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What is a jumbo loan?

A jumbo loan is a mortgage with a loan amount that is higher than the conventional loan limits set by the Federal Housing Finance Agency. In 2020, the conforming loan limit is $510,400 in most areas and $765,600 in high-cost areas. Jumbo loans are a good match for applicants that need a bigger loan than … Continue reading “What is a jumbo loan?”

How do self-employed applicants get approved for a mortgage?

There are a handful of differences that make the mortgage approval process quite different for self-employed applicants and salaried employee applicants. Stability of employment and income is a critical consideration for mortgage lenders; this is especially true for self-employed applicants. When a salaried employee applies for a mortgage, the lender verifies employment through the listed … Continue reading “How do self-employed applicants get approved for a mortgage?”

The Casil Report: November Market Analysis

Mortgage rates continue to test​ all-time lows. The latest Freddie Mac PMMS survey has 30-year mortgage rates at 2.82% with an average of 0.70 points. The rates have persisted under 3% and should remain at these levels for the near future. Federal Reserve Chairman Jerome Powell continues to reiterate the Federal Reserve’s goal of keeping … Continue reading “The Casil Report: November Market Analysis”

How to prepare for your property appraisal

A property appraisal is the most crucial aspect of lending. Lenders understand that after a mortgage transaction is complete, circumstances can change for the applicant. Credit scores, assets, and income can change for the borrower at a moment’s notice. What cannot change on a whim is a collateralized house. Houses get collateralized by way of … Continue reading “How to prepare for your property appraisal”

What to know about Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are government-sponsored enterprises created by the United States Congress. The purpose of a government-sponsored enterprise (GSE) is to streamline market efficiency and increase the accessibility of credit to specific parts of the economy. Two of the GSE’s that are vital to the mortgage industry are Fannie Mae (FNMA) and Freddie … Continue reading “What to know about Fannie Mae and Freddie Mac”

Mortgage language to know: Debt-to-Income Ratio

Debt-to-income ratio (DTI) is the percentage of your monthly debt obligations to your gross monthly income. Generally the DTI should not exceed 43%. Compensating factors like high credit score, low loan-to-value ratio, and significant cash reserves after closing can offset a higher DTI ratio. Below are a few pieces of information considered in the debt-to-income … Continue reading “Mortgage language to know: Debt-to-Income Ratio”

The Casil Report: September Market Analysis

Mortgage rates continue to decline at a more moderate pace. The latest Freddie Mac PMMS survey has 30-year mortgage rates just shy of 3%. Based on Fed policy and future uncertainty due to Covid-19, mortgage rates should remain at these levels for the foreseeable future. Federal Reserve Chair Jerome Powell stated that the Federal Reserve’s … Continue reading “The Casil Report: September Market Analysis”

Financing Second Homes and Vacation Properties

Are you looking to spend part of the year away from the city? How about creating an environment for you and your family to enjoy an annual vacation? Second homes and vacation properties are the solutions to these lifestyle goals. While their primary function is not to generate monthly income like investment properties, they are … Continue reading “Financing Second Homes and Vacation Properties”

The Casil Report: August Market Analysis

Mortgage market update: The latest Freddie Mac PMMS Survey has 30-Year mortgage rates at 2.99%. Lenders are quoting mortgage rates lower than that. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy” mentions Lawrence Yun, Chief Economist of the National Association of Realtors. As we’ve talked about … Continue reading “The Casil Report: August Market Analysis”

The Casil Report: Low Mortgage Rates Hold Steady

Mortgage Rates continue to hit record lows, with 30 Year Fixed Rate Mortgages trending under 3% now. As I eluded to last month, the persistent drop in mortgage rates is largely being driven by the Federal Reserve’s purchasing of mortgage backed securities in response to the Covid-19 pandemic. The intent remains the same — stabilize … Continue reading “The Casil Report: Low Mortgage Rates Hold Steady”

Conventional Mortgages: What You Need to Know

Prospective borrowers with good credit and a debt-to-income ratio not exceeding 43% of gross income are often looking for a conventional mortgage. What is a Conventional Mortgage? Also known as conforming mortgages or high-balance loans, conventional mortgages are the most popular choice among consumers. Conventional loans conform to the guidelines set by Fannie Mae and … Continue reading “Conventional Mortgages: What You Need to Know”

The Casil Report: May Market Analysis

According to the most recent Freddie Mac Primary Mortgage Market Survey, rates have hit new lows. The 30 Year Fixed Rate Mortgage is now averaging 3.15% with 0.80 points. The 15 Year Fixed Rate Mortgage is averaging 2.62%with 0.70 points. The primary reason for the drop in rates is due to the Federal Reserve providing … Continue reading “The Casil Report: May Market Analysis”

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