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January 28, 2016 at 11:14 AM
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By:
Admin
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Mortgage Refinance
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A lot of people ask whether a 15 or 30 year mortgage is best and we’re here today to share some important facts about each mortgage type.
Once you’ve learned the definition of each mortgage, you’ll be able to compare and contrast them more effectively. We hope to empower you as a borrower by giving you the ability to choose the mortgage which is just right for your own particular financial picture.
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Full Coverage|
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July 25, 2013 at 5:52 PM
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By:
Admin
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Mortgage News
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The market for previously owned homes has made one heck of a transition in recent months. In many locations around the nation, the local real estate market has turned in favor of sellers. This has been created in part because of the shortage of homes.
Furthermore, despite mortgage interest rates that are still relatively low, more and more sale transactions—30% in June, have been all-cash, according to the latest data released by the California-based real estate data firm RealtyTrac.
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Full Coverage|
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May 01, 2013 at 11:55 PM
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By:
Admin
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Mortgage Rates
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Home Mortgage Applications rose last week driven by high demand for mortgage refinance as interest rates dropped, industry data showed on Wednesday.
The Mortgage Bankers Association (MBA) reported its seasonally adjusted index of mortgage application activity, which includes both refinancing and home buying demand, increased 1.8 percent in the week ending April 26.
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Full Coverage|
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October 02, 2013 at 12:58 AM
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By:
John B Landers
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FHA Loans
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At the beginning of the year, lenders begin lowering the underwriting standards for prime mortgages. These loans are made to borrowers with AAA credit. The loans have the least chance of default and carry the lowest interest rates. The Federal Reserve released data that shows the move by lenders spurred demand for prime loans by eligible borrowers.
It’s only in the last few months that lenders have begun to relax the draconian lending criteria put in place after the housing market crisis for borrowers with blemished credit profiles have found it easier to qualify for loans, according to the mortgage origination software firm Ellie Mae.
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Full Coverage|
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September 20, 2013 at 1:22 PM
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By:
John B Landers
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Mortgage Rates
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In an economic environment that has been slow to recover since officially coming out of the recession in June 2009, the Federal Reserve’s bond-buying program has been a driving force in pushing interest rates down to historic level. In early May, rates on a 30-year fixed mortgage dipped to 3.35 percent. At the end of the month the average rate increased to 3.81 percent.
When the Fed announced that it would likely begin trimming the bond-buying program later this year, worried bond investors took bond market went into a state of flux. This uncertainty in the market propelled mortgage interest rates into an upward trajectory anticipating changes in the program.
Today, the average interest rate is around 4.5 percent. The hike in interest rates adds an extra $132 per month for a borrower with a $200,000 30-year, fixed rate home loan.
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Full Coverage|
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September 16, 2013 at 11:50 PM
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By:
John B Landers
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Mortgage Refinance
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Mortgage interest rates held steady this week. Without a doubt, rising rates have pushed some potential home buyers and homeowners looking to refinance their mortgages to the sidelines. According to the Mortgage Bankers Association (MBA), all applications for mortgages—purchases and mortgage refinancing, dropped 13.5 percent for the reporting period ending September 6. Refinancing applications felled 20 percent compare to the previous week.
MBA data shows mortgage refinancing is off the peak level established in May and has plummeted to the lowest activity level in four years.
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Full Coverage|
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February 27, 2012 at 2:55 PM
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By:
Gina Ragusa
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Mortgage Rates
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After nearly a month at a record low, 30-year fixed mortgage rates inched upward as signs of a rebounding housing market dominate the news.
While the rise was slight, the increase is being taken as an indication that the housing market may be on an upward swing. Freddie Mac reports that the 30-year fixed loan rate increased from 3.87% last week to 3.95%. Rates on the 15-year fixed loan only eked upward from 3.16% last week to 3.19% today.
Fueling the positive attitude toward the housing market is a report that the percentage of borrowers who are delinquent in their loans is decreasing and that new home construction is showing signs of life.
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Full Coverage|
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February 13, 2012 at 4:42 PM
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By:
Gina Ragusa
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Foreclosure and Bankruptcy
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In response to rising costs, banks are now offering foreclosure bound homeowners as much as $35,000 cash incentive to go for the short sale instead of continue to struggle directly into foreclosure.
The practice of short selling a home has become more popular in the wake of the mortgage bust only a handful of years ago. Until recently, many strapped homeowners just opted for foreclosure, unable to make mortgage payments or sell their home.
Unfortunately, foreclosure has a negative effect not only on the homeowner, but it can be extremely expensive for the lender, especially with the bounty of foreclosures currently haunting the market.
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Full Coverage|
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February 08, 2012 at 5:18 PM
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By:
Gina Ragusa
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Foreclosure and Bankruptcy
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Not all 50 states are keen to the deal aimed at providing mortgage loan relief to approximately one million underwater homeowners. Currently 40 states have signed on to the proposal that could provide up to $20,000 in principal mortgage relief but other states continue to hang back.
The deal is between five of the country’s largest banks and federal and state officials that could produce up to $25 billion in mortgage relief for qualified homeowners if all 50 states come to an agreement. This is the largest amount dedicated to housing relief since the housing bubble burst.
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Full Coverage|
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May 18, 2011 at 3:05 PM
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By:
Suzana Ancevska
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FHA Loans
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Making Home Affordable programs offer comprehensive options to homeowners struggling to make current mortgage payments. The refinance plans were created to make refinancing much easier according the new circumstances in the field and provide relief to struggling homeowners.
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Full Coverage|
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