Do credit inquiries hurt my score? This is a great question and a common one!? Many potential home buyers are afraid to let a lender pull their credit report because they think it will drop their score.? This is actually a very harmful MYTH and let me explain why. Mortgage lenders use a scoring formula developed by Fair Isaac called FICO score.? FICO ignores mortgage inquiries for the most Continue Reading about Do Credit Inquiries Hurt My Credit Score?
The newly passed Frank Dodd Bill has a risk retention rule that states anyone originating a home loan must retain 5% in reserves against that loan. Basically Congress is requiring lenders to put a little more skin in the game. This sounds like it makes sense, but let's take a closer look at what this might mean for the market and for homebuyers. First of all, this rule applies to conventional Continue Reading about New 30% Down Payment Rule Might Hurt Housing Market!
Mortgage Update? Tuesday December 14th 2010 Rates are on the move AGAIN! The MBS Market is down over 100 basis points again and rates are headed for or are already at 5%. I will keep you posted through the week. Why are rate going up? The risk of inflation has increased which creates risk on the yield of the mortgage backed securities. This has caused the mortgage bond prices to Continue Reading about Mortgage Rate Update and Its NOT Good News!
The Blood Bath Continues! Ok guys, we have lost another 100 Basis Points today so in the last 48 hours we have lost 234 basis points int he mortgage bond market! I am not sure how to put that into perspective but HUGE is not nearly a big enough to describe it. Continue Reading about Fort Mill Mortgage Rates Going Up?
The Federal Reserve does not set mortgage rates. Mortgage companies don?t even really have control over rates going up or down on a daily basis! Who is really behind the mortgage rate market? Well, interestingly enough it could be YOU! The general investing public has a huge impact on mortgage rates moving up or down. Watch this video to learn more? Continue Reading about What Drives Mortgage Rates Video By Olan Carder
USDA loans are used to help low to moderate income families buy homes in rural areas.? Most of the communities right outside of Charlotte are eligible and USDA has quickly become one of the hottest programs today primarily due to its zero down payment and no PMI.? USDA is funded each year through Congress, and like most years they are running behind on getting the appropriate funding passed.? Most Continue Reading about USDA Loans in Jeopardy!
How hard is it to get a mortgage in the current economy? I am constantly confronted with wildly different views on what getting mortgage is really like today.? To hear some people talk one would think getting a mortgage is nearly impossible, and yet others make it seem easier than ever.? I find that typically the truth lies somewhere in the middle. As a mortgage lender I can tell you without Continue Reading about How Hard is Getting a Mortgage Loan Today?
Are there still mortgage available for First Time Homebuyers with limited funds and credit? Many FTHB's (First Time Homebuyers) have heard you need 20% down or perfect credit to get a mortgage right now.? Lenders have been in the news a lot, and the natural reaction is that when lenders struggle or fail, loans are harder to get.? I am not denying that there are less loan programs now than 24 Continue Reading about Mortgages for First Time Homebuyers!