The national, 30-year fixed-mortgage rate (FRM) slightly decreased from a week earlier, setting a new record low average of 4.26 percent. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Most large states saw a decline in rates: California’s current rate of 4.28% is down from 4.3% last week; Texas’ at 4.23% [...]
The Federal Housing Administration (FHA) announced it is pushing back the implementation date for new premium structures on FHA-insured mortgages to Oct. 4 from the original date of Sept. 7. Following FHA Commissioner David Stevens’ recent announcement that up-front premiums for FHA-insured mortgages would be reduced beginning Sept. 7 from 2.25 percent to 1 percent, [...]
You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? Here are six reasons why it’s essential to take a few minutes to browse before you borrow: 1. To get the best [...]
Finding a place to live can sometimes be a difficult task for uniformed military men and women and their families. That’s why there’s the Basic Allowance for Housing Program, more commonly known as BAH.
Recently I received a referral from a REALTOR partner, the client was looking to purchase an investment property but wanted to claim it as his primary residence so that he’d qualify for a lower interest rate (0.125% lower), and claim the California First Time Buyer Tax Credit. Can you say mortgage and tax fraud? Committing [...]
The average rate on a “jumbo” mortgage — a loan of more than $729,750 — has fallen nearly a point and a half in a year. It’s no surprise that the average 5.48 percent rate is prompting a wave of refinancings. According to the Mortgage Bankers Association, applications to refinance are now at a 13-month [...]
Getting a no-cost mortgage can provide you with a big financial benefit as a potential homeowner. With most mortgages depending on the amount of the loan, you are going to have to pay somewhere between $4000 and $6000 in closing costs. Obtaining a new mortgage is typically a very expensive proposition. However, with the no-cost [...]
The good times are gone for residential mortgage defaulters in the U.S. Fannie Mae has just changed the rules of the game for people who walk from their home loans, better known as strategic loan defaults. The government-owned agency that backs up loans from lenders says it will lock out borrowers from getting a new [...]
We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87 percent today. Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that. 1. FHA Loans Are Not Only For [...]
Homeowners are likely to see an increase in their monthly mortgage payments if their current mortgage is insured by the Federal Housing Administration (FHA). FHA the primary source of mortgages for first-time homebuyers says it needs to increase fees to stabilize its finances which have been depleted due to the foreclosure crisis. FHA does not [...]
Summer Remodeling Ideas Other than vacations, summer is the time of the year most popular for home improvement. The long days and warm, sunny weather make a great time to work on repairs and renovations without much of the hassles and delays that rain and other elements bring. For this reason and more, a good [...]
Credit Score Urban Legends Debunked When I get married, do my spouse and I get a joint credit score? If I get a raise at work, will my credit score go up? These are common questions asked every day by many Americans because credit scores are seemingly arbitrary numbersand credit reports are lengthy and unintelligible. [...]
Rent or Buy A Home In 2010? First time home buyers have a lot to consider this summer when making the decision to rent or buy a home: interest rates are at all-time lows, there’s still plenty of housing stock and prices are at or near their lowest in years. Still, deciding whether to buy [...]
If you follow me over on Facebook you’ve probably already seen this: Interesting fact: Out of 188,333 Mortgage Originators across the country only 11,667 Mortgage Professionals are licensed. If you’re in the market for a home mortgage it’s in your best interest to ensure you’re working with a licensed professional! Today’s announcement that U.S. authorities [...]
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, but [...]
Tired Buyers Often Make Poor Mortgage Choices New research suggests that buyers’ minds are so taxed after they go through the ordeal of finding a house that they often rush into the next step — applying for a loan — and make poor choices. Sometimes they opt for the first choice presented to them without [...]
Once everything is unloaded, you may feel overwhelmed by the stacks of boxes surrounding you. Unpacking in an organized manner can make the transition to your new home less stressful and can save a lot of time. Try these unpacking tips, courtesy of Lowe’s. 1. Unpack Essentials First You should have a few boxes of [...]
With the summer selling season in full swing, millions of Americans are finalizing real estate deals and preparing for moving day. If moving day has you feeling stressed, the following tips from the experts at GoMovers.com will help you prepare for a seamless transition. -Complete as much packing of the items you’re packing yourself by [...]
Mortgage Rates Could Spike as Federal Reserve Program Expires As the spring real estate season kicks in and the tax credit deadline for sale agreements approaches, the government is ending a program that has kept interest rates low and housing-affordability levels high for months. On March 31, the Federal Reserve will stop buying mortgage-backed securities from [...]
The main rule: Don’t just look at the mortgage interest rate. Take a close look at all the terms of the mortgage program. Check with several lenders, either directly or through a mortgage broker. You also can do some comparison shopping yourself on the Web. For more, see the section on Using the Web to Find [...]
The Consumer Confidence Index is rising, a potentially double-edged sword for residents of California and for Americans, in general. According to The Conference Board, economic confidence is as high as it’s been since August 2007 — 4 months before the start of the recession. Americans are optimistic again. Confidence matters to the economy because as confidence [...]
For Sale: Palm Springs
