BREAKING NEWS: Mortgage Refinance Increase 15% Due To Mortgage Rate Drop (1)

Mortgage Refinance Increase 15% Due To Mortgage Rate Drop

Gustan Cho Associates are mortgage brokers licensed in 48 states

This ARTICLE On Mortgage Refinance Increase 15% Due To Mortgage Rate Drop Was PUBLISHED On August 12th, 2019

Mortgage Rates hit a 36-month low.

In this article, we will cover and discuss Mortgage Refinance Increase Numbers due to mortgage rate drop.

Low Rates Is The Cause Of Mortgage Refinance Increase

Michael Gracz, the national sales manager at Gustan Cho Associates, is swamped with refinance borrowers.

FHA And VA Streamline Refinances

Anyone borrower who closed their home loans last year at 5.0% or higher can take advantage of today’s low mortgage rates by refinancing. Borrowers with a current FHA and/or VA Loan can take advantage of the FHA and VA Streamline Refinance Program. There is no appraisal required and no income documentation on streamlines. Most streamlines can be closed in two to three weeks.

How About Purchases

How About Purchases

Purchase business was not affected by any increases due to decreasing mortgage rates. Home inventory remains low but demand remains strong. Both HUD and the Federal Housing Finance Agency (FHFA) have increased FHA and Conventional Loan Limits for three years in a row due to rising home prices. 2019 FHA Loan Limits is capped at $314,827. 2019 Conforming Loan Limits is now capped at $484,350. High-Cost Areas like many counties in California have higher FHA and Conforming Loan Limits. The Department of Veterans Affairs (The VA) recently lifted VA Loan Limits. There are no maximum loan limits on VA Loans.

Home prices are continuing to climb despite high home prices. The inventory of homes still remain low in many states. For more information about the content of this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at

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