What a market lately for mortgage loans. Since my last post there have been some very interesting changes in the mortgage market. Here are just a few of the changes.
- The new economic stimulus plan has passed which will allow for new home growth as well as higher conforming loan amount limits.
- The new conforming loan limits are: For the salt lake area the new loan limits are around $729000 as for other surrounding areas of Utah the loan amount differs.
This is great because it will allow for people who in the past or currently have what used to be called a jumbo mortgage loan can now refinance to a new conforming loan. This will mean lower interest rates for the home owner.
The down side to this is that the higher loan limits will probably go down December 31, 2008. So refinance now!
- There is a new bill that was just passed by congress which will only allow for mortgage lenders to order appraisals. In the past "Mortgage Brokers" such as myself have been able to order appraisals and then find a lender. What will happen now is once we find a lender that the borrower is happy with the lender will in turn order the appraisal.
A down side to this is that this may affect home values in our market. It may in fact hurt the market values on homes.
- And of course I have saved the best for last. We still have record low interest rates. It is still a good time to refinance or buy a home. The mortgage market is very uncertain, but don't let that stop you from getting into the home of your dreams.
Give me a call today and let me help you find the right home mortgage loan for you and your family.
