For years, appraisers have complained that they're routinely pressured by mortgage brokers to tweak home values and influence housing prices up or down. But now, fresh regulations are going into effect that are intended to put a stop to this kind of unfair tampering and tinkering.
You've sent in copies of your last two paycheck stubs. You've provided a letter from your employer verifying your job status. You've made copies of your tax returns from the last two years.
Every borrower wants to get the lowest mortgage rate. But mortgage rates don't stand still. They fluctuate, moving up and down over a period of days, weeks, even hours. Given that it can take a month or two to close on a home or a mortgage refinance, how can you pin down a low rate and be sure it will still be available to you when it's time to sign the papers?
Pushing the envelope for a higher home payment is forced savings. You can decide on a 30 year home loan and pay extra each month and realize the same results. But that is optional and the rate will most likely be higher.
Mortgage applications have been on the rise lately, as rates for home loans have dropped to historic lows. Now, Fannie Mae would like to further increase the number of people looking for a mortgage refinance. They've loosened guidelines, allowing people with poor credit easier access to a new home loan.