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The Mortgage Mashup Blog

Fed Raises Benchmark rate; Higher loan limits for 2019

Posted on December 24, 2018 at 10:25 AM Comments comments (0)
Fed raised benchmark rate by another .25%. This is no surprise as it was expected. However what was surprising is that they indicated the projected steady increase in 2019 to curb inflation may simmer down some, which translates good for long term rates. Market has dipped some , with average 30 year rates in the 4.625% to 4.75% range. In other great news, Fannie Mae/Freddie Mac increased the loan limits for conventional loans. The new loan limits in most non high cost areas increase from $453,100 up to $484,350. High cost limits increased as well. For our surrounding counties, FHA loan limits increased some as well, but not as drastically as conventional loan limits. In the Palm Beach County area, where the FHA maxiumum was $345,000, increased slightly to $351,000. More news to come and exciting things as well! All the best, Vincent Fiordilino Territory Manager

Freddie Mac Home One Product

Posted on August 9, 2018 at 8:50 PM Comments comments (4)
Introducing the HomeOne Product. Unlike the HomeReady or HomePossible products that have income restrictions, this product does not. Your clients have broad and unique needs, HomeOne offers you a solution to help more first-time homebuyers achieve the milestone of homeownership, regardless of their income levels or geographic location. Both solutions ease challenges around available savings for down payment and closing costs, and reflect our dedication to responsible lending, sustainable homeownership and improving access to credit. ? * Primary Residence ? * 97% LTV (3% down-payment) ? * No Income Limits ? * At least one borrower must be a first-time homebuyer Exciting info to follow!. Vincent Fiordilino Territory Manager www.myjupiterlender.com 561-745-3344

Some Good Market News?!

Posted on February 14, 2018 at 12:30 AM Comments comments (0)

If mortgage rates keep rising to break the 5% barrier, most homebuyers will go right ahead with their purchase anyway.

Just 6 in 100 prospective homebuyers surveyed by Redfin said they would halt their planned home purchase if rates were above 5%, although a further 27% would slow their search.

A quarter of respondents said that a 5% rate would make no difference to their plans, 1 in 5 would speed up their search and a similar share would look to cheaper neighborhoods or a smaller property.

If rates aren’t a problem, what is?

The survey was carried out in November / December 2017 when the tax reform debate was causing concern; 38% of respondents said it was their top worry.

This was an even higher concern among those in highly-taxed areas, especially California.

Those in Seattle and Portland were most concerned about affordable housing, which was also a big concern in Denver.

Three quarters of respondents nationwide thought home prices would continue rising in 2018, 25% said they thought the increases would be significant.

"Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin chief economist Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can't afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers."

More market update:

• Proposed HUD budget to boost homeownership, healthy homes

• Brokers are confident as long as they can attract agents


Stay Tuned for more info, 

Yours in service, 

Vincent Fiordilino

Territory Manager, Land Home Financial Service, Inc.

561-745-3344


Current Market Trend on Rates

Posted on July 9, 2016 at 10:20 AM Comments comments (1)

It is unreal what we have been seeing lately in regards to rates.  Taking one click on the 10 year Treasury note, https://finance.yahoo.com/echarts?s=%5ETNX+Interactive#{"range":"5y","allowChartStacking":true}, you can get an idea on where we are presently.  Take a look at where 5 year trends are, 10 year.  We are at all time lows.  To say take advantage of the rates, is an understatement.  What you were previously qualified for a month ago, and lets say a $220,000 mortgage, you would now have the same payment on a $240,000 mortgage now.  Talk about buying power.  

30 year rates are at historic lows.  15 year rates are at a level that I have not seen in my 14 years of being in the industry.  Every person with a 30 year loan, should contact me to see if they could convert to a 20 or even 15 year mortgage and cut tens or hundreds of thousands of dollars off of their loan. This could be life changing. 

Looking forward to your questions and comments.  
All the best, 

Vincent

[email protected]

561-745-3344

Affordable?!

Posted on November 4, 2015 at 1:40 PM Comments comments (0)

The Affordable care act, also known as Obama Care, indicates that average insurance premiums, particularly under ACA programs, are expected to increase by 13%.  I don't know about you, but isn't the whole premise of something that has the name "Affordable" indicated it is supposed to be affordable by average standards?  Companies that provide coverage, are seeing almost a 20% increase.  Self pay customers are seeing a 13%.  I think it is safe to say, the program is not achieving what it is intended to achieve.


You know what is affordable?  Mortgages!  Rates are at all time lows and continue to hold strong.  We have posted our strongest 3 months to date, with new mortgage applications increasing by 13%.  Expect a slight cool off during the holidays, but for the most part, homes continue to fly off the shelf in our local market.  Inventory is definitely not in balance as there is overall a housing shortage, driving prices higher and higher. 

Contact me for a quick quote on any lending product you desire.   Here round the clock via phone and email.  

Respectfully 

Vincent J. Fiordilino, Your Lender For Life!

561-745-3344

[email protected]

TRID

Posted on October 5, 2015 at 3:40 PM Comments comments (0)

Clients, associates, realtor friends, what's all this fuss  about the new TRID that is in full effect today? Just another regulatory change designed to make us all go crazy smile emoticon However, have no fear. Click on the link for all your helpful information and how we have it all under control. Happy Monday.

http://truthabouttrid.com/vincent-fiordilino-welcome


Yours in service, 

Vincent J. Fiordilino

Branch Manager

PERL Mortgage, Inc

Jupiter, FL  33477

www.myjupiterlender.com


Rent payments reporting to your credit report?

Posted on September 3, 2015 at 10:40 AM Comments comments (0)

So for a while, rent payments could only be reported to what is a referred to as a non traditional credit report.  This was used in the case of people that do not have credit cards, car loans, etc as a method of creating some type of credit report.  This is no longer the case.  Of the 3 major bureaus (equifax, experian and transunion)  rent payments can now be reported to Experian through a program called RentBureau, where property management companies can report the renters on time rent payments.  While this will not help all 3 scores, it can very well be used overall to increase the coveted "mid score" that all us lenders use for qualification purposes. 

So continue to pay your rent on time and make sure you ask your landlord, property management company, etc. to make sure they report the payment history to the RentBureau provided by Experian!

Make it a great day. 

Your Lender for Life.

Vincent J. Fiordilino

[email protected]

www.MyJupiterLender.com

Rate's Continue strong trend ahead of market news

Posted on August 25, 2015 at 12:45 AM Comments comments (0)

I get asked a lot "what do think rates are currently doing?" or "what do you think rates will be in the next 30 to 60 days?"

As always, I kiddingly refer to "let me pull the Crsytal ball and shake it a few times!" Of course, I follow up with what my hunch is, but as any industry professional should quickly tell you, its based on a lot of different factors.  Like anything, make a decision and dont look back.  So often we lock in a rate, and 3 months down the road, that same rate may very well be 1/8 or a 1/4 point better and your left scratching your head saying "shoulda coulda woulda."  In financing , that is the worst way to lock at things.  At the time of locking, you and your consultant talk about the decision and make the decision and move forward to the finish line.  If you are happy with what you received at that time, than it doesnt matter what the market does 30, 60 or 90 days after you completed your transaction.  Its sort of like getting the newest I phone.  Seems like the day you decide to get yours or upgrade, a week later Apple releases "New I phone coming in 30 days" and your saying to yourself "dang I wish I waited."  But if your happy with the phone you just received, what difference does it make?  Better example is selling your home, of course after you sell, there is ALWAYS that person that says "had you waited you woudl have gotten $20,000 more!"  But what if the opposite occurs? Which of course, can very well happen.  Quick trip down memory road of 2008 and 2009.  Point being, make a decision, be happy with it and dont look back.

On another note, lots of factors playing into the volatile interest rates, but more importantly, the slight slide in rates.  China's disasterous stock free fall, the Greece bailout.  

Happy Monday to all. 

Vincent Fiordilino

561-745-3344

[email protected]

Mortgage Rates Feeling a little love?

Posted on February 27, 2015 at 6:20 PM Comments comments (0)

Mortgage rates had a bad Valentines Day. It's not that anything happened on that Saturday. Indeed, lenders weren't even open. It's just that things changed significantly by the time US markets reopened on Tuesday, with rates moving higher at the fastest pace in over a year. After a purely corrective bounce the following day, rates spent the next three days in limbo. That brought us to yesterday's big move lower following Yellen's testimony and an anticlimactic Eurozone response to the Greek bailout (initial approval), but it was an outlier against an otherwise crummy trend toward higher rates in February.

 

Until today...

 

Today brought only modest improvement, but taken together with yesterday, it was the strongest 2-day stretch of the month. More importantly, holding ground today helps to solidify yesterday's bigger move as something other than an anomaly. It begins building a case for February's negative trend to be meaningfully threatened. As is always the case, there's no way to be sure that this push back continues, but the point is that it leaves the door open for a push back to continue at all!

 

As for the nuts and bolts of the day, nothing much happened. Economic data was generally ignored and Yellen's 2nd round of congressional testimony offered no surprises. Rates inched lower for most lenders due to stronger market levels at the open (there weren't many reprices during the day). At current levels, 3.75% is a more prevalent quote for top tier conventional 30yr fixed scenarios than 3.875%.


Stay tuned as always, here to serve you. 

Vincent J. Fiordilino

561.745.3344

[email protected]

 

 

Rates Can't Catch Break

Posted on February 13, 2015 at 9:15 AM Comments comments (0)

Rates, fresh off a rather ugly Friday last week, continued to struggle today. The morning hours were mostly OK. Some lenders were in slightly better shape and others were slightly worse. But additional weakness crept in during the late afternoon, forcing most lenders to reissue negatively revised rate sheets.

 

The differences between Friday's rates and today's didn't end up being excessive (in fact, some lenders didn't reprice and are still slightly better than Friday), but it's disheartening that the semblance of morning traction was ultimately replaced with additional losses. 3.75% remains the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. Up until Friday, that had easily been 3.625%.

 

Vincent Fiordilino, Branch Manager,

[email protected],

(P) 800-905-5069

www.MyJupiterLender.com