Lower mortgage rates is a common misconception that is perpetuated by the mainstream media perpetuates when the Fed makes an announcement of lowering rates. However, when the Fed cuts interest rates, mortgage rates tend to increase. Fed 101: According to Wikipedia: The Federal Reserve controls two key interest rates in this country: These are overnight lending rates used by banks when they lend money to each other. When these rates are low, money is cheaper for banks to borrow, and that “cheap” money spreads throughout the economy. The aim of the Federal Reserve in it’s interest rate policy is to…
Even though many lenders are still quoting quick 10 minute pre-qualifications over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents. With a constant stream of new lending guidelines, volatile mortgage rates and tightening regulation from Washington, very few real estate agents will show new homes to a First-Time Home Buyer without at least a pre-qualification letter. However, real estate agents representing sellers generally require full underwritten loan approvals which contain only a few contingencies that…
Knowing what questions to ask your lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible. Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end up getting frustrated or hurt because their expectations were not met. Here are the top eight questions and explanations to make sure you are fully prepared when taking your next mortgage loan application: 1. What documents will I need to have on hand in order to receive a full mortgage approval? An experienced mortgage professional will be able to…
In a brilliantly unique desert setting, Lake Las Vegas spreads out as an ultimate dome of luxury and privacy. The landscape is fairly inspiring and the desert stretch calls for mute obedience. On the largely untouched side of Henderson Mountain, Lake Las Vegas Real Estate is spread over a colossal 2245 acres of private canyon, some 40 minutes away from the Las Vegas Strip. Lake Las Vegas is a place one can’t keep boasting about, it is the home to two of the most renowned global chain of hotels; the prestigious Ritz-Carlton and the Hyatt regency. Apart from the unflappable…
