|
May the year of the rat will bring you and your family health, happiness and prosperity.
There are some changes for the mortgage industry(for those who want to refi and purchase): 1)It will be harder to get 2nd loan in the wholesale market. Especially for those who makes less than 15% down payment.
2)The Congress and President will approve the new Conforming Loan Limit. The limit will be good temporary till 12/31/2008. It was proposed that the new limit will be $625k nationwide, $700k or more in the high cost areas(729k for FHA loans).
I know lots of home owners are very interested in this change. Like I said before, only those who want longer term loan programs(30 yr fixed, 15 yr fixed, 10 yr fixed) will benefit from this change and those who has 75.01%-80% CLTV will benefit from this change as well.
3)Don\'t expect the same rate for those conforming loans. You may see a higher rate than those real <=417k conforming loans.
4)The trend of the interest rate. We may see the long term interest rates go up because of low us dollar value. Short term rate should keep at this level or lower as long as the Fed continues to cut the rates.
Happy Chinese New Year.
|
|
|