buyers planning to start their search later this year or into two-thousand nineteen, just consider — the best deals in housing may be the ones you get today Growella does timely and relevant mortgage news on Mondays , Wednesdays, and Fridays of each week, and a fun, live session each Thursday at noon eastern So, subscribe, and put a like on it, and leave a good comment about what you learned

Hey, what do you call a waffle on a California beach? A sandy eggo