Wednesday, June 26, 2013
Flagstaff Mortgage Update June 2013
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What's Happening with Flagstaff Interest Rates?
The biggest question everyone has is what is going to happen with interest rates. Well, they are on the rise. Within the past two weeks, there was the largest spike in rates that I’ve seen in my career. Because of this, there will be a fall in the refinance volume. It is a healthy increase in rates, though, because there is such a shortage in inventory.
What Kind of Products are Available?
There has been a push back against manufactured homes. There are still finance options available, but it is a difficult market to get into.
What are Some Up-and-Coming Flagstaff Mortgage Products?
Renovation and rehab loans are phenomenal right now. So, if you are looking to modernize your home, replace those old kitchen countertops, etc., there is some great financing for you.
What Kind of Documentation Will You Need?
When applying for a loan, a lot of people feel like they are being picked on. Extensive documentation and questioning are not unique to you alone. Bank statements, questioning where deposits come from, etc. are standard for all those applying, in hopes to mitigate fraud and default rates.
These are some of the biggest challenges I see in the market right now. If you have any questions please call me at 928.214.7100
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