Category: Mortgage
A National Association of Mortgage Brokers recent polling of their membership reveals that 63.4% of 1,148 members poled were unable to assist homeowners wishing to refinance out of their Adjustable Rate Mortgage (ARM) due to bad credit, insufficient equity and overstated appraisals. Of the consumers who have recently contacted you to refinance out of an [...]
Interest Rates on 30 Year Fixed Mortgages fell for the first time since December 2006 due to lower than expect job growth. 30-year fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week’s level had been the highest for mortgages since October as reported by Freddie Mac. This rate drop [...]
Another sub-prime lender bites the dust. With the instability of rates and the slow down in home sales it makes you wonder if we’re headed for a late 80′s early 90′s market. I guess it all depends on which expert you listen too. Expert: “ex” as has been – “pert”: a drop of water – [...]
It appears that banks offering fixed income investments are preparing for an increase in interest rates. Besides watching the bond market, unemployment figures and other key economic reports a less mind boggling approach is to watch the interest rates of fixed income investments such as the Certificates of Deposits (CD’s). I keep an eye on [...]
Stated income loans are around for a reason, they’re designed for those people who are self employed, work in a business where income in generally earned via tips (cash). Stated Income loans were not designed to inflate your income so high that you’ll qualify for the home. Remember you still have to make those mortgage [...]
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is “fatally flawed,” according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators is deficient because it focuses on the mortgage broker [...]
When Bond prices fall, home loan rates are on the rise. But could Bonds get to their feet this week and help home loan rates improve? This coming week will certainly provide some “juice” to trade on, and likely cause some motion – but the direction of that movement will fully depend on the flavor [...]
Interpreting one of the main challenges of today’s mortgage market isn’t as difficult as it might seem. With interest rates on the rise, a lot of consumers are extremely troubled by the negative effects of increasing interest rates on their Adjustable Rate Mortgages. Each month, they are forced to watch hopelessly as their monthly payments [...]
Most American home builders don’t need new problems at the moment, but they just got one: Federal regulators confirmed last week that they are aggressively investigating allegations that builders around the country are pressuring or requiring purchasers to use their mortgage financing affiliates illegally. Under the federal Real Estate Settlement Procedures Act (RESPA), builders and [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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