Virginia mortgage rates and industry news

What's could be better than getting $300-$1200 back from Uncle Sam?  How about a temporary raise in the coforming loan limit?  Right now, the lowest interest rates are currently reserved for those who need to borrow up to $417,000.  Anyone needing a mortgage above that amount receives "Jumbo" pricing which is currently at least a full percentage point higher than conforming loans.  Ouch! 

The "average" home price in the DC metro area is $440,000.  The economic stimulous package may include a "temporary" increase to the conforming loan limit by 125%.  $440,000 x 125% = $550,000!  For many Virginians looking to borrow up to $550,000, this equates to savings of $300/mo or more on their mortgage!  That IS big news!  Keep in mind the exact numbers have not been released yet, but stay tuned for up to the minute information on this exciting proposal!

One thing is certain...The Feds, media and economic gurus have been fence sitters when it comes calling the current economy a "recession".  Are we or aren't we in one?  Watching the Dow or mortgage rates on a daily basis is like watching a roller coaster ride.  Down big one day, up big another day.  What can you do as a consumer to protect yourself during these unbalanced economic times?  If you're shopping for the best mortgage rates, we've figured that one out for you.  

Loan Planet just launched an informative decision making engine known as our "rate lock advisory" tool.  Want to know what the pros think you should do when it comes to locking in your rate on a daily basis?  Simply click on the link located on our left hand side tool bar. 

Want to lock in one of our low interest rates?  You'll need to first APPLY for the loan, so that we have all the required information we need from you to actually lock in your rate.  Why is having that information important, you may ask?  With rates sometimes changing as much as four times per day, TIMING IS EVERYTHING!  How do you apply?  Simply click on "Apply Now" at the top of our website.  It's fast, easy and saves time!