Mortgage Rates Are on the Rise!
We said it would happen and soon. Average rates have just passed 5%
What we don't know is how far or how fast this Mortgage Rate rise will be. Recent positive indicators for the economy have caused rates to rise. Mortgage Rates parallel Long-Terms Bond Rates and those always rise on positive economic news. It is more important than ever to have your Refinance or Purchase file in the hands of a competent Mortgage Professional! At Valley West Mortgage, we keep a very close watch on rates for our clients. While rates are clearly on the rise, they still have their ups and downs. We watch all of the rate change indicators for potential changes so we can lock rates at the best possible advantage for our clients.
The key to being ready to lock is having a complete file which is ready in every respect. With our clients help, and help from our Realtors on Puchase files, we do everything within our control to make sure that your file is complete, as quickly as possible. In this way, we won't miss any opportunity to secure the best terms possible! Give us a call today so we can help you to succeed even in this unstable market. Remember, Las Vegas is still one of the best buying opportunities in the entire country regardless of current rate fluctuations.
Call (702) 696-9900 or (888) 931-0007 and let Valley West Mortgage get you ready to close!
If you are considering Strategic Default - Don't!
Lenders are starting to crack down on "Strategic Defaults".
Fannie Mae has announced stiffer penalties to consider if you decide to walk away from a mortgage that you can afford to pay. Starting in the fall, Fannie Mae will disqualify borrowers for a period of seven years if they choose to default on their mortgage even though they have the ability to pay. Fannie Mae also plans to take such borrowers to court to recover loan losses resulting from this type of default.
There is a bill working it's way through Congress that would also prevent you from getting an FHA insured mortgage if you have previously "walked away" from a mortgage. Since it makes sense that you would be viewed by Lenders as a higher risk after taking this action, I think we can expect this bill to pass. We have blogged before about the possibilities of a Short-pay Refi or a Short sale so if you are considering Strategic Default it is time to review other avenues. USA Today has a more in depth article on Strategic Default which will fill you in on the upcoming changes. Click here to read the USA Today article.