Do borrowers believe that getting a mortgage is tougher than ever right now? Well, they’re right. Lenders are applying their own “overlay” standards to Fannie Mae & Freddie Mac guidelines in order to reduce the lender’s risk of having to buy back a mortgage if the mortgage doesn’t meet an investor’s standards. Investors review the mortgage portfolios they purchase (in bulk), and if the investor believes that a particular loan is sub-par, they can require that the lender to buy back the loan. So, the overlays provide some protection to the lender. The lender doesn’t want to own the loan, the lender just wants to make money putting the loan together, and then perhaps servicing the loan. The investor is obviously interested in the loan paying off in a timely manner at a given rate of interest. So, different lenders apply different requirements to avoid possible loan buy-back issues. Since we work with many lenders, if your borrower needs some leeway with a particular lender’s guidelines, we can many times find another lender willing to accept the loan.
By the way, see www.nmmortgage.expert/
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DIMOND MORTGAGE RATES* FOR Primary Residence (purchase only) As of 08/26/2014 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
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| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.125% |
4.250% |
4.25% |
4.292% |
| 15-YR |
3.25% |
3.468% |
3.50% |
3.572% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.25% |
4.356% |
4.50% |
4.522% |
| 15-YR |
3.75% |
3.932% |
4.125% |
4.613% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.125% |
6.298% |
3.50% |
6.559% |
| 7/1 ARM |
3.25% |
5.892% |
3.625% |
6.154% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.625% |
6.740% |
4.00% |
6.998% |
| 7/1 ARM |
3.875% |
5.218% |
4.125% |
5.256% |
|
Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
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Ginger Bowe Sullivan
Dimond Mortgage
1000 Cordova Pl, #56
Santa Fe, NM 87505
Phone: 505-629-1499
Fax: 505-214-5360
Website: www.nmmortgage.expert
524H Paseo del Pueblo Sur
Taos, NM 87571
Phone: 575-758-5566
NMLS #: 190187 / 204403