Have a question? Ask our expert!by Tim Manni
HSH.com’s Vice President Keith Gumbinger has over 25 years experience as an expert observer of the mortgage and consumer debt markets. Gumbinger, who has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters, stands ready to answer your questions.
Let’s take a look at some recent “Ask the Expert” questions and at least part of their answers.
Q: Where are mortgage rates headed?
A: If you are determining how much house you can afford, one factor that can make a big difference is mortgage rates. Even a small shift in mortgage rates can make a big difference in your monthly payments.
Mortgage rate trends
While lenders change mortgage rates daily, you may want to look at current mortgage rates on a daily, weekly or monthly basis if you are still in the process of preparing to buy a home or searching for the right home.
You can read weekly and two-month on HSH.com to see what experts are predicting for mortgage rates. There are a lot of factors which affect mortgage rates, not the least of which is growth in the economy, inflation and inflation concerns, Federal Reserve monetary policies, and more. To get a working handle on how all this comes together, please read “What Moves Mortgage Rates” and use the tools above to track the market…(Read more)
Q: Will late mortgage payments in the past twelve months, with 670 credit score and strong income keep me from being able to refinance?
A: Since the FHA program makes money available for people with FICO scores all the way down to as low as 580, your low credit score shouldn’t be much of an issue. Your strong income characteristics will of course be welcomed. However, those mortgage lates within the last twelve months may be a deal-breaker. Many lenders are being more cautious, and it is likely that your loan would be subject to manual underwriting and only eligible for approval on a case-by-case basis. Your best bet is to talk to a few lenders to see if they think you might make it over the hurdles.
Want to have your question answered by us?
If so, there’s two ways to go about it:
1. Fill out the “Ask the Expert” form on our homepage (about halfway down HSH.com, on the right-hand side). Or,
2. Leave a comment below any blog post and I’ll be sure we get your question or particular issue cleared right up.