The share of mortgages for home
purchases increased in April 2017 according to the latest report from
mortgage origination partner Ellie Mae.
The average FICO score
for closed first position loans was 720 with LTV of 80% (20% down
payment). Mortgage DTI was 25% of 39% total debt. Purchases made up
65%, with refis down to 35% from last year when purchases were 59% of
new mortgages & refs were 40%. The average 30-year mortgage rate
was 4.41% in April, up from 4.39% in March while Adjustable Rate
Mortgages represented the highest level since November 2014. Loan
choice remains the same from last year with Conventional loans being
about 63% of new mortgages, FHAs about 23% and VAs about 10%,
As your fiduciary agent I will help you discern property inventory data,
amenities and style to make the best decision about your property
selection and value. Your loan officer will help you complete the
application to deliver the terms the lender has agreed on. You may find
different terms and costs from different lenders, particulars I and your
loan officer can help you understand. Paying additional principal will
shorten your loan and save money, Borrowing to pay additional costs
will cost you more in interest every year, so be sure you amortize your
terms
Since 1996 I have been the foundation of your success in real estate,
showing you the way home, with integrity and dedication to excellence in
real estate agency. Sincerely, David Carr,
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