All of These Headlines Causing Stress & Confusion! The W Group has your back!
We at The W Group have been hearing a lot of concern in regards to news in the mortgage world.
As the Biden administration continues to make headlines, the mortgage industry is gaining a lot of attention, and not necessarily for the right reasons. With all the breaking news and articles popping up, it’s no wonder that many people are concerned about their mortgage loans, and how they might be affected
One common question that’s been coming up a lot lately is whether those with higher credit scores will be charged more for their mortgage loans. The good news is that this is not the case, despite what some headlines might suggest.
What’s really going on here are loan level price adjustments, which are not new to the mortgage industry. In fact, they’ve been around as long as mortgages themselves. These adjustments are used to account for different risk factors that may affect a loan, such as the borrower’s credit score, loan-to-value ratio, and other factors.
While some articles might suggest that people with higher credit scores will be hit hard by these adjustments, the reality is that these adjustments have already been priced into loans that Fannie Mae will be buying after May 1st. This means that most loans have already been written and closed, and the adjustments are not likely to affect most borrowers.
So, what should you do if you’re concerned about your mortgage loan? The first thing to keep in mind is to be careful about what articles you read and what you click on. It’s easy to get caught up in sensational headlines, but it’s important to take a closer look at the facts and understand what’s really going on.
If you have questions or concerns about your mortgage loan, feel free to reach out to us at The Group as we can match you with a loan officer or lender! Contact via email: contact@thewgroupbr.com or message us on Facebook or Instagram @TheWgroupBR. We will be able to help you understand how any adjustments may affect your loan and what options you may have.
Overall, it’s important to stay calm and informed when it comes to your mortgage loan. While there may be a lot of confusion and uncertainty in the industry right now, you have us as a tool to help stay focused on your own experience to navigate these challenging times with confidence!