As current mortgage rates are at amazing historical low levels I wanted to understand what is the confidence level among the real estate agents and what they forecast about current mortgage rates. Here are some predictions by fellow realtors, whom I asked by posting a question in Active Rain.
I recently attended a seminar regarding TRID. That is the TILA-RESPA Integrated Disclosure. The basic premise is that the home buyer, now known as the Consumer, should “Know before you Owe.” The consumer has the opportunity to view the Loan Estimate (previously the Good Faith Estimate) before formally applying with a particular institution and paying an application fee. Ideally the consumer will have more opportunity to compare banks.
For the past year everyone has been speculating on rising mortgage rates! Economists have danced around the subject because there has been no clear direction as to when interest rates are going to increase. Even now as we are well into the fourth quarter of 2015 still no rate hikes.
On Monday, Nov. 2 Reuters published a story, which said that Fed survey showed banks easing or lower mortgage lending standards for borrowers. I asked several fellow Realtors and mortgage lenders to see if they feel any easing or lowering of mortgage lending requirements for their clients and most of the answers were negative. Here is what they said.
When your child, sibling, grandchild, best friend, mail man, etc. asks you to cosign their loan, it can be tempting to say yes without giving the request too much thought. They’re the one who will be putting down all the money, after all. You’re just letting them borrow your credit score.
There are common mistakes that people make when applying for a mortgage. When you apply for a mortgage avoid these mistakes and your application will be processed much faster with a greater chance of money landed to you.