Credit is easing up
Just heard an ad on the radio for Cash Call Mtg company talking about loans with no tax returns. This is a good thing. you have to put 20% down and it’s 5%. You can do a purchase or re-fi with cash out. It’s not a liar loan. You have to show reserves and bank deposits for the last year but it is a step in the right direction.
The Federal Reserve will start raising interest rates this summer.
Rates will affect homebuyer affordability and can be expected to slow both home sales and new construction.
The first quarter of 2015 was the third in a row that more than half of the refinances funded through Freddie Mac were cash out transactions. The company said that 27 percent of its refinancing loans were cash out compared to 27 and 28 percent in the third and fourth quarters of 2014 respectively.
Always verify everything in real estate.
My house closed escrow today. I have told you in the past that you have to verify everything that the realtor tells you about comps and everything the seller tells you about EVERYTHING. In addition, everything the lender tells you and the buyer also.