Realtors Don't See Banks Easing Mortgage Lending Standards

Armen Hareyan's picture
Mortgage Loan Standards

On Monday, Nov. 2 Reuters published a story, which said that Fed survey showed banks easing or lower mortgage lending standards for borrowers. I asked several fellow Realtors and mortgage lenders to see if they feel any easing or lowering of mortgage lending requirements for their clients and most of the answers were negative. Here is what they said.

Should I apply for a 15 or 30 year mortgage?

Dorie Dillard's picture
Mortgage broker discussin 15 or 30 year mortgage rates

Recently one of my clients asked me if they should apply for a 15 or 30 year mortgage. They’ve been advised by parents and co-workers that a 15 year mortgage is the way to go. They want a 15 year mortgage because it has a lower interest rate and their home would be paid off sooner. The only fly in the ointment is the payment will be higher than they want to pay each month.

Fed's warning and its effect on current mortgage rates

Armen Hareyan's picture
Feds warning on today's mortgage rates

Yesterday the Fed's meeting voted to keep the Fed Funds Rate near zero percent while warning that members will decide future rates on a meeting-by-meeting basis. I asked Buzz Mackintosh of Mackintosh Inc, REALTORS to explain for our readers what Fed's warning means and how it will change today's low mortgage rates. This is what Mackintosh said to in a written reply.

The Pros and Cons for Borrowers on More Transparent Mortgage Disclosure Forms

Armen Hareyan's picture
Online Mortgage Application

Mortgage disclosure forms will be changed and new forms will be implemented this month. New government rules, which require mortgage loan lenders to provide borrowers more detailed information about their mortgages will go into effect this month. Home loan lenders are now required to explain mortgage loan terms to home buyers in unprecedented detail.

New Mortgage Closing Guidelines Explained

Angelia Bynum's picture
Mortgage closing

The CFPB (Consumer Financial Protection Bureau) is an agency that sole responsibility is to protect consumers as it relates to financial transactions while enforcing TRID (Truth in Lending Act/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures. There are two new documents that a consumer will receive after applying for a home mortgage; LE- Loan Estimate and CD- Closing Estimate. Below is a brief description of each and the documents they are replacing.


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