Refinancing NON-QM To Conforming Loans Due To Low Mortgage Rates
This Article Is About Refinancing NON-QM To Conforming Loans Due To Low Mortgage Rates
Mortgage rates hit the highest levels in 2018 since the 2008 Housing Bubble and Credit Collapse.
- Many home buyers closed on their home loans with non-qm loans at high mortgage rates
- NON-QM Loans are alternative forms of financing for borrowers who cannot qualify for government and conventional loans
- There is no waiting period after bankruptcy and/or foreclosure to qualify for non–qm mortgages
- Also, borrowers with late payments in the past 12 months can qualify for non-qm loans
- NON-QM loans have higher mortgage rates than government and conventional loans
- NON-QM Mortgages act as a bridge temporary form of financing for borrowers who cannot qualify for conforming loans to be able to purchase homes in a hot real estate market
- With the recent news that the FED will not increase interest rates for 2019, mortgage rates hit a 13 month low
- With low mortgage rates and rates dropping, non-qm borrowers should think of refinancing non-qm to conforming loans this year
In this blog, we will discuss the benefits of Refinancing NON-QM To Conforming Loans due to low mortgage rates.
NON-QM Mortgage Interest Rates
Home prices have been rising for the past several years.
- The Federal Housing Federal Agency and HUD both have increased conforming and FHA Loan Limits for the past three years in a row due to rising home prices
- Mortgage interest rates have hit an all-time high in 2018 since the 2008 Great Recession
- Many home buyers with a recent bankruptcy and/or housing event had the opportunity to purchase their homes with non-qm loans
- With the Federal Reserve Board announcing they will not increase interest rates for the remaining of 2019, mortgage rates hit a 13 month low
- Industry experts and economists predict lower mortgage rates for 2019
- With mortgage rates sliding, this is a great opportunity for borrowers with non-qm loans in Refinancing NON-QM To Conforming Loans
- There are many non-qm borrowers who have mortgage rates in the 8% to 9% range
Many non-qm borrowers have been working on their credit since closing on their non-qm loans back in 2018.
Qualifying For Mortgage With Direct Lender With No Overlays
Most non-qm borrowers who closed on their home loans in 2018 normally have rates between 7% to 9.9%. Mortgage rates today on prime borrowers is 4.23%. Even for non-prime borrowers with lower credit scores, rates may be as low as 4.875%. Homeowners who have closed on a non-qm loan in 2018, the chances are they can benefit by Refinancing NON-QM To Conforming Loans. All closing costs can be rolled into the loan so there is no money out of pocket. By Refinancing NON-QM To Conforming Loans, borrowers can skip up to 2 month’s mortgage payments. Please contact us at Gustan Cho Associates to explore the net tangible benefit by Refinancing NON-QM To Conforming Loans at 262-716-8151 or text us for faster response. Or email us at [email protected] The Gustan Cho Team is available 7 days a week, evenings, weekends, and holidays.