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Mortgage Minute with The Johnston Team

It’s time for GREAT news and savings!

FHA has lowered upfront mortgage insurance premiums! 

  • Monthly mortgage insurance premiums have lowered by 35%! On a $400,000 loan this is a $100 a month savings!

VA Savings!

  • VA has lowered the VA funding fee by 0.15 to 0.3%! As an example on a $400,000 loan this is a savings of $600 to $1,200! 

New conventional first time buyer program that provides LOWER RATES to home buyers:

With a wide variety of first time buyer programs let us help provide the best product for your clients! Each client is unique and has different goals. Let us work up a home loan strategy that fits their home purchase plan!
  • Conventional loans at lower than market rates, even with lower credit scores!
  • Low down payment options!
  • Down payment assistance grants that work with conventional, FHA, VA, and USDA loans!

Did you know that there are now even more factors that go into a client’s rate? To get the best rate you now need a 780 fico. 20% down is not the lowest rate. Debt to income now even changes rate! For this reason a wider range of rates is available client by client. We have conventional loans locked much lower than the national average rate below. With all the factors that go into pricing, hiring an industry veteran will save you money. Choosing your own loan online or with rookie loan officers can cost you!

Mortgage rates drop, after the Fed raises the Fed Funds Rate by 0.25%! The Fed spoke about tightening of lending conditions due to the recent banking drama. Lending and credit are critical to growth and inflation. If lending subsides (fewer loan programs or more restrictive requirements to qualify), it puts additional downward pressure on inflation.  And inflation is the key reason rates have remained high.

For a real time specific quote, always contact us. A couple of reminders:

  • Interest rates are not one size fits all. Rates are different for each client. Some of the variables include – credit score, loan to value, loan amount, occupancy, property type, loan term, how long the rate is locked for, discount points paid, among many others.
  • One of the biggest indicators of rate is time. Rates move all day every day, just like the stock market. Over the last couple of months, we have seen this be more the case than historically.

For More informaiton about the Mortgage Rates please reach out to Stephanie Johnston and her Team at Service First Mortgage

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