By: Stockton Mortgage Home Loans Views: 702 | Comments: 0 | Votes: 0
Mortgage interest rates have been at historic lows, causing many to look into a refinance of their mortgage, and given the recent market conditions we cannot be certain how long this trend will continue. If you would like more information on why we have seen shifting interest rates, check out this related blog post. Mortgage Refinance to reduce monthly bills. More
By: Mark Fitzpatrick Home Loans Views: 7501 | Comments: 0 | Votes: 0
If you're planning to apply for a refinance or purchase home loan, it's always a good idea to shop around with at least three different lenders to make sure you're getting the best deal. Even more important than just shopping around is that you shop right, meaning you know the right questions to ask to make sure you’re comparing loan offers that are truly apples to apples. More
By: Mark Goldman Home Loans Views: 5848 | Comments: 1 | Votes: 0
New mortgage rules the Consumer Financial Protection Bureau announced Thursday will change how lenders decide if borrowers qualify for adjustable-rate mortgages. The "ability to repay" rule, which goes into effect in January 2014, requires lenders to consider more than just the loan's initial interest rate in determining whether someone can afford the loan. Consider a 5/1 ARM. More
By: Mark Goldman Home Loans Views: 4802 | Comments: 0 | Votes: 0
DENVER (MarketWatch) — Caylin Crawford found herself out of work after a snowboarding accident and went to U.S. Bank for some help with her mortgage. The 24-year-old homeowner said she was up-to-date on her monthly payments in January 2011 when she called to ask about loan-modification options. But the bank didn’t modify her loan. Instead, it foreclosed on her home. U.S. More
By: Kenneth R. Harney Home Loans Views: 5320 | Comments: 0 | Votes: 0
Do you ever get the feeling that your credit score doesn’t adequately portray your true risk as an applicant for a home mortgage? If your FICO score is a subpar 690 but you know that you are a solid candidate for a loan, do you think that lenders’ heavy dependence on credit scores is unfair to you as an individual? You’ve got some company. The jury is out. More
By: Mike “Mish” Shedlock Home Loans Views: 5041 | Comments: 0 | Votes: 0
Every week someone sends me an idea on how to fix various housing problems. Many want home prices to stop falling and many others want to bail out homeowners because banks were bailed out (as if two wrongs make a right). Others want to stop foreclosures even though the very best thing for most of the people in trouble would be to shed the albatross by walking away. More
By: Kenneth R. Harney Home Loans Views: 4738 | Comments: 0 | Votes: 0
Picture this nightmare financial scenario: You've taken out a $150,000 home-equity credit line to remodel your house, you've already pulled out thousands to pay contractors and owe thousands more, when suddenly you get a curt letter from the bank. Effective yesterday, it says, we've shut down access to your credit line. You're in shock. The bank later reinstated the owner's credit line. More
By: Trajce Panov Home Loans Views: 3832 | Comments: 0 | Votes: 0
With interest rates near rock bottom and home prices down, this ought to be a great time to buy a home. But for most people, it's a lousy time to get a mortgage. Years after the collapse of the real-estate market and resulting financial crisis, it takes nearly pristine credit scores and hefty down payments to get the best rates. In the process, they shape how much it costs to borrow. More
By: Kenneth R. Harney Home Loans Views: 5517 | Comments: 0 | Votes: 0
You might think not, but two new legal actions by federal fair lending regulators suggest the mortgage industry — and even federally run financing giants Fannie Mae and Freddie Mac — may need to address the issue. In one case, a Seattle physician settled a discrimination complaint with Cornerstone Mortgage Co., a national mortgage banking firm based in Houston. . . Kenneth R. More
By: Kenneth R. Harney Home Loans Views: 5698 | Comments: 0 | Votes: 0
You may have seen reports that the federal government is proposing new mortgage-finance rules under which only home purchasers who can afford a minimum 20 percent down payment on a conventional loan would get a shot at the best available interest rates and terms. Freddie Mac, for example, has an overall debt-ratio limit of 45 percent of an applicant's stable monthly income. Tough. More
