Todays Rates: Purchase - 30 Year Fixed Conforming: 2.625%   APR: 2.718%     15 Year Fixed Conforming: 2.250%   APR: 2.352%      30 Year Fixed High Balance: 2.875%   APR: 2.935%          REFINANCE - 30 Year Fixed Conforming: 2.875%   APR: 2.970%     15 Year Fixed Conforming: 2.500%   APR: 2.638%      30 Year Fixed High Balance: 3.000%   APR: 3.099%

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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: 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: Market Analysis”

How to prepare for your property appraisal

A property appraisal is the most crucial aspect of lending. Lenders are intimately aware of the fact that after a mortgage transaction is completed, 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 … 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: 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: 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: 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: 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. The term has been heard by most; these are typically the types of loans that people think about when conceptualizing a future purchase. We intend to break down the pertinent details of these … Continue reading “Conventional Mortgages: What You Need to Know”

The Casil Report: 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 mortgage rates is due to the Federal Reserve … Continue reading “The Casil Report: Market Analysis”

Deciding Between a 15-Year and 30-Year Fixed Mortgage

Fixed-rate mortgages are the most common loan types consumers look into. Besides term length, the primary differences between 15 and 30-year fixed mortgages are in the interest rates and monthly payments. A 15-year mortgage will typically have a lower interest rate but higher monthly payment, while a 30-year will have a higher interest rate but … Continue reading “Deciding Between a 15-Year and 30-Year Fixed Mortgage”

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