Keith Gumbinger
Keith Gumbinger
credit good homes lend mac percent qualify
Fannie Mae and Freddie Mac will even lend 103 percent of the homes value, ... You need to have very good credit to qualify for this kind of loan.
interest lock optimal
The optimal thing to do is to lock in your interest rate.
business slips stuff whenever
Whenever business slips a little, lenders trot this stuff out.
cuts economy fed investors mortgage rates
Mortgage rates come down when fixed-income investors think the economy is slowing, not because the Fed cuts rates.
borrow buyers cash flush home layer markets minimum money mortgage pay possible risk top value
Mortgage markets have been so flush with cash that home buyers are able to layer one risk on top of the other. It's possible to borrow more than the value of the home, put in no money of your own and pay a minimum monthly payment.
certainly difficult high prices time
Leveraging yourself out at a time when (home) prices are very high certainly could set you up for difficult times.
access allowing people reasonably
Lenders are allowing people reasonably unfettered access to their equity.
borrow change consumers couple fed might raises rates
There's no way for consumers to borrow more cheaply. But that might change if the Fed raises rates a couple more times.
borrowers budget buy encouraged invest loans money paid people product save stretch value
These loans can be of value for people who want to save or invest the money they would have paid in principal, ... Unfortunately, the way the product has been pitched, borrowers have been encouraged to stretch their budget to buy more house.
Could there be some 50s? There could be some 50s.
activity catch chance home prices trying
They're trying to make home prices more expensive, so some of this speculative activity will decrease, and incomes will have a chance to catch up.
cash draw equity home improve lets money popular resist temptation
This is very popular right now because it lets you draw some money out of your home and improve cash flow. If you do this, resist the temptation to draw too much equity out of your home.
aware five higher home interest likely money rates reality road save seven somewhat three within
Someone who will be out of their home within five years to seven years can save some money with an ARM. But you have to be aware of the reality that interest rates are likely to be somewhat to significantly higher in three years, five years, 10 years down the road from today.
increased pain point quarter soon start
A quarter point here, a quarter point there, and soon you start to feel the pain of significantly increased monthly payments,