Real Estate Mortgages Are A Changing

Real Estate Mortgages have had some recent changes made that can affect home buyers when searching for a new home. 100% financing types of mortgages are beginning to be difficult to find except for certain circumstances. FHA loans are gaining popularity. Private Mortgage Insurance changes are starting to affect buyers as well.

If it has been over 60 days since you got a pre-approval letter on a real estate mortgage, you may want to contact your lender to make sure if any changes have been made that might affect the type of mortgage you intended to apply for after you find a home. Interest rates are still great. A local lender was quoting 5.875% on a 30 year fixed rate mortgage last week depending on your credit score.

If you should have any questions, please contact me at todd@toddnelson.com or contact your local lender for more details.