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  • Writer's pictureTina Martin

Can I still buy or sell a Home in this "Unrest"?

The mortgage market in a state of "unrest," like many of the key economic indicators. Generally speaking interest rates are ticking up (now in the range of high 4% to mid 5% for buyers with credit scores between 720 and 780). Lower credit scores cause interest rates to increase slightly. Interest rates can change everyday, and minor changes in rate only cause an average about $50 to the monthly payment - all else being equal. I was on a call with lenders from Cross Country Mortgage and was excited to learned that they were successful in approving a borrower with a 580 credit score. WOW that is significant!

But the real take away is that buyers need to learn what other lender fees are associated with the interest rate being quoted. The safest way to know what those total is to ask for a "LOCK LOAN ESTIMATE" which will expose lender fees. All lenders are different and some lenders may charge you to lock in a rate in an attempt to try to secure your business. Cross Country does NOT charge anything to lock in your interest rate and welcomes comparisons. So when it comes to comparing mortgage rates and programs its best to get the Lock Loan Estimates. I worked in residential lending for more that 18 years and am available to help you compare.

One final point, Cross Country Mortgage does not have any "Underwriting Overlays" from Fannie Mae or Freddie Mac approval requirements. Some lenders may. If you have questions please feel free to call or text me: 330-620-0219 or 440-823-9825.

Home ownership is still within reach, let's have a conversation. —

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