The drop in bond yields has been stunning the past two weeks. On Thursday the 5-year bond closed at 2.95%, the lowest yield in over 27 years! Can bond yields go much lower before bouncing? We’ve got no clue…but we’re glued to our monitors. (Chart from Bank of Canada.)
Mortgage Architect’s Marg Green says lenders are making “fewer exceptions on borderline deals.” She says, more and more, “They are sticking to their guidelines…”
If you’re a mortgage planner, Abode Mortgage has a compelling “A” product suite. They pay appraisal costs up to $500, have solid rates, offer excellent compensation, and can underwrite deals as non-prime if they don’t fit “A” credit guidelines.
Bridgewater Bank now does 2nd mortgages behind its first mortgages…to 95% loan-to-value and with 40-year amortizations.
Did you know? Gifted down payments and borrowed closing costs are both acceptable under AIG’s Equity Assist program. Source: MyNext Mortgage
Xceed’s self-insured Flex program is designed for self-employed borrowers. Its highlights:
Gifted or borrowed downpayments are permitted
2nd or vendor-take-back mortgages are allowed behind Xceed’s first
No NOA’s required
Only one month of down payment verification and no proof of closing costs
Registration can be in a company name (with a personal guarantee)
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