November 4th, 2013 7:03 PM by Jim Merrill
Mortgage rates thankfully dropped 1/2 point during the month of October and are the lowest they have been since the enormous hike back in June. 4% (4.016 APR) is currently available for a 30 year fixed program with no points. 15 year fixed pricing is currently 3.125% (3.054 APR) with 0 points. With property values the highest they've been since 2008 and rates this low, it is a great time to refinance.
I have approved a new lender for Axel Mortgage that is doing some amazing things.
I now have a Fannie Mae direct lender that underwrites exclusively off the underwriting findings of Fannie Mae with no investor overlays. This means much more liberal underwriting requirements and much less paperwork from you to get approved. The best part is this lender is only .125% higher in rate than the best priced lender in the country. Here are some of the things we can now do:
1. Cash out refi on a home purchased for cash 1 day after purchase
2. We can accept transferred in appraisals
3. Up to 10 financed properties OK (previously it was 4)
4. Flipped properties OK for purchase (3 month seasoning previously required)
5. Financed or Lender Paid Mortgage Insurance up to 95% LTV-this removes the monthly mortgage insurance payment and drops the payment substantially
6. Unpermitted additions OK
7. Conventional financing with as little as 3% down (yes 3%...not a misprint)
8. We can now table fund....this means no 11th hour surprises after you've signed loan documents. This is great for purchase loans!
Last week the AZ Dept of Financial Institutions performed their 3rd required audit of Axel Mortgage Inc. I am please to report we passed with flying colors. A funny thing happens when you operate ethically and honestly and always put the client first....the regulators leave you alone.