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Rates are flat today. Today’s rates with no lender fees are 3.5% APR on a 30 year, 2.875% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

Guess what? Things changed again! Go figure, right? So, you know the highly anticipated launch of the FHA streamline refinance program with the reduced mortgage insurance that rolled out on June 11th? Yeah, the one that was supposed to make it more affordable for everyone that qualified to refinance.
Check it out in today’s video:

Well, some of the top lenders out there announced some hefty overlays on this once-streamlined program. Some lenders are requiring a full appraisal, income docs and even raised the credit score requirements on this particular program. This doesn’t seem very streamlined to me.
However, don’t get all depressed because you didn’t take advantage of this program yet. There are still some lenders that are streamlining along like normal. But it won’t be long before they start making some changes as well. So the moral of the story today is get your butt out there and get your loan streamlined before it gets overlaid to the point where you don’t qualify. Wouldn’t that suck?!
So remember – all lenders are not created equal! Shop around until, you not only get the best deal possible but, you are getting the loan you need as well. If your lender has overlays that limit your eligibility, keep shopping. Just because Joe Blow mortgage guy doesn’t have what you need doesn’t mean Suzy Lender doesn’t.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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