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Tag Archives:yuma mortgage rates

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

Jul 22

Mortgage Calculator

Use our handy online calculator to get a rough idea of what your payment will be on a new mortgage! [mortgage attributes] [affordability attributes] [closingcosts attributes] For more mortgage calculators and tools, see our Loan Tools page!  To get a more accurate, customized quote, fill out the form and get in touch with us personally.

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!

Jun 24

Say “I Do” to FHA Bridal Registry Account

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time. There is a little-known loophole for newly married couples called the "Bridal Registry Account."  Here’s how it works—3 simple steps: Couple opens a savings account prior to the wedding Gifts are deposited  All of the 3.5% down payment can come from these gift funds No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers

Jun 2

Frequently Asked Questions

Q. How will I know how much I can qualify for? A.A Loan Officer can work with you to get you qualified BEFORE you look for a home. Based upon information you present to the Loan Officer at the loan application, they will determine the approximate amount of money that you will be allowed to borrow. You will be "pre-qualified" for that loan amount. By allowing your Loan Officer to run your credit report and verify your assets and income, your loan application can be submitted to the

Sep 22

Is Now a Good Time To Buy a Home?

Is Now a Good Time To Buy a Home?

The real estate market is a popular news topic lately. Before you form an opinion based on what you see in the media, realize that everyone has an ulterior motive. But if you want my opinion, the answer is yes. I remember a few years ago when people were lining up to buy overpriced homes at 6 and 7% interest rates. Now rates are in the 4s, home prices are down, and there really isn’t a lot of competition from other buyers. That means you can find the exact home you want, pay less money for it than you think, and have a much less stressful homebuying experience. And to top it off, today’s low rates mean you’re going to end up with a lower monthly payment than any of your new neighbors.

Jul 5

HUGE OPPORTUNITY!! Mortgage Rate Update – July 2010

If you’re paying more than 5% on your mortgage today, right now is the time to explore your options.  Watch this short video for more info, and then give me a call!  I will personally review your individual situation, and provide you with an in-depth analysis.  No cost.  No obligation.