Conforming loan limits are set to drop from $729,750 to $625,500, resulting in higher interest rates and down payments. A recent article on Market Watch warns: “The fact that the limits are changing is going to raise the cost of homeownership for homes priced in that range between the old and the new limit, and while the change officially takes effect October 1st, it may be reflected in loan quotes as early as the end of July."
Although a bill was introduced to Congress on Monday to extend the current loan limits, until a vote is set, we still believe that right now is the perfect time for those clients who are on-the-fence to take action on a new mortgage, as their rates may be affected even before the deadline. Because rates are still historically low, now is also a great time for clients to refinance their existing loan. Our knowledge, experience, and direct-lending capabilities ensure a seamless process and closings within 30 days or less, allowing your clients to take advantage of the current savings.
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