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As the end of the year approaches, home sales appear to be curtailing a bit in a typical seasonal effect while mortgage rates remain low. Some borrowers who refinanced in early 2020 are looking to start or wrap up their second refinance in the last twelve months. If you are in the low 3% or higher, contact Escala Financial for

The FHFA has implemented a 50bps hit on any refinance purchase by a Fannie or Freddie after December 1, 2020. The “adverse market” fee was vehemently opposed by realtors and mortgage lenders who achieved a delay in its immediate implementation. Further efforts to rescind the fee have proven unsuccessful. The fee will result in increased interest rates to consumers in

Effects of Covid 19 on the mortgage and real estate industry have been significant. Mortgage rates have decreased but credit standards have increased, particularly for self-employed borrowers and employees in impacted industries. Home prices meanwhile are experiencing rapid price appreciation which are also a result of low rates and buyers seeking refuge in a home of their own. The homebuying

We now have the capability of funding our own loans to provide our customers the best rates available. The transition to a direct lender from a pure Broker is a milestone for the company and is an achievement that represents Escala Financial’s commitment to a safe and highly satisfying mortgage process for our clients.

As the economy and housing market continue to hum along, lenders are loosening their lending criteria.  What usually happens is that in the wake of a housing disaster like we had in 2008, the conventional kings (freddie and fannie) got really tight on their lending criteria and lenders (ie big bank or wholesale lenders) added their own, even tighter criteria on