While mortgage interest rates remain near historic lows, they’ve started creeping up this year. As the economy continues to recover from the effects of the pandemic, experts are predicting that rates could continue to rise. So, what does this mean if…
It’s a new year, take a mortgage holiday in 2022! Benefits of Refinancing lower interest rate and lower monthly payment Possibly lower your monthly mortgage payment by decreasing or eliminating mortgage insurance Consolidate debt Use your home’s equity to generate…
Good news! FHA has recently made changes that may allow prospective buyers and borrowers with student loans more flexibility. FHA will now use .5% – previously it was 1% – of the outstanding loan balance to calculate debt. This may…
Inflation Climbs, Consumer Spending Surges It was a quiet week for mortgage markets. The strong economic growth and inflation data released this week was mostly in line with expectations, and mortgage rates ended the week with little change. A large…
GMFS is pleased to re-introduce the Conventional Purchase Advantage Program with the Capital Area Finance Authority (CAFA). Borrowers can receive an assistance amount of 3% or 4% on FHA and Conventional Loans. The assistance may be used for down payment,…
Fast Facts About the Housing Market Gone in a flash! Homes are selling faster than ever. With record-low inventory and intense demand, homebuyers face fierce competition. A record 41% of homes sold above list price during a 4-week period ending…
Good news. There have been updates to Government Loan Fico Score requirements that may allow more borrowers to qualify! FHA and VA Loans may accept FICOS down to 620! Contact a GMFS Mortgage Loan Officer today for a no-obligation consultation…
Is owning a home beneficial at tax time? YES. Homeownership is good for you. It helps you put down roots in a community, provides a sense of stability, is an excellent investment, and can even help you save on your…