Tag: california mortgage lender
Mortgage Rates Continue to Inch Up
For the second straight week, mortgage rates were on the rise, but still remain overall low, reports Freddie Mac in its weekly mortgage market survey. While interest rates for the 30-year fixed-rate still stand below 5 percent, rates inched up slightly this week averaging 4.86 percent. Last week, rates averaged 4.81 percent. Last year at [...]
On-Line Interest Rates, Don’t Be Fooled!
On-Line Interest Rates, Don’t Be Fooled Many consumers turn to sites that publish On-Line Interest Rates, Don’t be Fooled by their Tom Foolery and deceptive practices! Recently @ERate began following me on Twitter, they’re profile reads in part: “…Providing Twitter Rate Alerts as Mortgage Rates adjust and Relevant Mortgage News and other Financial News” I [...]
Beware of New Mortgage Scam
Beware of New Mortgage Scam Beware of the new mortgage scam I’ve heard about recently. It happened in Nevada, but could happen anywhere. I’m surprised I haven’t heard of this mortgage scam before, it’s pretty slick! The new mortgage scam plays off the sale of mortgage loans. Banks buy and sell residential mortgages all the [...]
Does per diem interest affect refinance?
Dear Ed, I’m considering refinancing into a 15-year fixed-rate loan. I currently have a 30-year loan that was refinanced in 2005 for $120,000 at a rate of 5.375 percent. I’ve been making additional principal payments every month and the current balance is $95,000. My lender said it will refinance my loan into a 15-year mortgage [...]
Mortgage Points
When people want to find out how much their mortgages cost, lenders often give them quotes that include both loan rates and points. What exactly is a point? A point is a fee equal to 1 percent of the loan amount. A 30-year, $150,000 mortgage might have a rate of 7 percent but come with [...]
Mortgage Closing Date: Does it Matter?
On a purchase transaction, there is no financial advantage in closing on any day of the month, as compared to any other day. On a refinance, it is a good idea not to close on a Friday because it will increase the number of days in which you pay interest on both loans. And if [...]
Five Tax Tips, Tricks and Traps for Homeowners
Ask a roomful of homeowners what’s so great about owning versus renting, and you’ll hear them holler in unison: “the tax deductions!” And it’s true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns. That means that if you’re in a 28% tax bracket, Uncle Sam [...]
Coachella Valley Home Prices Have Fallen From This Time Last Year
Tepid demand, tight credit and bargain hunters seeking distressed properties have pushed down home prices across the valley compared to January 2010, real estate analysts said. The valley’s median sale price fell 15.7 percent to $181,250 in January compared to the same month a year earlier, San Diego-based DataQuick Information Systems reported. Price declines in [...]
When is the best time to buy a home?
Home Prices are back down where they should be! It is possible to buy a home and pay roughly the same per month as you would for rent on a similar house taking in account the tax advantages of deductible mortgage interest.** I could not afford to buy a home in 2001 at $410,000. I [...]
Existing Home Sales Down 40% in the Last 6 Months
Home re-sales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An “existing home” is a home that’s been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month basis is now at its highest point since May [...]
California Home Buyer Grants Available – CHF Platinum
The CHF Platinum Grant Program will give a California home buyer 3% of the loan amount to pay down payment or closing costs. This program is, at this point, perpetually funded with no pre-determined limit to availability of the down payment or closing cost assistance. The CHF Platinum program is being administered by the National [...]
Are 30% Down Payments in Our Mortgage Future?
Wells Fargo wants borrowers to put down 30 percent on mortgages to avoid a new requirement that will require mortgage lenders to retain five percent of the loan if it’s securitized, according to the WSJ. This so-called “risk retention” is related to new regulations required by the Dodd‐Frank Wall Street Reform and Consumer Protection Act [...]
Southern California Home Sales at Lowest Level for a January in Three Years
Southern California home sales at lowest level for a January in three years The median price in the region, $270,000, represents the first year-over-year price drop since fall 2009, driven by a shift toward sales of cheaper properties and foreclosures. Southern California’s housing market extended its slump as sales hit the lowest level for a [...]
Home Buying Surge Hits Orange County California Beach Communities
Beach cities had Orange County’s biggest sales gain in January. 342 homes sold in beach cities’ 17 ZIP codes in the most recent period, +18% from a year ago. Median selling price? $615,000 in these 17 ZIPs. Of course, the surge took some discounting. Median price change in the region was down 6.8% vs. a [...]
Orange County California Home Affordability Triples!
The percentage of households able to afford an Orange County starter home has tripled since the housing market peaked, the California Association of Realtors reported. By the Realtors’ math, 60% of Orange County households could afford to buy the typical “entry-level” house in Orange County in the fourth quarter of 2010. By comparison, just 21% [...]
Demand for Orange County Homes surge 26%
Demand, the number of new pending sales over the prior month, increased by 26% in the past two weeks, adding an additional 564 homes, and now totals 2,718 pending sales. Thus far this year, demand is a mirror image of 2009, prior to any artificial government stimulus. Last year, there were 530 additional pending sales; [...]
Mortgage Rate Update
Mortgage markets worsened last week as Wall Street came to terms with the expanding economy; and realized the Federal Reserve may be trying to induce inflation. Better-than-expected retail sales and positive job growth buoyed stock markets and sank bonds. Mortgage rates in California rose for the 4th time in 5 weeks last week, extending a [...]
Bank Of America Has Their Own Loan Modification Rules
Bank of America’s earnings power is expected to strengthen this year, as losses on loans ease and the national economy gradually recovers. But the foreclosure practices of Bank of America and other large mortgage servicers remain under investigation by all 50 state attorneys general, and that controversy is likely to continue to overshadow positive news [...]
