Check out this week’s mortgage update from Trident Mortgage.
Conflicts around the globe has pushed rates down to their lowest levels of the year. The financial markets have kept holdings in the safer investments like bonds and cash; this helps keep rates low. So much for all the rising interest rate predictions of 2014! We are still seeing a high volume of purchase activity throughout the Philadelphia area so hopefully these buyers are capitalizing on this latest dip in rates. The market does remain fairly volatile. A carefully timed rate lock at the outset of the executed agreement of sale is still advisable. The rates remaining at these lower levels has been a welcome surprise!
One of the unfortunate things that happens to us friendly neighborhood loan officers is we issue a pre-approval to a prospective home-buyer, give the good news to their Realtor, send them out there to find their dream home…only to find out once they execute an agreement that something critical to their financial picture has changed. When this happens it creates numerous issues for all parties involved and ultimately could lose the buyer their dream home. Here is an article I saw this week that is a short and simple hit list of what NOT to do once you’re pre-approved. It is quick but valuable advice to all our pre-approved buyers out there.
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611