Election and Mortgage Rate

With the presidential election only a few months away, buyers and sellers are wondering what will happen with the mortgage rates.  Will the go up or will they drop as many economists are forecasting.  This is a very common question and a number of stories and studies have been written and published regarding this relation, and all of the studies show that the presidential election has no direct affect on the mortgage industry.  However%

Fed increasing rates? Seems Unlikely.

At the onset of 2016, the Federal Reserve had planned on raising interest rates four times over the course of the year.  However, since the last rate hike in December of 2015, the Fed has changed their tune and is now only planning on two hikes; the first of which could take place this July.  The reason for the reduction in hikes is due to slow economic growth and the uncertainty of the United Kingdom staying in the European Union, which as of today (6/20) has the referendum passing by a very slight margin of 44% to 43% with 2… Read More

Wells Fargo and “YourFirstMortgage”

Last month, Wells Fargo launched a new product called “YourFirstMortgage” which was created for first-time buyers and low-to moderate-income buyers.  The premise behind the product is to assist first time buyers or buyers with limited available funds to purchase a home through a 3% conventional loan with a mortgage of up to $417,000.  The difference between this program and other 3% conventional loans are as follow: Buyers can utilize gifts and community-assistance programs for the down payment  Minimum FICO score is 620 Homebuyer education courses are NOT required but if taken may help reduce the interest rate No income limit… Read More