Current Mortgage Rates and How They Affect Home Sales
There are a variety of factors that affect mortgage rates. Mortgage rates are tied to the fed rate, but they are also affected by supply and demand. At a time that home sales are high, mortgage rates may creep up, while sluggish home sales may prompt financial institutions to cut mortgage rates. Because the majority [...]
Mortgage Loan Approval Sometimes Need a Human Touch
In the mid 1990’s, the mortgage industry saw the credit score and its predictive power to assess a borrower’s ability to repay a mortgage step into the limelight as one of the most indicative factors for loan approval. After conducting statistical test after statistical test, Fannie, Freddie and Ginnie, the 3 big lending institutions, mandated [...]