Nancy Hall

Banks are Imposing Stricter Standards for New Borrowers There has been a rise in rates also comes as lenders are rethinking who they will lend to amid the coronavirus pandemic. This means many potential home buyers and those looking to refinance will have greater difficulty accessing credit. JP Morgan, one of the country’s largest lenders, has raised the requirements borrowers must meet to be eligible for most new home loans. Customers will need a credit score of at least 70...0 to qualify and must have saved funds equivalent to a 20% down payment. Other mortgage companies have followed suit in tightening certain requirements. Some banks have raised the minimum credit score for new FHA, VA and USDA purchase loans to 680. For cash-out refinances, the bank now requires that borrowers have at least a 700-credit score. Depending on the type of loan, that equates to an increase in the minimum credit score of between 20 and 40 points.Beyond imposing stricter standards in terms of credit scores and down payments, mortgage lenders have taken other steps to prevent the possibility of making risky home loans. As part of the underwriting process, lenders are required to verify a borrower’s employment. Typically,that’s done around 10 days before the loan is closed, but now some lenders are moving toward doing this verification on the day of closing in response to the tumultuous economic landscape. Banks want to verify employment the day of closing that borrowers are still employed. Additionally, some lenders are putting into place different reserve requirements for self-employed borrowers. Lenders stress that these changes are temporary, and time will tell how quickly mortgage companies return to business as usual. CLICK FOR MORE INFO See more

Mortgage rates remained near another record low for the third straight week. The 30-year fixed-rate mortgage averaged 3.31% during the week ending April 16, Freddie Mac FMCC, +2.86% reported Thursday. A year ago, the 30-year fixed-rate mortgage averaged 4.17%. The average rate for a 30-year home loan dropped to an average of 3.29% in early March as concerns regarding the corona-virus outbreak began to grow. The 5-year Treasury-indexed hybrid adjustable rate mortgage fell t...o an average of 3.34%. The 15-year fixed rate mortgage, meanwhile, increased three basis points to an average of 2.8%. We believe, mortgage rates could be even lower if these were normal circumstantial is being driven up by the volume of money that is hitting the secondary markets. We are working harder than ever to make sure you transaction goes smoothly during these unprecedented times. We are closing loans every day! NANCY HALL Senior Loan Consultant Mortgage Advantage [email protected] 201 Old Country Road, Suite 200, Melville, NY 11747 631.424.5100 | Cell: 516.480.0092 | NMLS# 19631

I am sure by now you've heard about people refinancing and saving $100's of dollars and you're wondering if its true? And I am here to tell you it is. You probably just bought your home in the last 6 - 24 months and you're saying to yourself "THERE IS NO WAY I CAN SAVE MONEY! THIS IS ONLY FOR PEOPLE WHO BOUGHT THEIR HOMES 10-15 YEARS AGO!" You're worried the process will be long, drawn out, and stressful! But it doesn't have to be. ... Refinancing is about so much more then just lowering your rate and lowering your monthly payment. You may also want to reduce the number of years left on your mortgage, remove Mortgage Insurance, pay off some debt, take cash out and buy an investment property and the list goes on and on. But here is the thing - YOU WILL NEVER KNOW YOUR OPTIONS UNTIL YOU TAKE THAT FIRST STEP. WHO KNOWS HOW LONG RATES WILL STAY THIS LOW!

Mortgage rates have fallen from their record lows in recent days. PM me for more information!

Mortgage rates slid to the lowest level in three months this past week. The 30-year fixed-rate mortgage averaged 3.6% during the week ending Jan. 23, down five basis points from the previous week, Freddie Mac FMCC, +0.33% reported Thursday. The 15-year fixed-rate mortgage also fell five basis points to 3.04%, according to Freddie Mac.... The 5/1 adjustable-rate mortgage, meanwhile, dropped a 11 basis points to an average of 3.28%. Mortgage rates are now at their lowest level since October. The 30-year fixed-rate mortgage now only stands one-quarter percentage point above its all-time low.

This beautiful and historic house is walking distance to the LIRR and Seventh Street, which is the he center of town in Garden City. Room for a pool!! Contact me if you would like more details!

Stocks and Mortgage Rates Rise September 16, 2019 Last Week in Review: Stocks and Mortgage Rates Rise... This past week home loan rates ticked up sharply from the previous week leaving many wondering have rates bottomed? For would-be homebuyers, real estate agents, and folks working in the housing industry, here are three things affecting home loan rates today and stories to follow in coming weeks and months. Which way these things go will determine the next directional move for home loan rates: 1.U.S./China Trade Dispute: In recent weeks both sides have played nice with tariffs being delayed by the U.S. and China opening markets. How this story goes, so will global economies, financial markets, and home loan rates. At the moment, there is no bigger story to track. 2.Tug of War: The push/pull action between slowing global economies and world central banks is at play. With economies slowing, central banks are cutting rates and introducing new financial stimulus to keep the economic expansion growing. If central banks are successful and economic growth reaccelerates, home loan rates will suffer further. The opposite is also true. 3.The Technical Picture: It has turned against home loan rates for now. Back on August 5, Mortgage Bonds hit a 2019 price high and have been unable to break above that price, and subsequently slipped lower creating a tough ceiling of resistance that Bonds will have to pierce in order for home loan rates to further improve. Bottom line: The recent uptick in rates could simply be a blip on the radar and we may see home loan rates hit all-time lows in the months ahead. As mentioned, the bullets above will determine what happens next. With rates remaining near three-year lows, would-be buyers and folks looking to refinance should capture the opportunity while at hand because there could be a high cost and risk to waiting for rates to go even lower.

Amazing user7958535 from Massapequa, NY Nancy was amazing in helping my husband and I through the entire home buying process. She is very knowledgeable, prompt, organized and always quick to respond whenever we had a question or needed clarification. Highly recommend Nancy for your home needs. LOAN STATUS Closed Jun 2019

Thank you Kerry!

30-Year Fixed Rate Mortgage Rate Nears Two-Year Low 30-year fixed-rate mortgage (FRM) averaged 3.82 percent with an average 0.5 point for the week ending June 6, 2019, down from last week when it averaged 3.99 percent. A year ago at this time, the 30-year FRM averaged 4.54 percent. 15-year FRM averaged 3.28 percent with an average 0.5 point, down from last week when it averaged 3.46 percent. A year ago at this time, the 15-year FRM averaged 4.01 percent. 5-year Treasury-ind...exed hybrid adjustable-rate mortgage (ARM) averaged 3.52 percent with an average 0.4 point, down from last week when it averaged 3.60 percent. A year ago at this time, the 5-year ARM averaged 3.74 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage See more

Mortgage Rates Drop News Facts 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.5 point for the week ending May 30, 2019, down from last week when it averaged 4.06 percent. A year ago at this time, the 30-year FRM averaged 4.56 percent. ... 15-year FRM averaged 3.46 percent with an average 0.5 point, down from last week when it averaged 3.51 percent. A year ago at this time, the 15-year FRM averaged 4.06 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.60 percent with an average 0.4 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 5-year ARM averaged 3.80 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. See more