There is a lot to consider when buying a home. One question I often hear is how to choose between an FHA or conventional mortgage. To better understand which loan would be best suited for someone, it is helpful to review a few factors that go into the different types of loans that are offered.
Whereas FannieMae and FreddieMac (Fannie and Freddie), the two conventional lenders, have risk-based adjustments due to credit score, and more specifically on transaction type, FHA is more lenient when it comes…
“Lowest mortgage rates since 2012 spur refinancing wave” – CBS News
“All-time low mortgage rates will create all-time high confusion tomorrow” – MortgageNewsDaily
“Mortgage rates sink to their second-lowest levels in three years” – Washington Post
There you have it—mortgage rates are very low. And with that come many companies competing to refinance your mortgage, likely your largest expense. The COVID-19 outbreak has had major impacts on the economy and, during the first week of March, the Mortgage Bankers Association reported the highest level of refinancing applications since April 2009.
Some customers get sucked in with 800-number mailers or…