Kathleen Bechtel - Loan Officer at Barrett Financial Group LLC NMLS 1538726

08/25/2023

CASH-OUT REFINANCES: Fannie Mae and Freddie Mac, which purchase Conventional loans, updated its eligibility policy for cash-out refinance transactions to require that any existing first mortgage being paid off through the transaction be at least 12 months old as measured from the note date of the existing loan to the note date of the new loan. There are a few exceptions to this rule in which you may qualify! If you're considering a cash-out transaction, feel free to reach out at anytime! Always happy to help!

04/18/2023

Sometimes in life, you need to step on the gas to get where you need to be! Same goes for closing a home loan. With our streamlined process and experienced team, we make it a priority to get you in your new home on your timeline!

12/07/2022

The Federal Housing Administration (FHA) has announced loan limits for 2023!

Some benefits of an FHA loan include:
Lower Down Payment (3.5%)
Lenient Credit Histories Allowed
Lower FICO score
Better Interest Rates

Our Brokerage is licensed in 49 states! Please reach out for all your mortgage needs! We have you covered :)

12/05/2022

Did you hear the good news? The Federal Housing Finance Agency (FHFA) has announced the official conforming loan limits for 2023 (AKA Conventional loans)!🏠 And the best news? You don't have to wait until the new year. We have lenders who are honoring new limits now!
• $726,200 for regular one-unit loans (increased from $647,200 in 2022)
• $1,089,300 for one-unit high-balance loans (increased from $970,800 in 2022)

04/12/2022

MORTGAGE RATES 101: What is an APR (Annual Percentage Rate) and how do you use it?

Key Concepts APR attempts to factor in upfront costs to deliver a true “cost of financing” which is typically higher than the interest rate on your mortgage APR relies on human i...

03/31/2022

MORTGAGE RATES 101: Basic Parts of a Mortgage

What's the difference between the interest rate (note rate) and the Annual Percentage Rate? Is it important to know?

Take a peek at the article for a more in-depth explanation!

Key Concepts Mortgage rates are interest rates on home loans There are really TWO mortgage rates: the interest rate (or “note rate”) applied to your loan amount (or “princi...

01/05/2022

Ouch! Financing a second (vacation) home just got more expensive!

All Conventional Second home loans, delivered on or after April 1, 2022, will be subject to a pricing increase that effectively prices them as Investment homes (about a 2% higher rate). If you are at or below 70% loan to value, the pricing is a little bit better than an Investment home.

We should expect to see Lenders add this in their pricing very soon as April 1st is the Delivery date to the MBS Pools and not the loan closing date.)

Bottom Line: If you are in the process of purchasing a second home and want to save substantially on the interest rate, time is of the essence!

Please reach out with any questions! Always happy to help with any mortgage scenario.

12/29/2021

Thinking about buying a home in the near future, or re-financing your current mortgage?

Some borrower's are surprised to learn because they bought that new car, maxed out their credit card(s), or financed solar for their home, they can no longer qualify for the loan they want. Every liability you have is taken into consideration when you are being qualified for a loan.

Want to know how a new debt could potentially impact your borrowing power? Reach out and let's talk... always happy to help!

11/30/2021

New conventional loan limits for 2022 are now $647,200!

The new conforming loans limits for mortgages that can be acquired by Fannie Mae and Freddie Mac were announced this morning by the Federal Housing Finance Agency (FHFA). As expected, the changes refl...

09/07/2021

08/13/2021

The number of Homeowners in Forbearance plans are at the lowest they've been to date! As of August 10,2021, 1.74 million homeowners, 3.3 percent of those with a mortgage, remain in COVID-19 related plans, the first time the number has fallen below 1.8 million.

The number of loans in forbearance dropped by 83,000 over the last week. This is on top of a 71,000 loan reduction during the first few days of August. Black Knight reminds that this type of change i...

08/13/2021

Even though lumber prices have recently declined, the National Association of Home Builders (NAHB) says builders are facing some of the fastest increases of other building material costs in history ....