Fee Increase to Impact Home Loans
In December 2011, Congress reached a last-minute deal to fund the payroll tax cut extension. The payroll tax extension will provide a 2% tax reduction for individuals making up to $106,800 – so the tax extension will be very helpful for many Americans who are struggling during these tough economic times. But like so [...]
More Housing Aid for Military Families
A nonprofit organization is expanding its services to help military home owners who are at risk of foreclosure due to relocation for their jobs or other circumstances. Hope Now is an alliance of mortgage servicers, investors, nonprofit counselors, and others aimed at helping home owners who are struggling with their mortgage. The alliance recently met [...]
Take Advantage of Record Low Interest Rates Before They Rise
Low interest rates, as we all know, are making history. Last week, according to an article found on CNNMoney, “rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89 percent and 3.16 percent, respectively, according to Freddie Mac.” The question, though, is how long will prospective buyers enjoy such low [...]
Fannie Mae sees 2012 home sales up 3.5% to 4.74 million
Friday, January 13th, 2012, 2:17 pm The housing sector will likely take incremental steps forward in 2012, though total originations will fall on fewer refinances, according to economists at Fannie Mae. The second half of the year should outpace the first six months in terms of growth, though fiscal policy and political uncertainty in [...]
30 Year mortgage Rates Match Record Low
WASHINGTON – 2012 looks to be another year of opportunity for those who can afford to buy or refinance a home. Freddie Mac says the average rate on 30-year fixed mortgages fell to 3.91% this week, matching the record low reached two weeks ago. Last week, the average rate for these loans was 3.95%.The average [...]
Mortgage Rates Rebound From All-Time Lows
Cost of borrowing still well below historic norms By Inman News, Thursday, December 29, 2011. Inman News® Image via Reji/Shutterstock Mortgage rates surveyed by Freddie Mac bounced back from historic lows this week, but aren’t expected to soar in the New Year. Rates on 30-year fixed-rate mortgages averaged 3.95 percent with an average 0.7 point [...]
Big Four Set to Participate in HARP 2.0 10/27/2011
The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP). Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates. Read More Here
Revamped Refinance Program Gives Underwater Borrowers More Aid
The Federal Housing Finance Agency announced significant modifications to the Home Affordable Refinance Program on Oct. 24 that would make it easier for borrowers with negative equity to move into lower-rate mortgages. HARP was developed in 2009 to assist Fannie Mae and Freddie Mac borrowers with underwater mortgages (loan-to-value ratios between 80 percent and 125 [...]
Credit Score Q&A
Q. My husband and I want to purchase a home in Oregon or Washington within the next few months and we heard that our credit will be an important factor in determining the type of loan we get. Can you explain how our credit history will impact our home purchase? A. That is a great [...]
Pre Approval
Q: I have heard that I should get pre-approved for a mortgage loan before looking at homes. Why is a pre-approval the important first step in the home buying process? A: I am glad that you asked that question because getting pre-approved for a home loan is the best way to begin when you decide [...]
Mortgage applications drop 2.4% on anemic home sales
by KERRI PANCHUK Mortgage applications declined 2.4% this past week as home purchases fell to a 15-year low, an industry trade group said. The Mortgage Bankers Association’s weekly mortgage applications survey – a measure of the number of refinance and purchase applications filed across the U.S. – fell 2.4% from last week on a seasonally [...]
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