Mortgages for “low credit scores”
I was asked recently who has the best mortgage for people with “low credit scores.” “Low credit score” is a nebulous term, so let’s see if we can narrow it down a bit. A borrower’s FICO score is a...
View ArticleWhat’s going on with rates?
If you’ve been keeping an eye on mortgage rates, you are aware that they have been going up quite consistently. To get broad picture, you should know that mortgage rates respond directly to the price...
View ArticleNews about city transfer taxes
You may already be aware that some cities in California impose transfer taxes on top of the one charged in all counties. The county tax, which is $1.10 per $1,000 of transferred value, will remain the...
View ArticleThe Fed raised rates. So what?
The Federal Reserve announced its widely-expected .25% rate hike today. Does this mean mortgage rates will go up? Actually, no; in fact, mortgage rates improved a bit today, as they have been doing...
View ArticleDo I have to work with this agent?
I was recently asked, “What if I’m not happy with the Realtor I’ve been working with and find a house I like at someone’s open house? Do I have to use the first Realtor to make an offer?” Technically,...
View ArticleSupplemental Taxes
Congratulations on your new home! You can expect to get a LOT of mail from now on. Some of this will be from people who want to sell you things. You may want to toss some of this into the trash as junk...
View ArticleWhat in the world is going on with rates?
This is a good—and frequently asked—question. To understand what’s going on now, you have to know at least the fundamentals of how the mortgage industry operates. When a lender underwrites, approves...
View ArticleThe volatility continues
On Sunday, March 16, Fed Chair Jerome Powell announced a second “emergency” rate cut, three days ahead of the scheduled meeting of the Fed Open Market Committee. Powell also announced a new round of...
View ArticleMore rate talk
This is a recurring question I’ve answered multiple times, but I think it is important enough to take one more swing at it. The first thing to know is that “the banks” are not the ones to set mortgage...
View ArticleWhy aren’t mortgage rates lower today?
This is an excellent question. I’ll answer it in detail, but fair warning: the answer is somewhat technical. Before the economic effects of COVID-19 began to appear, the Federal Reserve announced that...
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