Mortgage Blog

It went up a little bit for some loan programs. I did have one borrower asked me about my opinion about the rate trend. I told him that it should stay at the current trading range. But it will not go much too lower from the current level.

For the interest rate, it  reached the recent low on April 18th, then it bounced back a little bit.
It is at the similar level after last year's election. And Fed increased the fed rate by 0.25% last December. Though I know the Fed rate is different from the mortgage rate, but the Fed rate increase did affect the ARM rate a little bit.

Here are some changes for certain borrowers, we can do the following loans now:
1)If the borrower had the foreclosure or short sale within 7 years, or if the Debt to income ratio is over 43%, we can still do the loans.

2)If the investment property has mixed use, we can do the loans as well.

3)If the owner occupancy ratio is less than 50%, or if there is a litigation for the condos, we can get the loans as well.

The only thing is that the rate is higher for the above scenario. But still at least we can get the loans.