PRICING IMPROVES: The bond market finished this week 97 points up – improving every single day. This has pushed 30 year fixed par rates down to 4.75% , and you can usually get a 4.875% with 0 points. 15 Year Fixed are still pricing better on an FHA product than a conforming product. I can get an FHA 15 year fixed starting at 3.75%, though the 4.25% with 0 costs I feel is the best deal. Great rates right now!!
APPRAISAL WAIVER: If your current loan is backed by Fannie Mae (you can check here: http://www.fanniemae.com/loanlookup/) and you have a decent amount of equity , we are often able to do your loan with no appraisal and no out of pocket costs. Check it out!!
LOAN OFFICER COMPENSATION: Remember that new federally regulated loan officer compensation rule is going into effect April 1st, 2011. You may feel this will not affect you, but I assure you it will. Less options will be available once this comes down – you will most likely have 2 options – pay a large amount of closing costs to do a loan, or take a much higher rate and pay nothing. There will not be a lot of in between options.