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30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
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$10k MMA 0.57%
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John B Landers

Fannie and Freddie Release Plan to Help Home Owners

April 03, 2013 at 10:41 PM
By: John B Landers
FHA Loans
This week, Fannie and Freddie introduced a plan that would eliminate the requirements for borrowers who are 90 days delinquent in their mortgage payment to have to prove hardship to have their home loans modified to a lower monthly payment.
Almost since his appointment as acting director of the Federal Housing Finance Agency (FHFA) Ed Demarco remained steadfast about not deviating from the agency’s mission as a guardian over taxpayers’ assets—held by Fannie Mae and Freddie Mac.
This was in response to call for Demarco to make policy changes at Fannie and Freddie that would help struggling homeowners during the housing crisis. Demarco has sole authority over the government-sponsored enterprises.
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Mortgage Refinance Strategies For The Improved Housing Market

April 01, 2013 at 12:11 AM
By: John B Landers
Mortgage Refinance
After losing an average of 35% in home equity since the real estate crash, many Americans have seen their home equity increase significantly as the market improves. Based on a Federal Reserve Board report, equity has risen by $1.7 trillion since 2011.
In fact, a recent Federal Reserve board study shows that homeowners experience about a half $1 trillion increase in home equity during the final quarter of 2012. The current total of $8.2 trillion in equity represents the highest amount since the beginning of the housing crisis. As a result, mortgage refinance has opened as an option for many borrowers.
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Homes Prices: Biggest Increase Since Housing Bubble Burst

March 28, 2013 at 12:12 AM
By: John B Landers
Home Buying
Housing market analysts have expressed concern about a supply shortage of existing-homes for sale. The volume of existing homes for sale has plummeted to the lowest volume in decades. The lack of sufficient inventory has a direct correlation with the number of homeowners who have been incapable or unwilling to sell their homes.
Many of these homeowners have underwater mortgages—they owe the bank more than their home is worth or experienced a significant drop in the value of their homes over the past several years and want to try and regain some of the lost equity.
Until recently, the glut of foreclosures on the market and slower mortgage refinance caused a housing glut and made it financially impractical for home builders to construct new homes.
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Qualify for a VA Loan after Foreclosure

March 21, 2013 at 12:38 AM
By: John B Landers
Mortgage News
After the financial crisis of 2008, many people lost jobs or suffered other mishaps that eventually resulted in 4.5 million foreclosures by 2012. Service Members and other borrowers with VA loans were among those affected. Today, the housing market recovery has finally taken hold. Although the unemployment rate is 7.7%, the job market has started to show a little life.
Like many people who lost their homes to foreclosure, veterans want to get back into home ownership. To qualify for a VA loan after a foreclosure, the person must wait at least two years in most states.
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Foreclosures Drop to 5-Year Low, Caution Remains

March 19, 2013 at 1:35 AM
By: John B Landers
Foreclosure and Bankruptcy
Across the US, foreclosures have dropped nearly 29% compared to the same in 2012. Is the lowest rate of foreclosure activity since 2007 and it comes in the midst of war effort by state legislatures and courts to regulate property seizures after more than 4.5 million Americans lost their homes between 2007 and 2012.
According to information released by Irvine, California-based RealtyTrac, home repossessions totaled 45,038 in February-- an 11% decrease compared to January. It represents the fewest numbers of foreclosures since September 2007. Foreclosures in Oregon dropped to 78%. Massachusetts experienced the next highest highest decrease in foreclosures at 69%.
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Is Jumbo Mortgage Refinance Possible and Under Which Terms?

March 15, 2013 at 12:58 AM
By: John B Landers
Mortgage Refinance
Many homeowners who buy homes with high property values, and can afford to make larger monthly mortgage payments, usually take on nonconforming or jumbo loans.
A jumbo loan refers to mortgage financing for loan amounts higher than the maximum conforming limits established by Freddie Mac and Fannie Mae. Mortgage lenders also have blended jumbo loan products, which combines a home loan and home equity line of credit.
According to the trade publication Inside Mortgage Finance, lenders completed $38 billion in private jumbo mortgage applications during the second quarter last year. This represented a 65% year over year increase above 2011 and the highest quarterly dollar volume since the first quarter of 2008.
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Homeowners Renovate to Increase Equity To Sell Or Mortgage Refinance

March 08, 2013 at 12:24 PM
By: John B Landers
Home Equity Loans
A home renovation is different than applying a fresh coat of paint, installing a new front entrance door, or staging your home to show to interested buyers. Depending on the extent of the renovation, you can spend a few thousands or tens of thousands of dollars.
Some people choose to take advantage of low interest rates, complete a mortgage refinance and remodel their homes. They intend to stay put for the next 15 or 20 years, which can be very rewarding experience. Other homeowners have decided to renovate their homes—increase the value even more—and sell.
Here are some considerations both homeowners will find helpful:
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Lenders Must Base Mortgage Refinance Rejections on Credit-Worthiness

March 06, 2013 at 10:18 PM
By: John B Landers
Mortgage Refinance
Mortgage lenders receive lots of publicity about foreclosures and lending practices related to faulty paperwork and other business processes. One problem that has not received as much attention is mortgage discrimination.
This situation occurs when mortgage companies reject home mortgage or mortgage refinance applications for inappropriate reasons, which violates state and federal laws.
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Short Sales Volume Helps Stabilize Market for Mortgage Refinancing

March 04, 2013 at 1:40 AM
By: John B Landers
Mortgage Refinance
Last year, mortgage lenders completed more short sales transactions than foreclosures--by a three-to-one margin. Foreclosed homes accounted for about 11% of all home sales in 2012, compared to 13 % in 2011. The volume of short sales increased by 5% and made up 32% of home sales deals.
Many homeowners have been unable to qualify for a mortgage refinance and take advantage of the historic low mortgage interest rates. Some of these people elect to enter short sales transactions to get from under the financial burden of costly underwater mortgages.
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Increased Home Equity Helps Retirees Qualify for Reverse Mortgage Refinance

February 27, 2013 at 12:15 AM
By: John B Landers
Mortgage Refinance
Between 2007 and 2012, home values plunge an average of 35% across the nation. In some areas like Florida, Nevada, California, and Arizona, home owners loss as much as 60% of their homes’ value--and home equity.
In the fourth quarter of 2011, home equity for U.S. homeowners dropped to a low of $6.45 trillion, according to figures released by the Federal Reserve. From January to September 2012, the trend reversed, with home prices rising 20%. Homeowners experienced a $1.3 trillion increase in home equity to $7.71 trillion.
Home price appreciation presents good news to all homeowners—especially retirees or and people close to retirement who plan to tap into their home equity to finance their lifestyles. Increasingly, a common option for older homeowners who have equity in their homes is to use that wealth to obtain a reverse mortgage or complete a reverse mortgage refinance.
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