2015 Mortgage Rate Forecast

2015 Mortgage Rate Forecast: Many of the portfolio managers expect rates to move higher next year but not too dramatically. Keeping rates in check are: the uneven growth in the economy,declining inflation expectations, and uncertainties in the labor market. Also, there is  an increase in the purchase of treasuries and corporate bonds by pension funds, banks, and foreign investors seeking higher U.S. bond yields. There is also rising demand in safe-haven assets and geopolitical unrest in several hot spots around the world. With that being said, now is still an excellent time to refinance o...

December 6th, 2014 2015 Mortgage Rate Forecast

USDA $ On Hold Again

Well. its that time of year again when USDA monies are on hold from the Federal government until they can get more alloted.That was suppossed to have happened in October but we are still waiting. For now, most Lenders will only service 640+ credit scores and that may be on hold too. If you need Lenders that have the USDA $ and will go down to 580 scores, call us, DIVERSIFIED MORTGAGE BROKERS,TEL: 434-237-3143, Email: DBI4009@AOL.COM, Web:www, WE EDUCATE & DELIVER

November 15th, 2014 USDA $ On Hold Again

Bank Or Broker Differences-Who To Choose?

There is quite a difference in your choice of a Bank or Mortgage Broker to represent you or your clients. Typically, the Bank will offer higher rates and limited programs that only apply to that Bank. A Mortgage Broker can offer a variety of programs and lenders to accomodate the Client's needs, credit or other factors. dealing with a Mortgage Broker that has experience and variety will allow more loans to fund, and allow the client to get the most competitive rate. For variety and experience,call us-DIVERSIFIED MORTGAGE BROKERS, since 1989, serving Central Va.Tel: 434-237-3143, Email: dbi...

November 8th, 2014 Bank Or Broker Differences-Who To Choose?

Trick Or Treat -Lender fees

When shopping for a Mortgage rate, the new gimmick is the option where a Lender does NOT charge for underwriting the loan (sometimes called administative fees, etc). This charge usually ranges from $700 - $1000 depending on the Lender, so can you really expect something for nothing? NO! If you accept a loan w/o the charge, there is an additional .250 to .625 charge that applies to what determines the final % rate, depending on the size of the loan ( the smaller the loan the higher the charge). Thus your final % rate could go up .125 to .250 %. IF you do not plan o...

October 31st, 2014 Trick Or Treat -Lender fees

What Is A "Real" Pre-qual Letter For A Purchase

Every day I get asked to prepare a pre-qual letter to satisfy a Borrower or Realtor. To my surprise, many times I am being asked for a pre-qual w/o the necessary documents to really make it legitimate. A "REAL" prequal letter, at minimum needs the last 2 years Fed. tax returns and W2s, last 30 days pay stubs, last 2 months bank statements, most recent retirement account statement, and a recent credit report. Once these items have been reviewed, then and only then will I put my name on a pre-qual. Hey, without this review, who am I kidding, and who am I going to upset-EVERYONE. F...

October 27th, 2014 What Is A "Real" Pre-qual Letter For A Purchase

First Time Homebuyers-Which Mortgage Is Best?

For years a FHA loan seemed to be the #1 loan choice for First Time Buyers BUT those days may be gone? Over the last few years the FHA mortgage insurance rates have increased several times and now can stay on the loan for the entire 30 years,regardless of the equity accumulated.  FHA charges an 1.750%  up front mortgage insurance cost added to and financed in with the loan after the required 3.50% down payment, but then a monthly mortgage insurance premium of 135 basis points is added monthly.So, on a $100000 loan this would be $1350/yr. or $112.50 per month. Yes, the FHA rates are l...

October 18th, 2014 First Time Homebuyers-Which Mortgage Is Best?

Diversified Mortgage Brokers

100 Copley Place, Suite D, Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
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