Month: August 2024
There is a new set ofLoan Level Pricing Adjustments (LLPA) that are coming to the home lending business right now.
This may create problem for Brighton Michigan home buyers.
One of the reasons this country has such a high home ownership rate is that we typically have low mortgage costs for home loans. A reason for that is the standardization of loans by some giant pseudo-government entities, primarily FannieMae and FreddieMac.
About 80% of home loans meet these standard guidelines, and it allows for simple exchange of loans by institutional investors. These are called “conforming loans”.
As you probably know, not everyone gets the same loan pricing when they get a loan. That is because of the LLPA. These adjustments compensate for variations in each loan, the dollar amount of the mortgage, the type of property being purchased, what the property will be used for, the credit score rating of the buyers, and even the location location of the home.
This standardization is normally great. However, when these large groups changes their standards every few years, it can create turmoil in the market.
Here are four examples of the negative impacts:
1 Pricing will now be impacted by a buyer’s total Debt To Income ratio. (DTI) If a buyer’s total monthly debt payment is above 40% they will face a pricing hit. There is a lot of concern that this will lead to additional difficulties in getting loans through underwriting, because it is a whole new measurement.?
2 For the last ~30 years if a buyer’s credit score was above 740 they basically had access to the best pricing. The vast majority of buyers in our office have had scores above 740. Now a buyer needs to have a 780 to get to the best pricing level.?
3 Refinancing will reportedly be significantly more expensive than a purchase loan.?
4 There are now situations where it makes sense for a 20% down buyer to actually just use 19% down and pay Private Mortgage Insurance, because of the interaction between downpayment adjustments and Private Mortgage Insurance (PMI) pricing.??
A really useful chart of the impacts is here:?https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes
Full details:?https://singlefamily.fanniemae.com/media/9391/display
The bottom line here is that mortgage approval criteria have changed. If you have a preapproval from the first quarter of before, you need to go back to them and get an update.
Thanks for stopping by and good luck with your home purchase.
The Home Buyer’s Agent of Ann Arbor
517 Linden Ln, Ann Arbor, MI 48103
734-662-6240
https://goo.gl/maps/WG32tMo7YEAuGAXi6
Buyer Agent brighton 3% down loan
Buyer Agent brighton new mortgage
Buyer Agent brighton Loan Pricing
Buyer Agent brighton loan Advice
https://searchengineoptimizationnewrochelleny.blogspot.com/
https://searchengineoptimizationtrentonnj.blogspot.com/
There is a new set ofLoan Level Pricing Adjustments (LLPA) that are coming to the home lending business right now.
This may create problem for Brighton Michigan home buyers.
One of the reasons this country has such a high home ownership rate is that we typically have low mortgage costs for home loans. A reason for that is the standardization of loans by some giant pseudo-government entities, primarily FannieMae and FreddieMac.
About 80% of home loans meet these standard guidelines, and it allows for simple exchange of loans by institutional investors. These are called “conforming loans”.
As you probably know, not everyone gets the same loan pricing when they get a loan. That is because of the LLPA. These adjustments compensate for variations in each loan, the dollar amount of the mortgage, the type of property being purchased, what the property will be used for, the credit score rating of the buyers, and even the location location of the home.
This standardization is normally great. However, when these large groups changes their standards every few years, it can create turmoil in the market.
Here are four examples of the negative impacts:
1 Pricing will now be impacted by a buyer’s total Debt To Income ratio. (DTI) If a buyer’s total monthly debt payment is above 40% they will face a pricing hit. There is a lot of concern that this will lead to additional difficulties in getting loans through underwriting, because it is a whole new measurement.?
2 For the last ~30 years if a buyer’s credit score was above 740 they basically had access to the best pricing. The vast majority of buyers in our office have had scores above 740. Now a buyer needs to have a 780 to get to the best pricing level.?
3 Refinancing will reportedly be significantly more expensive than a purchase loan.?
4 There are now situations where it makes sense for a 20% down buyer to actually just use 19% down and pay Private Mortgage Insurance, because of the interaction between downpayment adjustments and Private Mortgage Insurance (PMI) pricing.??
A really useful chart of the impacts is here:?https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes
Full details:?https://singlefamily.fanniemae.com/media/9391/display
The bottom line here is that mortgage approval criteria have changed. If you have a preapproval from the first quarter of before, you need to go back to them and get an update.
Thanks for stopping by and good luck with your home purchase.
The Home Buyer’s Agent of Ann Arbor
517 Linden Ln, Ann Arbor, MI 48103
734-662-6240
https://goo.gl/maps/WG32tMo7YEAuGAXi6
Buyer Agent brighton 3% down loan
Buyer Agent brighton new mortgage
Buyer Agent brighton Loan Pricing
Buyer Agent brighton loan Advice
https://searchengineoptimizationnewrochelleny.blogspot.com/
https://searchengineoptimizationtrentonnj.blogspot.com/
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Orlando Florida Helicopter Ride
HELICOPTER RIDE : CITY OF ORLANDO
Orlando, Florida is a flourishing and active city with plenty to see and do. One of the most risk-taking and unique ways to experience the city is by taking a helicopter ride.
A helicopter ride in Orlando offers stunning aerial views of the city and its surroundings. As you hover above the city, you’ll be able to see iconic landmarks such as Disney World and Universal Studios, as well as lovely natural scenery such as the rock gardens.
There are several companies in Orlando that offer helicopter rides, so you’ll have plenty of options to pick from. Before you book your flight, it’s a good idea to do some research and compare prices and services to locate the best deal.
Once you’ve booked your flight, you’ll need to prepare for your helicopter ride. Make sure to wear comfortable clothing and shoes, as you’ll be sitting in the helicopter for a while. It’s a good idea to bring along a camera or phone to capture the amazing views.
When it’s time for your flight, you’ll meet your pilot at the helicopter base. They will provide you a safety briefing and will tell how to properly use your headphones and other equipment. Once you’re ready, you’ll board the helicopter and begin your adventure.
As you take off, you’ll feel the thrill of flying as the helicopter lifts off the ground begins to soar. The views from above are truly breathtaking, and you’ll have the opportunity to observe Orlando from a new perspective.
During your flight, your pilot will point out interesting sights and landmarks, and will be happy to answer any questions you may have. You’ll also have the opportunity to hover over some of the city’s most iconic areas, such as Gatorland and Old Town Kissimmee.
After your flight, you’ll land at the helicopter base, where you’ll be able to debrief with your pilot and share your experiences. A helicopter ride in Orlando is a unique and memorable experience that you won’t soon forget.
Overall, taking a helicopter ride in Orlando is a thrilling and unforgettable way to experience the city. So why not take to the skies and see Columbus from a whole new perspective?
Helicopter Ride Orlando Florida
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Atlanta Helicopter Ride
HELICOPTER RIDE : ATLANTA GEORGIA
Are you looking for an unbeatable experience during your trip to Atlanta, Georgia? Look no further than our thrilling helicopter rides, which offer a one-of-a-kind and breathtaking perspective of the city’s well-known landmarks and skyline.
Our helicopter tours are the ideal way to celebrate special occasions, such as weddings, or even just as a never-to-be-forgotten opportunity to see Atlanta like ever before.
As you soar above the city, you’ll have the chance to enjoy astonishing views of the Georgia Dome, Centennial Olympic Park, the CNN Center, and more. And, with a range of various packages and routes to select, you can personalize your experience to fit your particular needs and interests.
For those looking for a briefer ride, we offer options ranging from 15 minutes to an hour. However, for those who want to really take in all that Atlanta has to offer from the sky, we also offer extended tours that can last up to two hours.
No matter which package you select, you can rest assured that you’ll be in good hands with our highly experienced and knowledgeable pilots. Our team has years of experience flying helicopters, and our equipment is top-of-the-line, ensuring that your ride is both safe and comfortable.
If you’re looking for an even more personalized experience, we also offer private tours that allow you to create a completely bespoke itinerary. Whether you want to concentrate on Atlanta’s historic sites, its modern architecture, or its beautiful natural scenery, we can create a tour that meets your every need.
But our helicopter rides aren’t just a fun way to see the city ? they also offer a unique educational opportunity. Throughout your tour, our pilots will provide you with intriguing facts and insights about Atlanta’s history, culture, and landmarks. You’ll leave your ride not only with incredible memories but also a newfound appreciation for this extraordinary city.
And, if you’re looking for an even more premium experience, we also offer VIP packages that include champagne and other luxurious amenities. These packages are ideal for those looking to celebrate a significant moment in style or simply want to treat themselves to something really unforgettable.
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