http://katiemooreteam.com/blog/categoryname_interest-rates/sort_entrydatetime-desc/ Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. You’re undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan.Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Higher ratios make for riskier loans, and then sometimes qualified borrowers no longer qualify.3. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you’re obligated. With that obligation comes higher ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.4. Don’t Change Bank Accounts. Remember, lenders need to source and track your assets. That task is significantly easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.5. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.6. Don’t Close Any Credit Accounts. Many buyers believe having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.Bottom LineAny blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.Call us for lender recommendations.910-297-3093 | www.katiemooreteam.com http://katiemooreteam.com/blog/2839/the-do’s-and-don’ts-after-applying-for-a-mortgage/ Mon, 15 Mar 2021 08:36:40 -0500 It may be a new year and a new presidential administration, but mortgage rates are continuing to hover near all-time lows.The average 30-year fixed-rate mortgage remained unchanged this week at 2.73 percent, signifying “an economy that continues to struggle,” Freddie Mac Chief Economist Sam Khater said in a statement.“This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position,” Khater added. “While many have already refinanced, the evidence suggests that upper-income homeowners have taken advantage of the opportunity more so than lower-income homeowners who could stand to benefit the most by lowering their monthly mortgage payment.”The 15-year fixed-rate mortgage averaged 2.21 percent, up slightly from last week’s 2.20 average and down significantly from the 2.97 percent average the same week in 2020.The Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78 percent, down slightly from last week’s 2.80 percent and far below the 3.32 percent it averaged the same week in 2020.Inman Connect2021 Events Announced! Secure your tickets now.WATCH: How to get ahead in real estate (really!)WATCH: Why do people not work again with Realtors they love?WATCH: Are 'hybrid brokers' the future of real estate?While rates remained flat from last week, progress on a stimulus package pushed the 10-year Treasury Yield higher, which signals investors could be gaining some confidence that the recovery — while slow — is coming, according to Nadia Evangelou, the National Association of Realtors’ senior economist and director of forecasting.“Given that mortgage rates follow the trend of the 10-year Treasury yield, expect rates to rise modestly in the upcoming weeks,” Evangelou said in a statement. Per Inman News http://katiemooreteam.com/blog/2817/mortgage-rates-remain-low-amid-'struggling-economy'/ Fri, 05 Feb 2021 04:23:46 -0500