By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time depending on the type of loan (Fixed, ARM, Interest Only, etc.). However, for this article, we will address the typical 30 year fixed Principal and Interest loan program. So… [...]
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The collapse of the real estate market, along with a down economy has created a fertile environment for fraudsters to attempt to advantage of the many desperate homeowners that are out there. Their methods vary from foreclosure “rescue” schemes, mortgage assistance scams and other scams that generally offer to lower your payments or debt, prevent [...] More good news on the housing market! The national mortgage delinquency rate (borrowers that are 60 or more days past due) declined for the first 3 months of 2012, coming in at 5.78 percent according to a report issued by TransUnion. This is after increases in the delinquency rate in the prior 2 quarters and is the lowest rate since the 1st quarter of 2009. [...] With interest rates at all time lows, it is worth the few minutes to do a mortgage check up and determine if a refinance would be beneficial to your situation. Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the few most common reasons to consider a refinance. [...] Whatever funds the borrower intends to use to close a transaction has to be sourced and seasoned. Providing proper asset documentation and the actual source of the funds is a critical element of the approval and closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles of the approval process just to have a loan fall apart due to the borrower not using an acceptable source of funds in order to close. In other words, “Mattress Money” is no longer a legitimate source. [...] Mortgage Insurance, also know as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. Private Mortgage Insurance (PMI) allows borrowers to purchase a property by qualifying for conventional financing with a lower down payment. Private Mortgage Insurance protects your lender against non-payment should [...] Under this program, up-front mortgage insurance premiums will be reduced from 1.75% percent to 0.01 percent of the total loan amount for borrowers with FHA loans made before June 1, 2009. In addition, annual fees will be cut to 0.55 percent from 1.25 percent. This streamlined refinance program is available to borrowers who are current on their payments and may qualify even if they owe more than their homes are worth. [...] FICO, a provider of analytics and decision management technology to the banking industry, today announced results from its latest quarterly survey of bank risk professionals which showed that almost half (46 percent) expect the volume of strategic defaults in 2012 to surpass 2011 levels as a result of more than 25 percent of U.S. homeowners owe more on their mortgages than their homes are worth. [...] According to the LendingTree Monthly Mortgage Review, average mortgage rates inched up in March, with more borrowers than ever taking advantage of low Federal Housing Administration (FHA) loan rates which averaged just 3.85 percent on a 30 year loan, almost 1/2 of one percent less than a conventional mortgage. However, according to the report, this may change soon as a result of the FHA adjusting its loan program guidelines and insurance premium structure which will cause the cost of a loan for future FHA borrowers to most likely increase. [...] The primary indicator of value for residential real estate is comparable sales. The appraiser researches the market to gather information pertaining to sales, listings, pending sales that are similar to the subject property, and verfies this information is correct. The appraiser actually already has a good idea of the property’s value by the time they have scheduled an appointment to stop by the property. [...] Do I Have To Sell? No you do not have to sell if you are in a financial position where you qualify, i.e. Debt-to-Income Ratio is satisfactory and on paper you can afford both your current residence and the proposed payment on the new home. However, the borrower in this case must give consideration to other or additional expenses when maintaining multiple properties…increased property taxes, insurance costs, maintenance, un-expected repairs when making that decision. [...] Mortgage rates have been rising nonstop since the end of last week. If you are considering a refinance or taking the plunge and buying a new home, you’d better get moving. I just had a prospect shop rates and terms for his new home over the last couple of weeks and just called back; he finally decided on a lender and wanted an updated rate quote to lock his loan. Needless to say, he was terribly disappointed…the rates we originally spoke about on a 30 year fixed rate a couple of weeks ago was in the high 3’s, my quote yesterday was 4.25% (4.45% APR ). [...] WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a loan [...] On Thursday of this week, Asst. Atty General Thomas Perez testified before a Senate Committee at a hearing on fair lending in which he testified that he has “seen all too frequently that African Americans and Latinos seeking equal credit opportunity were judged by the color of their skin rather than the content of their [...] There are approximately 11-Million homeowners that are underwater, which represents about 23% of all outstanding mortgages. So, here comes another program to help the America Homeowner! Is it hype…or will it help? Well, the new HARP program (Home Affordable Refinance Program) was released in [...] Freddie Mac recently released their fourth-quarter refinance analysis and it shows that 85 percent of homeowners who refinanced their mortgages during the fourth quarter of 2011 maintained or reduced their principal balance by paying-in additional money at the closing table. Frank Nothaft, Freddie Mac’s vice president and chief economist, said savvy homeowners are taking advantage [...] For many military members, there is no greater joy than completely service and finally being able to lay some roots, and the first order of business for many is to purchase a home. However, in recent years, purchasing a home hasn’t been as easy as it once was. Conventional lenders have increased their lending requirements [...] The Department of Veterans Affairs has estimated that 75,000 veterans were sleeping on the streets on any given night in 2011, with nearly 135,000 having spent at least one night in a homeless shelter or transitional facility. That means that one out of every 168 American veterans experienced homelessness during that 12-month period. [...] In a presentation given at the International Builders Show, Jill Waage, Editorial Director for Home Content for Better Homes and Gardens revealed survey results about consumer attitudes towards home ownership, upkeep and renovations, design and personalization, and more. A primary point revealed in the presentation shows that, despite continuing economic uncertainty, consumer thoughts toward home ownership remain strong with 8 in 10 saying home ownership is still a good investment and an important part of the American Dream. [...] “Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites and “shopping” mortgage rates on the phone are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or [...] Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing most average mortgage rates inching higher on January’s positive employment data. The 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05 percent. [...] Until recently, home ownership was no bargain compared to renting, according to Paul Diggle, a housing economist at Capital Economics. Recent data from the U.S. Census Bureau and published statistics from Thomson Datastream indicate that rising rents and falling mortgages are tipping the scales towards home ownership. The median monthly mortgage payment has fallen to about the same as a median monthly rent check. [...] What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.(click here)
Mortgage interest rates have fallen this [...] Mortgage delinquencies in December increased to 2.24 percent of all mortgages, a slight increase from the month before when delinquencies were at 2.22 percent but a decrease of over 25 percent from a year ago when the rate was 3.01 percent. The mortgage delinquency rate is something I pay close attention to because it is the “leading indicator” of foreclosures and foreclosures and REO’s are one of the major hurdles to a recovery in the housing market. Declining delinquency rates are our first clue that the housing market is headed to a recovery. [...] This morning, Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 3.91 percent, matching the all-time low! Makes me want to go out and borrow some money! The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011. Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. [...] Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS), showing average fixed mortgage rates finishing the year near their all-time historic lows. Thirty-year fixed rate mortgages averaged 3.95 percent and have been at or below 4.0 percent for the past nine consecutive weeks keeping homebuyer affordability at a near all-time high. [...] Ah the beauty and splendor of Hawaii! Living in paradise comes at a price though as Hawaii, by far, leads the nation in average loan amount on a home, coming at $677,299 according to a report just released by LendingTree.com. Coming in a rather distant second is Washington D.C. at $393,453, followed by New Jersey at $344,240 and New York at $340,124. At the other end of the spectrum, Mississippi has the lowest average home loan at $137,182. The national average is $222,261. [...] |
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At this time last year, the interest rate on a 30-year fixed-rate mortgage averaged 4.77 percent. [...]