mortgages: Mortgage Rates and Loan Applications Have a Volatile July - 07/21/15 12:08 PM

Both mortgage rates and loan applications have seen big up and down swings over the first few weeks of July.
Earlier in the month, mortgage interest rates fell and continued to be on a downward trend. On July 10th, the rates fell to 4.04 percent. However, the past weeks since then have given a sense that mortgage rates may once again be trending up. This week, mortgage rates hit their highest level since October of 2014—hitting 4.09% this week. For now, its clear that at the very least, mortgage rates have been volatile and should be watched closely over the follow weeks … (0 comments)

mortgages: Retirees Keeping Their Mortgages in Higher Numbers - 06/03/15 11:50 AM

Some retirees are opting to keep their mortgages instead of using their retirement funds to cash out and have full ownership over their home. Why? Well for now, stock market returns and low interest mortgage rates might make it more financially advantageous for a retiree to keep their money in these investments. More often than not in the past, retirees with an active loan would use a piece of their retirement plan to pay off their premium so they no longer owe anything on their home.
However, with high capital returns from the stocks and bond market, coupled with the fact that … (1 comments)

mortgages: New Program Pays Portion of Homebuyer’s Closing Costs - 04/24/15 04:47 PM

Fannie Mae announced a new program to help first time home buyers take the final step in their home purchase. Fannie Mae rolled out their new Home Path Ready Buyer Program this last week, designed to help buyer’s who may be cash poor or credit poor.
First time home buyers can now receive up to 3% off the purchase price in closing cost assistance. Depending on the price of the home, that can mean big savings. For example, a $150,000 home can receive up to $4,500 in closing costs savings.
This past year, Fannie Mae also released new low down payment loans to … (1 comments)

mortgages: Home Buyers Paid Larger Down Payments in 2014 - 03/20/15 02:46 PM

 
The average home buyer had more capital to put down on a home in 2014, according to an analysis of nearly 20 million home sales. The average down payment made by home buyers in the United States was $58,496. On average, buyers were able to put down 15.4% of the purchase price. Having buyers across the country with more money to put down in 2014 shows the positive turn both the economy and housing market have taken in the past few years.
 
The average down payment has been between 13 and 15% over the past decade and only … (0 comments)

mortgages: Mortgages Rates Rising, Still Below 4 Percent In March - 03/17/15 11:30 AM

 
Mortgage rates in the United States have fluctuated over the last few weeks, but with a general upwards trend. Homebuyers will want to keep their eyes on the mortgage rates over the next few weeks to see if they continue to remain low. If they do not, home buyers may want to speak with lenders sooner as oppose to later, to lock in a more favorable loan.
30 year fixed rate mortgages returned to the start of year averages (to see January rates click here). A 30 year fixed rate mortgage gave a 3.86% interest rate in the week … (0 comments)

mortgages: Mortgage Rates Hit 20 Month Low - 01/12/15 04:16 PM

 
Freddie Mac announced the average rate for a 30-year conventional loan fell to 3.73% this week. The average rate fell from last week’s number of 3.87% and from 3.89% in later December, thanks to another strong week for the domestic economy, especially in comparison to continued financial struggles in Europe and Asia.
The average rate for a 15 year fixed loan also fell this week to 3.05 percent--down from 3.15 percent. 15 year mortgages are most popular with those looking to refinance and the low rates should be noted by anyone paying a 30 year fixed rate mortgage. Many … (0 comments)

mortgages: Mortgage Credits Adjusting to the Market Recovery - 05/23/13 01:05 PM
 
Mortgage standards that have kept many potential buyers out of the market are beginning to loosen. In addition, banks are speaking about increasing their mortgage business soon and shore up their residential mortgage assets within the next year.  All these prospective changes are being driven by a sharp rise in mortgage demand in conjunction with more home purchase applications being approved (60% compared to 55% of a year ago). This will combat but not fully eliminate the highly competitive home buying market that will still require standards such as 20% down.
“Fear Fannie Mae and Freddie Mac will force lenders to take … (0 comments)

mortgages: Costco Is Entering the Real Estate Market - 05/03/12 01:36 PM
Bulk quantities of food, electronics, furniture, you name it and Costco is the place to buy it. Now, after a year of testing to see the viability, the Costco we know and love will be implementing a full-service mortgage lending program on its website in partnership with 11 well know lenders. Over 10,000 mortgages have been issued under the program already. They are hoping that number will swell as word gets out.
What is your reaction to Costco’s bold move? Comment and Share
Source: http://money.cnn.com/2012/04/26/real_estate/costco-mortgages/index.htm
(4 comments)

mortgages: Mortgage Principal Write-Downs - 11/28/11 10:07 AM
 
Mortgage Principal Write-Downs
 
20 Democrats of the House of Representatives are urging for Fannie Mae and Freddie Mac to reduce the mortgage principal of borrowers who owe more than their home is worth. The 

Representatives argue that this action would reduce the risk of defaults for 20% of Freddie and Fannie mortgages.
 
On the other side of the debate, the regulators of Fannie and Freddie, the Federal Housing Finance Agency, refuse to act due to concerns that writing down principal balances will create a ‘moral hazard by prompting other borrowers to cease in making loam payments on … (2 comments)

 
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Tim Hart

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