Friday, March 6, 2015

Mortgage Rules are Changing

Mortgage rules have drastically changed in the last few years meaning if someone qualified a few years ago they may have a hard time qualifying now under the new regulations.
For the self-employed, approvals have become increasing more challenging requiring additional documentation and guidelines. That being said, there are broker only lenders that do have custom products for the owner/professional.

Prime Rate is now sitting at 2.85%, with Prime -.65% variable rates as low as 2.15%. However while very attractive, variable rates are not for everyone.

Fixed Rates are now under 3% and have dropped as low as 2.69% on a 5 year however watch very closely what the restrictions are for the penalty to pay off the mortgage, to refinance, pre-payment and frequency privileges as the deep discounted rates have terms and conditions that are not always favorable depending on your objectives.


pranjali upadhyay said...

This is a First time i m reading Your Blog .your blog gives us useful information .keep it up and thanks .
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Michel Son said...

Yes you are absolutely right.Mortgage rules are drastically changed.There are some new rules ,techniques are used.Your thinking and updating market is so nice.Thanks for sharing.

mortgage rates said...

If there ever was a time when home loans were easy to qualify for, it must not have lasted long. These days, it feels like it is getting harder and harder to receive a home loan. This does not mean it is impossible to get a loan but the bank requires a lot of information from the borrower lately.

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