Tag Archives: low interest rates

Conforming Loan Level Increases to $766,550

February 22, 2024Jasmine Arroyo

Conforming Loan Level Increases to $766,550

Updated – 02/22/24

With an ever-changing real estate market, the Federal Housing Finance Agency has once again increased Fannie Mae and Freddie Mac’s loan limits, by offering conforming loans up to $766,550 for a single-family home in the Central Valley. What does this mean? This new limit means some qualifying borrowers may be able to qualify for conventional pricing with lower interest rates rather than relying on a jumbo mortgage, which typically have more stringent criteria. Bottom line, the increase to the maximum conforming loan amount gives purchasers and refinance borrowers expanded access to mortgage credit at lower rates. In terms of raw dollars, this is the biggest leap in the conforming loan limit history, bumping it by more than $75,000.

Here at De Young Mortgage, we see this as an opportunity to assist more clients with a conventional mortgage at lower interest rate. Let one of our dedicated Loan Officer professionals review your income, savings, liquid assets and debt situation then thoroughly review the various mortgage rates and options available to you.

Ready to get started? Click here to complete the online De Young Mortgage Pre-Qualification form today!

This is not an offer for extension of credit or the commitment to lend. All loans must satisfy company underwriting guidelines. Information is subject to change at any time and without notice. Jerry De Young, CA Bureau of Real Estate, Real Estate Broker License # 00524649 NMLS Lic. # 293347. De Young Mortgage, Inc. NMLS #1026010. De Young Mortgage, Inc. CA Bureau of Real Estate Real Estate Broker License #01926671.

Mortgage Rates Drop to Lowest Level in Three Months! Now is a Smart Time to Purchase a New Home!

February 3, 2020Jasmine Arroyo

Mortgage Rates Drop to Lowest Level in Three Months! Now is a Smart Time to Purchase a New Home!

If you are planning to purchase a brand-new home or a resale home NOW is the perfect time, as mortgage rates have dropped to the lowest level in three months! The 30-year fixed-rate mortgage averaged 3.60%, which is about a quarter point above all-time lows. Don’t wait until spring to act, lock in your interest rates now!

De Young Properties was recently featured in an ABC30 article, which underlined the impact low interest rates are having on the housing market. The low rates have created an increase in new construction and home sales, with lower interest rates giving buyers greater financial power.

Explore Your Financing Options with De Young Mortgage

De Young Properties is pleased to recommend the competitive lending advantage of their affiliate, De Young Mortgage, Inc. De Young Mortgage has been servicing excited new homebuyers who are purchasing homes in the newest De Young communities. Finance your new De Young Properties home through De Young Mortgage and take advantage of financing incentives toward your new home purchase. De Young Mortgage offers a variety of home loans including Conventional, FHA, USDA, VA and Jumbo Loans.

Owning a De Young home has never been easier with low mortgage rates and a down payment assistance program, the De Young Mortgage team is sure to find an option suitable for almost anyone.

To learn more about De Young Mortgage, call (559)420-7868 to arrange an appointment with a De Young Mortgage Loan Officer.

This is not an offer for extension of credit or the commitment to lend. All loans must satisfy company underwriting guidelines. Information is subject to change at any time and without notice. De Young Mortgage, Inc. NMLS #1026010. De Young Mortgage, Inc. CA Bureau of Real Estate Real Estate Broker License #01926671.

Looking For Your Dream Home?

Want to take advantage of these low interest rates but haven’t found your dream home yet? Don’t wait any longer to start your new life in a new De Young Properties home! With the unbeatable features and desirable locations matched with these low interest rates, now is absolutely the best time to buy a De Young home.

Whether you are looking for your first home or are a family wanting more room to live and play outdoors, there is a De Young Properties floorplan to meet you unique needs. These De Young SmartHomes provide new homebuyers maximum rewards with generous features and unparalleled quality while still remaining affordable. Each De Young home includes a gourmet kitchen with stainless steel General Electric appliances. Other value added amenities include performance engineered Kohler plumbing fixtures, professional front yard landscaping, and so much more.

Visit a De Young Welcome Center at Shaw & Highlands or Leonard and Dakota in Clovis today!

Low Interest Rates Continue – Today’s A Smart Time To Buy or Refinance!

May 14, 2019Jasmine Arroyo

Low Interest Rates Continue – Today’s A Smart Time To Buy or Refinance!

Take advantage of low interest rates this spring, making it the right time to make a new home purchase or refinance your home. According to Freddie Mac, fixed mortgage rates rose slightly for the 30-year fixed-rate mortgage averaged 4.24 percent down from the previous week when they averaged 4.29 percent. A year ago this time, the 30-year FRM averaged 4.47 percent. The takeaway – contact De Young Mortgage today.

Explore Your Financing Options with De Young Mortgage

If you were thinking about buying or refinancing a home, now is the time! With low interest rates, financing or refinancing your dream home is easier than ever. The professionals at De Young Mortgage are well acquainted with Conventional, FHA and VA loans, as well as other additional loan options, and are ready to use their expertise to help you choose the best program to suit your individual needs.

With years of lending industry knowledge in the Central Valley, your De Young Mortgage Loan Officer will review your income, savings, liquid assets, FICO credit score and debt situation then evaluate the various mortgage rates and options available. In a timely manner, your Loan Officer will be able to assist you in finding the right loan to suit your needs!

What are you waiting for? Take advantage of these increased low interest rates while you can! To learn more, fill out the Mortgage Application Form and a De Young Mortgage Loan Officer will be in contact with you shortly to guide you through the lending process.

Looking For Your Dream Home?

Rates are dropping, but should you refinance your home?

November 5, 2016Ashley De Young

Factors to consider before you decide if refinancing is for you.

As mortgage interest rates reach record lows, many homeowners are considering the benefits of refinancing. Whether in search of a lower monthly payment or a shorter loan period, the extremely low interest rates we are currently experiencing doesn’t necessarily mean that a homeowner should automatically refinance.

Monthly savings is only one factor to consider. Borrowers should also determine the cost of the refinance transaction, the current equity of the home and other pertinent details before making the decision, like the cost to apply for the loan.

Benefits of Refinancing

Homeowners refinance for a variety of reasons, but usually they do so to achieve a lower interest rate and lower payment. Additional benefits to refinance are as follows:

To convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
To withdraw home equity as cash
To cancel monthly mortgage insurance
To convert from a 30-year to a 20, 15 or 10-year loan.

Factors to consider before refinancing

If you can lower your interest rate and payment, it may be worth refinancing. Consider this: A homeowner with a large balance can reduce monthly costs by dropping their rate just 0.25%. However, someone with a very small loan balance may need to reduce their rate 2-3% before seeing enough savings to justify a refinance transaction.

Closing costs should also be taken into consideration when making the final decision to refinance. If you can save $100 per month in your payment, but it will cost you $5,000 to do so, the time to recoup the cost would be 50 months. That’s more than four years! Unless you plan on being in your home for at least that long, it may not make sense to refinance. However, if your closing costs are $3,000, but you are saving $200 per month, you would recoup the cost of the transaction in just 15 months. Decide how long you plan to be in your home and determine if the value equates to the cost of refinancing.

Additionally, refinancing can sometimes cost you absolutely nothing. If so, it is usually a good idea to do so, even if you’re only saving a fraction of what you currently pay each month.

With exception of a few loan programs, lenders will verify that you have at least a minimal amount of equity to allow a refinance. Generally, the more equity you have in your home, the easier it is to refinance. Therefore, your appraisal must come in higher than the amount of equity you have, and sometimes a low appraisal can be the reason a refinance falls through.

To learn more about refinancing and if it is the best option for you, contact De Young Mortgage at 559.420.7868.

Author: Brandon De Young, President of De Young Mortgage

This is not an offer for extension of credit or the commitment to lend. All loans must satisfy company underwriting guidelines. Information is subject to change at any time and without notice. Casey McDaniel, CA Bureau of Real Estate Real Estate Broker License # 01982326 NMLS Lic. # 1151413. Brandon De Young, CA Bureau of Real Estate Real Estate Broker License # 01922771 NMLS Lic. # 1029435. Jerry De Young, CA Bureau of Real Estate Real Estate Broker License # 00524649 NMLS Lic. # 293347. De Young Mortgage, Inc. NMLS #1026010. De Young Mortgage, Inc. CA Bureau of Real Estate Real Estate Broker License #01926671.