Mortgage rates in April have pulled back from the highs seen at the end of March. Although the overall decline has been modest, rates are still slightly above February levels. Notably, UWM ran a 5-day promotional pricing window from April 8 to April 14, offering up to a 50 bps pricing improvement, allowing some borrowers to lock in meaningful savings.
Our current promotional programs will expire on April 30. Clients who lock their rate before April 30 may qualify for the following benefits:
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Up to $600 Appraisal Credit
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Refinance incentive: Borrowers with a credit score of 680 or higher may receive up to 75 bps in pricing adjustments on conventional loans
Mortgage rates in April have pulled back from the highs seen at the end of March. Although the overall decline has been modest, rates are still slightly above February levels. Notably, UWM ran a 5-day promotional pricing window from April 8 to April 14, offering up to a 50 bps pricing improvement, allowing some borrowers to lock in meaningful savings.
Our current promotional programs will expire on April 30. Clients who lock their rate before April 30 may qualify for the following benefits:
- Up to $600 Appraisal Credit
- Refinance incentive: Borrowers with a credit score of 680 or higher may receive up to 75 bps in pricing adjustments on conventional loans
Homeowners Insurance Guidelines Easing
Recently, Fannie Mae and Freddie Mac updated their homeowners insurance requirements. These changes offer more flexibility and potential cost savings:
- Allows Actual Cash Value (ACV) claims for certain components such as roofing materials
- Loosens restrictions on HO-6 insurance deductible requirements
- Eases underwriting standards for condominium master insurance policies
SB 326 Balcony Safety Law (California Condos)
California law requires all condominium associations (HOAs) to conduct mandatory inspections of balconies, decks, stairways, and other elevated exterior structures.
The first compliance deadline for SB 326 inspections was January 1, 2025. If a condo association has not completed compliance, it may directly impact financing and ownership:
Lenders are now highly strict with condo approvals. Without a valid SB 326 inspection report, buyers may be unable to obtain financing and have to get Non QM loan with higher rate and cost.
California law requires all condominium associations (HOAs) to conduct mandatory inspections of balconies, decks, stairways, and other elevated exterior structures.
The first compliance deadline for SB 326 inspections was January 1, 2025. If a condo association has not completed compliance, it may directly impact financing and ownership:
Lenders are now highly strict with condo approvals. Without a valid SB 326 inspection report, buyers may be unable to obtain financing and have to get Non QM loan with higher rate and cost.