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John B Landers
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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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September 05, 2013 at 1:25 AM
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By:
John B Landers
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Mortgage Refinance
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Successful mortgage refinance your can save you tens of thousands of dollars over the lifetime of your home loan. A mortgage refinance is on e of the most powerful tool home owners have in their financial toolbox. Knowing when to refinance a loan is a can be an overwhelming task. Many people feel that because interest rates are low they should refinance their mortgages.
Whether you want to take advantage of low rates to reduce your payment and you want to complete a refinance application before rates climb higher, you still need to make the right decision. Perform an assessment of your personal finances and circumstances to decide if it makes financial sense to refinance your mortgage at this time.
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Full Coverage|
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August 12, 2013 at 2:24 AM
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By:
John B Landers
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Mortgage News
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Now that the housing market has a firm foundation and is continuing its recovery, President Obama has decided to introduced legislation to reform the government-sponsored enterprises (GSE)—Fannie Mae and Freddie Mac, which has =backed 90 percent of all mortgages over the last five years.
Bi-partisan legislation called the "Housing Finance Reform and Taxpayer Protection Act" was introduced by Senators Mark Warner (D-Va.) and Bob Corker (R-Tenn.) a few months ago, if passed, will eventually replace the GSEs and create a brand new government reinsurer called the Federal Mortgage Insurance Corporation
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August 08, 2013 at 2:04 AM
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By:
John B Landers
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Mortgage Rates
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Whether you're a first time home buyer or purchasing a new home or looking for mortgage refinance, the recent trend of mortgage rates rising can be a cause for some anxiety. Even with the recent interest rate spike of more than a half a percentage point —the biggest increase in 26 years, before retreating, it’s important to keep in mind that rates are still extremely low from a historical perspective.
The interest rate gyrations may have sent some people to the sidelines instead of them taking a loan at a higher rate. The truth of the matter is that the 30-year fixed-rate mortgage currently average 4.37 percent.
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Full Coverage|
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July 17, 2013 at 12:26 AM
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By:
John B Landers
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Foreclosure and Bankruptcy
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Following along with the recovery of the housing market, the number of foreclosures continues to decline— falling 14 percent in June and hitting the lowest monthly volume since December 2006 with a total of 127,790 homes. The real estate market peaked in June/July of 2006.
According to the real estate data firm RealtyTrac, total foreclosure filings-- notices of default, scheduled auctions and bank repossessions, decreased to 127,790 and 35 percent on a year-over-year basis. Filings have plummeted 14 percent since May.
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July 08, 2013 at 11:20 PM
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By:
John B Landers
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Mortgage News
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The Federal Housing Finance Agency (FHFA)—the conservator of government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac—has announced a new mortgage refinance housing program designed to help financially-strapped homeowners get their mortgage payments up-to-date and save a lot of money in the process.
The Streamlined Modification Initiative is geared toward homeowners who are 90 days or more delinquent in their mortgage payments. Qualified borrowers will soon be receiving letters from their respective lenders.
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July 01, 2013 at 2:34 PM
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By:
John B Landers
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Mortgage Rates
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Freddie Mac’s weekly survey shows that the benchmark 30-year, fixed-rate mortgage zoomed to 4.46, the biggest increase in 26 years. Last week, the average rate was 3.93 percent --jumping above the 4 percent mark for the first time since March 2012.
It’s the largest one-week increase in mortgage rates since July 28, 2011 when rates averaged 4.74 percent.
The 15-year rate increased to 3.5 percent compared to 3.04 percent the previous week. These rates are based on information obtained from mortgage lenders across the nation, but only, for applications where buyers made at least a 20 percent down payment.
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June 28, 2013 at 4:26 PM
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By:
John B Landers
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Home Buying
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The housing recovery seems to be in full force. The Commerce Department latest release shows that new home prices have risen to five-year highs. The annualized rate of 476,000 units would be the most constructed since July 2008--just ahead of the housing market collapse later that year. It is 29 percent higher over 2012.
New homes sold for a median price of $ 263,900 in May-- a 3.1 percent decline from April. Monthly price data tend to be more volatile. The year-to-year increase of 10.3 percent provides a more accurate reading of the market.
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