The Federal Housing Finance Agency – the folks who oversee Fannie Mae and Freddie Mac (the agencies) – announced today that the nationwide 2023 conforming loan limit would be raised to $726,200. This means that the maximum loan amount on mortgages which are made and underwritten in such a way that they can be sold...
You Can Buy a Home with a Reverse Mortgage
Is a reverse mortgage right for everybody? No, certainly not. But often it’s not for the reasons you think. A persistent myths about them is whether or not you can buy a home with a reverse mortgage. In short, you can. But the devil is in the details; let’s take a closer look. What is...
Can You Refinance After Forbearance?
Numerous clients have recently contacted me to ask if they could refinance. Why wait until now? Their concern was that had been in forbearance with their current loan. Their lender had allowed them to defer payments while they were impacted by a COVID-related event. The good news? Yes, you can refinance after forbearance. There are...
Rising Interest Rates – When Will it Stop?
But look what happened in the last year. Margins have steadily declined as lenders expanded their operations to try to take advantage of the surge in business, but then business levelled off.
Conforming Loan Limit 2022 – They Just Lowered Rates Again
Conforming Loan Limits 2022 Conforming loan limits are the maximum mortgage loan that Fannie Mae and Freddie Mac (the agencies) will purchase. Why is this important? When lenders make loans that they can sell to the agencies, the investors in those loans know that their investment is guaranteed by the U.S. Government. Because of this,...
Annual Financial Review Time? Include Your Mortgage
Even if you think you are on track to achieve your goals, an annual financial review helps you confirm that you’re on track, make course corrections if there is any doubt, or change strategy if there is a change in plans.
Refinance Craze FOMO?
Refinance activity is at historic highs. And why not? Rates are close to historic lows. But not everyone has taken advantage of this yet Why not? Most homeowners that haven’t refinanced haven’t done so because they can’t quite qualify for the refinance. Imagine how frustrating that is. Common reasons are that they don’t earn enough,...
Reverse Mortgage – What Is It, and Is It Right for Me?
2/4/2020 | Casey Fleming | The reverse mortgage is the most heavily advertised mortgage product today, but all that promotion unfortunately includes very few facts. It is a complex financial product that is not right for everyone, but is a miracle for some and an elegant financial management tool for others. Let’s take a look...
Conforming Loan Limit Announced Early This Year
Each year the agencies review housing prices in the U.S. and set a new limit for loans they will purchase based on the amount needed to purchase a median priced home.
Conforming Loan Limit – What is It and Why Should You Care?
11/25/2019 | Casey Fleming – The conforming loan limit is something you might have heard about but never really fully understood. If you are buying a home, however, understanding what the limit is in your area and keeping your loan amount below that limit can save you tens – or even hundreds – of thousands...