Tag Archives: jumbo loan

Winding Down Fannie Mae, Freddie Mac

The government is reducing the amount of mortgage loans it will guarantee effective October 1st, so there’s a rush by buyers to get an expensive property before the deadline goes into effect. This is a rare bit of good news … Continue reading

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What Mortgage Changes Mean To You

Report: Q: What are the interest rates on these loans? A: For the week through Thursday, the average rate was 6.66 percent on a conforming 30-year fixed-rate mortgage; it was 6.82 percent in the middle tier, said Keith Gumbinger, vice … Continue reading

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Refinance Or Cash Out

From the District Chronicles: Dear Ms. Mortgage Maven, My husband and I have to refinance or sell our house. Our credit scores are around 600. Thanks, Denise Dear Denise, Your situation raises several issues. First, you have what we call … Continue reading

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New Yorkers Grapple With Housing Bill

Bob Tedeschi writes: The conforming limit, more commonly known as the “jumbo” limit, is the threshold above which Fannie Mae and Freddie Mac cannot buy loans from lenders. When borrowers meet certain qualifications, like minimum down payments and credit scores, … Continue reading

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Refinance: Getting the Big Loans

The Washington Post reports: The gears of the mortgage market are starting to unlock for borrowers needing big loans. Last week, for example, BB&T was offering 30-year, fixed-rate mortgages for a conforming loan, which is for $417,000 or less, at … Continue reading

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Hard To Find A Jumbo Loan

Here’s a report: Higher loan limits, set by the federal government as part of an economic stimulus package early this year, were supposed to make jumbo loans more affordable in expensive housing markets. Jumbo-conforming loans range in size from $417,000 … Continue reading

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Refinance Apps Up Almost 100%

Kiplingers says the Mortgage Bankers Association reported in mid January that refinance applications were up 92% since the beginning of November. The better your credit score and the more equity you have in your home, the better the deal you … Continue reading

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Too late to refinance?

Money Magazine says that more than six out of 10 mortgage applications so far this year have been for refis. But rates are going up. The average 30-year fixed mortgage hit 6.2% by the end of February, up from 5.6% … Continue reading

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