Dan the Mortgage Planner

Removes the curtain of secrecy on the mortgage world.

Rates Are Going Down and Fee’s Are Going Up! I Am So Confused.

Posted on September 13, 2012 by Dan Tharp

Sometimes, things just have a way of working themselves out. My wife hates when I say that, but in this circumstance it is true. If you read my blog a few days ago, I braced my clients for fees to increase on all conventional loans. But thankfully, the news today from The Federal Open Market Committee drove rates right back down. It’s like the fee increase never happened. Why?

Because the Fed voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. For the eighth consecutive meeting, the vote was nearly unanimous (9-1 vote).

The Fed Funds Rate has been near zero percent since December 2008. Continue reading →

Will My Credit Score Go Down While Shopping For A Mortgage?

Posted on September 11, 2012 by Dan Tharp

FICO recipe I get this question daily from my prospective buyers. “Do you have to pull my credit? I don’t want you to hurt my score that I have worked so hard to maintain.” A great question for today’s home buyers and refinancing households, the value of “good credit” has never been higher.

Years ago, that concern made more sense. Today, it doesn’t, because having a mortgage company pull your credit is very different from having Walmart do it. Continue reading →

What Mortgage Rates Are Doing This Week : September 10, 2012

Posted on September 10, 2012 by Dan Tharp

Mortgage markets worsened slightly in last week’s holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range.

Home buyers in Sacramento and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped.

According to Freddie Mac’s weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying 0.7 discount points.

Coming Soon : New, Mandatory Loan Fees For All Conforming Mortgages

Posted on September 7, 2012 by Dan Tharp

Beginning as soon as next week, new, mandatory mortgage fees will push mortgage rates higher throughout Sacramento and nationwide. Fannie Mae and Freddie Mac are raising their respective “guarantee fees”.

Guarantee fees are fees that mortgage-backed securities providers charge to lenders for mortgage-related services including the bundling, selling and reporting of mortgage-backed bonds. Continue reading →

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