Mortgage Rates Drop in Arizona

Big news!  Arizona mortgage rates drop!  For months, the mortgage market has awaited September 18, 2013 to see what the Fed would do regarding their mortgage rate policy.  After waiting and guessing, expecting and anticipating the Fed shocked the market.  They surprisingly decided to continue purchasing mortgage backed securities rather than "tapering" their purchase program as many expected.  As a result, we saw mortgage rates drop. Big Ben and the Fed felt that our economy was not quite … [Read more...]

Win The Mortgage Rate Lock Game

Most home-buyers agree interest rate is important.  Naturally, daily home loan rate market movement can create heartburn.  What if you could predict which day is the best day to lock in?  Out of the 30 days or so you are closing your loan, predicting that magic day would be amazing! Secure the Lowest the Lowest Mortgage Rate Non-soothsaying home buyers need to marry into fortune telling families or have a home loan officer who can solve this little dilemma for them.  If not, locking their … [Read more...]

Arizona FHA Streamlines

Check out this updated article. As your Arizona FHA mortgage lender I wanted to share some  great news for FHA borrowers that have been stuck due to rising mortgage insurance costs.  This change will help Arizona FHA homeowners take advantage of record low Arizona Mortgage Rates. Check out these 2 articles and read below: http://www.housingwire.com/article/fha-raise-insurance-premiums-april http://www.housingwire.com/article/fha-announce-premium-changes-soon FHA Streamline Refinances … [Read more...]

Debt to Income Ratio on Home Loans

When an Arizona mortgage lender evaluates a prospective borrower's mortgage application, one of the main elements used to approve or decline each borrower is something called a "Debt to Income Ratio." What is Your Debt to Income Ratio?  Lenders use your Debt to Income Ratio (or "DTI" for short) to analyze your income and debt.   Each different type of Arizona mortgage (Conventional, FHA, VA, USDA, Jumbo etc..) sets a maximum allowable Debt to Income Ratio limit which is expressed as a … [Read more...]

Having More Than One FHA Loan

Typically FHA allows 1 FHA loan at a time.  However that rule is not the end all be all.   In fact, FHA allows borrowers more than 1 FHA loan in certain cases. More Than 1 FHA Loan Allowed While FHA rules state a borrower may have just 1 FHA loan at a time, there are 4 scenarios under which FHA will grant an exception to that rule allowing multiple FHA loans.  The 4 exceptional scenarios are: Re-locations - Borrowers relocating to an area not within reasonable commuting distance from … [Read more...]