Mortgage Info To Buy The Homes For Sale In Las Campanas, Santa Fe, NM

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/DailyRateLockAdvisory for this week’s thoughts of float/lock strategies), but we always advise borrowers to play “safe than sorry”.  If your borrower is going to float, advise them to keep up on current events, and try to anticipate what events move markets, and choose according. 

 

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

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