Rate Watch In an effort to quell inflation, the Fed increased policy rates by 0.75% at their most recent meeting. This is the largest increase since 1994 and more than initially expected. Mortgage interest rates had already moved upward in…
Is it time? According to the Mortgage Bankers Association, 44.9% of American households have slightly greater than 50% in available equity in their homes at the end of Q1 2022. Pent up equity positions, even in these market conditions, can…
Mortgage Insurance Has Benefits Did you know mortgage insurance has benefits? Most of the time it is seen as an extra cost, but there may be real benefits that result from getting Mortgage Insurance. You may be able to buy…
Great news! GMFS Mortgage is now offering FHA Loans down to 580 credit score & VA Loans down to 600 credit score. Our new FHA and VA loan program requirements may allow more borrowers to qualify for a home loan!…
Great news! The Purchase Advantage Powered by CAFA program now has USDA and VA options. Eligible borrowers can now receive an assistance amount between 1% and 4% on FHA, Conventional, USDA and VA loans. The assistance may be used for…
Mortgage rates are on the rise, and the more they go up, the more your purchasing power goes down. Imagine you can afford to pay $1,600 on your monthly principal and interest payment. If mortgage rates rise just 1%, you’d…
How much is your home equity worth? Lower your monthly outgo while increasing your cash flow with increased home values! Cash-Out Refinance is when you use your home’s equity to refinance for more than the outstanding balance owed on your…
Great news for Self-Employed borrowers! Most temporary COVID Self-Employment guidelines have been removed for Conventional Loans. Less paper work is required if the borrower has filed personal and business returns for 2020. This may make it easier for self-employed borrowers…