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Tag Archives:yuma home buying

Jan 11

Why Do I Have to Pay for a Rate Lock Extension?

Why Do I Have to Pay for a Rate Lock Extension?

Here’s the scoop: mortgage rates are determined by mortgage bond prices.  Mortgage bonds trade in what’s known as a “To Be Announced” (TBA) market.  When you commit to a rate lock, the lender is agreeing to deliver your mortgage to the bond investor within 30 days, 45 days, etc.  That’s where rate lock timeframes come from.  So in essence, bond investors are trading empty buckets of mortgages that are scheduled to be filled within certain timeframes.  (For a current look at the mortgage bond market, see our Live Market

Oct 18

USDA Loan Update!

USDA Loan Update!

USDA Loans are a big deal in Yuma county since they allow for $0 down financing in outlying areas like Wellton, Somerton and San Luis.  Earlier this year, the eligibility map was updated to show that Somerton and San Luis would no longer be eligible for USDA financing as of October 1.  With the government shutdown, it has been up in the air as to whether or not this change would be implemented or delayed. The “Continuing Appropriations Act, 2014” (H.R. 2775) was signed into law by the

Feb 25

The secret to getting the best deal on your mortgage

The secret to getting the best deal on your mortgage

The best piece of advice I can give you in relation to shopping for a mortgage is to get prequalified as early as possible.  Before you find a house, before you start talking to realtors, get prequalified first.  That is the secret to success. I have done the math, and the difference between a 680 and 740 credit score is 3/8ths of a percent.  Well, at our current average sales price in Yuma, that translates to $13,752….Just in payments over 30 years……$13,752 MORE that you’ll make in payments because you

Aug 23

Buying a Home In Yuma Arizona

Due to weak U.S. economic reports and the impact of the European economic crisis, interest rates have moved lower in the last few days.  As a student of the markets, I can tell you that rates have not been this low in over 50 years, and will not remain this low for long. If you know anyone who is thinking of buying a home in Yuma, there has never been a better time than right now!