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Feb 7

Two Ways to Benefit from the 2019 Loan Limit Increase

Interest rates on home loans that conform to the Fannie Mae and Freddie Mac guidelines tend to be lower than non-conforming loans.  That’s why it’s good news that the Federal Housing Finance Agency (FHFA) recently announced that the conforming loan limits have increased to $484,350 in 2019.  This is a $31,250 increase from the $453,100 loan limits of 2018.  In some higher-cost areas, the loan limits could be as high as $727,525.  Click here to view a map of all the loan limits across the US.   Here are two ways to benefit from this increase:

1 – Consider Refinancing
It may be worth it to consider a home loan refinance if:

  • You currently have a home loan that is near the loan limit
  • You’d like to make some home improvements
  • You’d like to consolidate other debts into your home loan (such as home equity loans or credit cards)
  • You’re paying mortgage insurance and your home has increased in value considerably from the time when you purchased the home
  • You anticipate a change in your cash flow situation in the coming months (college funding, retirement, elder-care, etc.)

2 – Consider Buying a New Home
Interest rates are still very attractive, and home prices are still affordable.  It may make sense for you to consider a new home purchase in 2019.

Contact me for more information or to run the numbers for your specific scenario.

Source: CMPS Institute

 

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