Bill Ladewig's Blog

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 09 Nov 2009 13:03:02 -0600

Rate Lock Advice and Mortgage Market Update

November 9, 2009, 11:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices moved slightly higher and are up +4/32.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.06% on Nov.9

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.673% Down 0.046%.

10 Year Treasury currently 3.470% Down -0.1%

DJI Stocks $10,196.18, Up 172.76, 1.72%

European and Asian Markets Up 1.878%

Nymex Crude Oil currently $79.86 Up $2.43

The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video

Rates 11-09-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.875, APR 4.889%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

Senate Passes the First Time Buyer Tax Credit Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR

Life Lessons in the Funny Papers

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Sun, 08 Nov 2009 10:57:59 -0600

Kay, my lovely Mensa wife, reads the San Diego Union Tribune from cover to cover every morning while I peruse the funny papers; blessed is SDUT to offer two full pages. You can immediately see it is a perfect marriage because we never have cause to fight over the morning paper.

While Kay is concerned with pesky facts, (she never loses an argument) I pursue a funny papers inspired overview where there is much to be learned. Below are some selections from Thursday, November 5, 2009.

Take Dilbert for example, In three small panels Scott Adams teaches us three life lessons, maybe four.

Not to mix our meds.
The origin of racism.
Political and criminal philosophy. Of course, this does not apply to your politician(s) eh... eh... eh

In Leaf Zone Ahead and Falling Leaves Next Ten Feet Glenn McCoy in Duplex illustrates the future of nanny Government protection. Not shown are future signs at every restaurant table "chew slowly by order of the President" and signs in our bathrooms, posted at the exact average eye level of all inhabitants. "brush teeth for 60 seconds, or else". A camera will record compliance.

Guys who read the comics section know how to treat their woman and are known throughout the feminine world as better lovers. Try it out yourselves. Guys, next time you are doing the singles bar scene, let it be known that your sensitivity to feminine needs was derived through years of diligent funny paper study. You will never leave another bar alone.

Nest Heads provides younger people and a few middle aged a reason to get flee the nest and buy a home which is good for the economy and more importantely... good for all of us on AR.

I think we have covered a large number of human concerns today; we learned that politicians and criminals are similarly motivated, that government is here to protect us, a proper sharing technique and how to be special.

For those who wish to be surperior humans, my sincere advice is broken into three parts :

Read the Comics Section every day. You will be a better person.
Watch Think Big Work Small every morning; this morning was an educational hoot. TBWS
Attend my FREE mortgage classes (alas, none scheduled at the moment but stay tuned).

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Excuse me BofA! You CAN NOT have it both ways!

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Sun, 08 Nov 2009 04:52:15 -0600

Via Jane Penttinen (Sunstreet Mortgage, LLC - Sr. Loan Officer):

Excuse me BofA! You CAN NOT have it both ways!

I refinanced a loan this week for some past clients. I did their purchase loan in 2005. We did an 80-15-5 because they had another home that had not closed yet. The 15% second was a home equity line of credit. Their previous home sold and they paid off the 15% second in March of 2006. They never drew another dime on the equity line.

June 2008:
They received a letter from Countrywide telling them their 0 balance equity line was frozen. They were not allowed to take any draws on the line because the value had decreased. No problem for them. They weren't using the line anyway.

Like lots of other people, the equity in their home has evaporated but current rates are still better than what they had on their first so we put together a Freddie Relief refinance - a great deal for them. We are able to drop their payment $200+ per month and because they didn't have PMI on the original loan, there is no PMI on the refinance even though their LTV is now 95%.

October 2009:
Bank of America (aka Countrywide) rears its ugly head! There had never been a Deed of Release recorded for the "no longer usable" home equity line of credit. The title company received a notice from BofA that there would be a $350 Early Termination Fee in order to do the Deed of Release. Early Termination Fee? On a line of credit they were no longer allowed to use?

Really?? This Early Termination Fee showing on the HUD1 would prevent them from completing the Freddie Relief refinance.

My client took BofA the statement from March 1996 showing where they had paid it off. She took them the letter from June 2008 saying they no longer had a home equity line of credit. She took them the statement showing the $350 Early Termination Fee. She asked them how in the world they could expect an Early Termination Fee when they were the ones who terminated the line. BofA's response - "We didn't close the line. We just won't let you use it." My client spent over an hour discussing this with the Wizards of BofA. At one point they actually told her "if you do your refinance with us we may consider waiving the fee".

Really?? My client told the Wizards of BofA "either this fee gets waived and you allow the title company to record a Deed of Release or I will go to the Attorney General and see what they think! You CAN NOT have it both ways! I didn't terminate the equity line - you did."

Guess what? She got it! Refinance paperwork is all signed - we will record and fund on Monday.

BofA - what are you thinking? How many other people are you pulling this stunt on?

Jane Penttinen, Sr. Loan Officer

Sunstreet Mortgage, LLC

520-547-4150

If you, your friends or family require the services of a mortgage professional, please don't hesitate to call me. I am never too busy for any of your referrals.

BK090736

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

This Goober Wants to Raise FHA Down Payment to 5% from 3.5%

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 06 Nov 2009 19:37:24 -0600

More than a month ago on Monday, October 5, The FHA Taxpayer Protection Act of 2009 - HR 3706 - authored by Rep. Scott (Goober) Garrett (R-NJ) was introduced to Congress.

If passed It would increase the minimum down payment for FHA insured mortgages from 3.5% to 5% and the law would prohibit financing FHA closing costs. BUT WAIT there is more!

One tiny fact looms large and questions the Congressman's competence to propose any laws governing FHA is that FHA already no longer allows closing costs to be computed in the loan amount. This changed last year. See FHA Regs 4155 page 35

This ill advised, poorly researched, legislation will not help our recovering market or even our future mortgage stability. FHA is not the culprit or even one of the culprits in the recent mortgage fiasco. That blame lies at the feet of sub-prime mortgages and Wall Street greed.

FHA, with a 3% downpayment had been stabile source of financing for almost 80 years. Actually, because closing costs used to be computed in the loan the previous LTV was more like 2.25%. The minimum down payment was recently increased to 3.5%.

If you feel Congressman Garret's bill must be defeated then email your congressman at: Congressional Email

P.S. I know it serves no intelligent purpose to Gooberize Congressman Scott but it makes me feel good.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 06 Nov 2009 15:42:11 -0600

Rate Lock Advice and Mortgage Market Update

November 6, 2009, 1:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
Today has been an extremely volatile session. After reaching a Morning low of -2/32, MBS prices turned higher again and are now up +8/32, above 9:45 ET pricing of +5/32. MBS Prices were helped by a higher than expected Unemployment Rate of 10.2%. The number of jobs lost in October was -190K, close to the consensus.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.07% on Nov.6

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.

10 Year Treasury currently 3.50% Down -0.07%

DJI Stocks Closed today at $10,023.42, Up 17.46, 0.17%

European and Asian Markets Up 0.373%

Nymex Crude Oil currently $77.65 Down $1.97

Rates 11-06-09, 9:45 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.00, APR 4.901%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

Senate Passes the First Time Buyer Tax Credit Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

How to Use an FHA Loan to Purchase a Green Renovated Home, Part I of II

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 06 Nov 2009 12:11:13 -0600

John Thomas provides some good marketing ideas with the use of the FHA 203k program. As he points out, it is much more than a great loan for fixers.

Via John Thomas -- EcoBroker, MSEE, MBA (E3 Green HOMES):

Using the FHA 203k Renovation Loan to Purchase a Home and Make Green Improvements

I recently attended a workshop sponsored by Academy Mortgage about Federal Housing Administration (FHA) 203k Renovation Loans. The workshop opened my eyes to a number of possibilities that could greatly benefit homebuyers. In this two part blog post, I’ll share with you a few of the key take-away points I learned about. Part one describes the 203k loan and the type of renovations allowed. Part two will describe the two different 203k loans, how they work and the added benefits of using a 203k loan to make green renovation improvements.

What is a FHA 203k Renovation Loan?

The FHA 203k is a loan available through the FHA mortgage insurance program that enables home buyers to purchase or refinance their home with a single loan that includes renovation and repair costs. This is a huge benefit to homebuyers because the end result is most often a much nicer home they could purchase otherwise. The added benefit is the home is renovated to their specification which gives it a newer and much more personal feel. FHA 203k renovation loans may also be used with the purchase of HUD homes. For homebuyers seeking a healthier, more comfortable and cost-effective home the 203k is an excellent way to renovate their home to include green features and benefits.

Of course, there are guidelines to follow and the process must be adhered to for maximum benefit. Homebuyers must be able to envision the changes and willing to endure the time needed to complete the repairs. Patience and attention to detail are key ingredients to the whole process. But the time and effort required can be well worthwhile.

In today’s real estate market, if a homebuyer is willing to be patient and follow the guidelines, they can purchase a home that needs repair, sometimes at a bargain price, and fix it up to create equity in the property almost immediately. This can be especially benefickal for firt time homebuyers. Academy Mortgage and Universal Lending are two well known national lenders with extensive experience in processing FHA 203k Renovation Loans.

What type of renovations is allowed?

Renovations may include small or big jobs including full remodels. Condos, town homes, manufactured housing, single family and most owner occupied 1-4 family mixed use properties. Almost any kind of renovation or repair can be financed including structural improvements, changes or additions. A partial list of allowed renovations includes:

Kitchen and bath remodels

New siding or roof

Painting, landscaping

Eliminate health or safety hazards such as lead based paint or mold abatement

Add a garage, sun room, deck or finish out a basement

Energy efficient improvements including insulation, furnace, windows, etc.

In part two, I'll review the process invloved and the added benefits of using a 203k loan to make energy efficiency and other green improvements.

John Thomas MEEE, MBA

(m) 720-771-5594

(e) john.thomas@e3greenhomes.com

E3GreenHOMES.com

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 06 Nov 2009 11:56:04 -0600

Rate Lock Advice and Mortgage Market Update

November 6, 2009, 9:00 AM PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
It has been an extremely volatile session this morning. After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32.
Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected. The number of jobs lost in October was -190K, close to the consensus.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.02% at 5.06% on Nov.6

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.

10 Year Treasury currently 3.510% Down -0.06%

DJI Stocks $10,014.35, Up 8.39, 0.08%

European and Asian Markets Up 0.373%

Nymex Crude Oil currently $77.35 Down $2.27

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

Senate Passes the First Time Buyer Tax Credit Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Fannie Mae is implementing the Deed for Lease instead of Foreclosures

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 06 Nov 2009 02:33:46 -0600

Fannie Mae is implementing the Deed for Lease instead of Foreclosures

FANNIE MAE NEWS RELEASE - September 5, 2009

WASHINGTON, DC -- Fannie Mae (FNM/NYSE) is implementing the Deed for Lease^TM Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."

The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.

For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 05 Nov 2009 10:36:01 -0600

Rate Lock Advice and Mortgage Market Update

November 5, 2009, 8:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +3/32.
Productivity rose far more than expected in the third quarter.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.4

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.728% Down 0.015%.

10 Year Treasury Currently 3.530% Down -0.04%

DJI Stocks $9,974.45, Up 172.31, 1.76%

European and Asian Markets Up 0.498%

Nymex Crude Oil Currently $80.25 Down $0.15

Rates 11-04-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 0.75, APR 5.001%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

Senate Passes the First Time Buyer Tax Credit Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Senate Passes Tax Credit Extension

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 05 Nov 2009 09:21:01 -0600

Tax Credit Extended By Senate
for First Time Home Buyers
It looks like the bill is very getting close to the President's desk.

As of Wednesday November 4, 2009 the Senate officially passed the extension of the first time home buyer tax credit. The bill will now move into the House, and then to the President's desk for a signature.

The Senate has passed a 6 months extension on the first time home buyer tax credit of $8,000. Hopefully this extension will encourage more people to buy homes and help the housing industry bounce back quicker.

There is an $800,000 maximum for the purchase price of the home, and 2 income caps which have been set.

First, if the couple makes a joint income of $225,000 or higher they will not be eligible for the first time buyer credit, and
if an individual makes an income of $125,000 or higher they will not be eligible for the credit.

The senate bill also provides a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years..

This bill is going to cost $10 billion just for the home buyer tax credit. With the current deficit as a country we cannot afford this bill. However, in order for our economy to have any hope of restoration it appears to be necessary.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 04 Nov 2009 15:51:48 -0600

Rate Lock Advice and Mortgage Market Update

November 4, 2009, 1:15 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
As expected, the Fed made no change in the fed funds rate. There was also no change in the language indicating when the Fed would begin to raise rates. MBS prices closed down -2/32, above 9:45 ET pricing of -5/32.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.4

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.

10 Year Treasury Currently 3.520% Up 0.02%

DJI Stocks closed the day at $9,802.14, Up 30.23, 0.31%

European and Asian Markets Up 1.483%

Nymex Crude Oil Currently $80.14 Up $0.54

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

November 4, 2009, 8:44 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
MBS prices are down -6/32. ISM Services will be released at 10:00 et.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.3

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.

10 Year Treasury currently 3.50% Down 0%

DJI Stocks $9,889.50, Up 117.59, 1.2%

European and Asian Markets Up 1.479%

Nymex Crude Oil currently $80.44 Up $0.84

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 04 Nov 2009 13:02:13 -0600

Rate Lock Advice and Mortgage Market Update

November 4, 2009, 11:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are Up 1/32. ISM Services came in weaker than expected, helping MBS markets.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.3

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.

10 Year Treasury currently 3.510% Up 0.01%

DJI Stocks $9,874.76, Up 102.85, 1.05%

European and Asian Markets Up 1.483%

Nymex Crude Oil currently $79.90 Up $0.30

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

November 4, 2009, 8:44 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
MBS prices are down -6/32. ISM Services will be released at 10:00 et.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.3

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.

10 Year Treasury currently 3.50% Down 0%

DJI Stocks $9,889.50, Up 117.59, 1.2%

European and Asian Markets Up 1.479%

Nymex Crude Oil currently $80.44 Up $0.84

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

BARNEY FRANK - PUBLIC ENEMY NUMBER ONE

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 03 Nov 2009 12:12:21 -0600

If anyone doubts that Big Banks are out to crush their competition read Kirk William's post. This well written post describes Barney Frank's Financial Stability Improvement Act that is aimed at small mortgage banks.

The FDIC is also taking aim at mortgage brokers with Regulation Z - [R-1366]. Barney and the FDIC have joined in creating laws that would wipe out over 70% of BoA, Chase, CitiBank and Wells Fargo's competition.

Email your congressperson at: Congressional Email

Via Kirk Williams, #LMA 510-LO-32537 (Primary Residential Mortgage Inc. & IMS Consulting):

In his quest to appease the too big to fail banks making sure the CEO's get the bonuses promised so his campaign coffers remain flush Barney Frank is working hard to keep his promise of killing any and all competition for home loans leaving only the too big to fail banks to lend to the consumer. You know the TARP KIDS.

30 years ago the banks had their little monolopolistic operation - no competition and they were slow. The consumer was victimized because they were the only players in town until the local community based lenders (mortgage bankers/brokers) cropped up and what the consumer found was lower rates and better delivery of service.

Community based lenders (non-bank) provide 40% plus of the origination's and 50% of all FHA (HUD) loans and the reason for that is the big banks and credit unions are lousy at government loans they are flat out afraid of them based upon my personal experience.

So what is this all about? This is HR 1728 Financial Stability Improvement Act. There is a risk retention feature meaning that any lender that originates a loan must put aside a 10% reserve - in other words have a financial stake in making good loans. The concept itself is a good one and community based lenders already and always will have a stake in that but 10% is a huge number cost prohibitive and the only entities that will be able to fork out that kind of reserve is none other than....you guessed it the TARP KIDS wiping out or eliminate most of the community based lenders the result of course is the consumer pays more.

So the American consumer once again has Barney Frank to thank in a series of self serving bizarre blunders that will only build the few banks left to be even bigger to fail for the future bail outs and what about economic recovery? HAH!

On January 1st 2010 the American consumer is going to wake up to a bunch of new stuff featuring the new HUD version of the good faith estimate and the Financial Stability Improvement Act and other fantastic ideas Barney, Chris and Friends .... the same people that have been in charge of oversight and never did any over seeing....have come up with.

Man oh man if you think this is a sour grapes rant it may be but I have been in this business a long time and have seen it all until now of course and I know what it was like then and I can see the future and it stinks for the consumer. AMERICA write, call your representative....or don't. It is so bad it will be reversed once the results and the screaming starts but it will be at the expense of the middle class consumer and it will take another three years to fix. It will cost the middle class millions if not billions across the country. Chris Dodd already got his sweetheart loan from Countrywide so he's set but what about the rest of America?

The link below is a related blog confirming Mr. Franks motives. Remember there are around 3 banking lobbyists per representative so if you think there is no influence here think again.

Barney Frank & Friends lack knowledge & skill

I wish us all well.
Information - News - and Alerts! Visit www.kirkwilliamsgroup.com for home financing.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

BARNEY FRANK AND HIS BIG, NATIONAL BANK FRIENDS ARE ONCE AGAIN TRYING TO STICK IT TO THE SMALL, COMMUNITY WHOLESALE LENDER

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 03 Nov 2009 11:40:36 -0600

If anyone doubts that Big Banks are out to crush their competition read Donne Knudsen's post. The video describes Barney Frank's Financial Stability Improvement Act that is aimed and small mortgage banks.

Email your congressperson at: Congressional Email

Via Donne Knudsen (Cobalt Financial Corp.):

I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.

Today's video was especially interesting because it seems that Barney Frank and his big, national bank friends are at it again. They have once again come up with new regulation to try and drive out the big, national banks competition - small, community wholesale lenders. Currently, small, community wholesale lenders are generating approx. 40% of originations today and more than 50% of FHA originations, which is why Barney Frank and his big, national bank friends want to create more regulation in the name of "consumer protection" in oreder to get rid of these small, community wholesale lenders.

Anyway, here is today's video and I hope you enjoy it as much as I did. I want to also suggest checking out some of their more recent ones too as well as their blog threads. Very interesting discussions going on.

Watch Video

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 03 Nov 2009 10:24:50 -0600

Rate Lock Advice and Mortgage Market Update

November 3, 2009, 8:20 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
There is a chance of increased rates from investors that priced early. MBS prices are down -3/32, below 9:45 ET pricing of +2/32. With major economic news later this week, volatility may remain high during the week.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.08% on Nov.2

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.699% Up 0.026%.

10 Year Treasury currently 3.450% Down 0%

DJI Stocks $9,741.00, Down -48.44, -0.49%

European and Asian Markets Down -1.135%

Nymex Crude Oil currently $78.13 Down $0.00

Rates 11-03-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.125, APR 4.912%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Discover where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Appraisal Fraud is up 46% From Same Time Last Year

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 02 Nov 2009 17:19:58 -0600

For those of you who missed Think Big, Work Small this morning... according to InterThinx, the mortgage fraud specialists, appraisal fraud is up 46% from the same time in 2008. InterThinx

But wait, who would be the perpetrators, has not HVCC made us safe? Thanks to HVCC, Mortgage brokers, those evil, underhanded, self-serving scourges of real estate and sole cause of the mortgage crisis have not been able to order appraisals (except FHA) or even talk to appraisers in the third quarter of 2009.

OMG, that leaves (choke) the innocent victims of wicked mortgage brokers, Banks. There must be some mistake because we all know that banks would never do anything underhanded.

I am sure we will soon learn, probably from a trusted politician, that, possibly, the cause was appraisers still tainted by previous mortgage broker contact. These appraisers will certainly be sent to rehab at taxpayer expense.

Soon, thank god, due to vigilent efforts of our trusted banks and politicians, the world will be a better place. Mortgage brokers will have disappeared, banks will make all home loans unfettered by pesky competitors and politicians will be provided will deserved taxpayer paid Cayman Island vacations to visit their secret bank accounts.

Is that the happy ending what you want?

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 02 Nov 2009 09:17:57 -0600

Rate Lock Advice and Mortgage Market Update

November 1, 2009, 7:00 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
MBS prices are down 5/32. Construction Spending, ISM Manufacturing, and Pending Home Sales will be released at 10:00 et.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
UP 0.02% at 5.09% on Oct.30

10 Year Treasury currently 3.390% Down -0.02%

DJI Stocks $9,743.57, Up 30.84, 0.32%

European and Asian Markets Down -0.58%

Nymex Crude Oil currently $76.92 Down $0.08

Rates 10-30-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 1.000, APR 5.023%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

California AG Wants Pay Option ARM Answers

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 30 Oct 2009 13:01:31 -0500

California AG Wants Pay Option ARM Answers

HOUSING WIRE

By AUSTIN KILGORE
October 29, 2009 4:26 PM CST

California attorney general Edmund Brown Jr. today sent a letter to 10 major bank and loan servicers in the state calling for the disclosure of their detailed plans to help certain homeowners manage the drastic payment increases on their pay option adjustable rate mortgages (ARMs).

California homeowners hold nearly 60% of the nation's pay option ARMs originated between 2004 and 2008, the attorney general's office said. Nationally, about 1m of these loans are schedule to reset in the next four years, creating higher payments for many loans on the brink of negative equity.

The Rest of the Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 30 Oct 2009 10:17:24 -0500

Rate Lock Advice and Mortgage Market Update

October 30, 2009, 8:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +6/32. Personal Income and Core PCE inflation came in very close to expectations.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.07% on Oct.29

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.708% Up 0.031%.

10 Year Treasury currently 3.440% Down -0.09%

DJI Stocks $9,882.55, Down -80.03, -0.8%

European and Asian Markets Down -0.199%

Nymex Crude Oil currently $78.57 Down $1.30

Rate Survey Where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Are They Made To Big to Fail?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 29 Oct 2009 13:24:56 -0500

It is apparent that an increasing amount of our country's financial power is being consolidated into the big four banks; Bank of America, Chase, Citibank and Wells Fargo making these guys absolutely To Big To Fail, what's next?

Will there be further consolidations... maybe big bank inspired elimination of mortgage brokers?

Whoops, it's happening now unless you take action, Big Banking Buddy FDIC is helping big banks eliminate one of their largest competitors leaving consumers with even fewer choices as early as 2010 unless you take immediate action. Read how

For those of you who do not subscribe to the lending and real estate site Think Big Works Small you might enjoy their humorous take on banks to big to fail. See Video

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 29 Oct 2009 11:55:25 -0500

Rate Lock Advice and Mortgage Market Update

October 29, 2009, 9:50 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
Unfavorable repricing is a risk. MBS prices are down -8/32 below 9:45 ET pricing of -4/32. The Dow is now up 150 plus points, putting pressure on MBS markets.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.07% on Oct.29

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.678% Down 0.078%.

10 Year Treasury currently 3.50% Up 0.06%

DJI Stocks $9,927.67, Up 164.98, 1.69%

European and Asian Markets Up 0.666%

Nymex Crude Oil currently $80.28 Up $2.82

Rates 10-29-09, 9:50 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 1.000, APR 5.023%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

First time homebuyers tax credit - Who is frauding who?? - Possible extension?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 29 Oct 2009 11:42:44 -0500

Whether you are for or against the First Time Home Buyer's Tax Credit you should stop a minute and read Jeff Belonger's post on the subject. It makes a lot of sense.

My buyers are happy to recieve it and it motivates then to close in time but I don't believe any have bought solely because of the tax credit.

Spurred only by self interest I am happy to get one or two extra loans but at second thought at what cost?

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

A lot of chatter about the First Time Homebuyers Tax Credit

Let's start with the basics about the First Time Homebuyer's Tax Credit....

   Yes, it has helped some that might not have bought.

   It has given people money after buying to help fix up their homes, pay off debt, or save for emergencies.

   And ___________. ... wait, I really can't think of anything else.

Has the Tax Credit been a mechanism that has artificially stimulated the economy? Some will say yes and some will say no. I will be one of those yes people.

People, we are printing money at record paces that our checkbooks will never be able to pay off. The ATM has crashed…..

From day one, I have been against the tax credit for the most part. I have had my reasons, several of which are starting to show now than later. Yes, it has helped home buyers and it has helped the economy some. But is the damage greater than the good that it was suppose to have done? Yes and there are now news reports giving startling facts. Here is an excellent article from USA Today.. - Home buyer tax credit fraud called 'disturbing'   Here are 3 disturbing facts mentioned in the article....

**Costing the government $10 billion. I don't think the government are the ones that write the checks from their own bank accounts. Shouldn't it say, this will cost the American Public $10 billion?***

***Gee, an additional $17 billion. I thought the first time homebuyers tax credit was suppose to stimulate the economy, not weaken it. People, who pays for this? We the tax payer.***

***Apparently our kids haven't learned much in school about fraud. Could these be are next wave of harden criminals? And a 4 year old? I would have to assume that a parent filed that on behalf of their child.***

_______________                                                                                                           _______________

Here is another article by Jackie Calmes with similar answers, but that she also shares some more cold facts that seem scary to me. Home tax credit audit shows abuses -

***Claimed the tax credit, yet didn't buy a house yet. I wrote about this in May of 2009. Fraud Alert on the First Time Homebuyer Tax Credit - Do you chance it? - There have been some realtors that basically told me that nobody would commit fraud on this. I even had one realtor tell me that they had a woman that worked for the IRS that got her money before she bought her house. I truly respect this realtor also. But he was very protecting of his buyer, stating that she would never commit fraud because she worked for the IRS. People, I don't care who you work for, greed will get the best of you at times.***

***Now the government is saying that we still have a weakness in the housing market. Yet they will go on and get the media to state that the recession is over? Jim Crawford brought this to our attention in his blog post, I'm so happy the recession is over! Aren't you? - I am tired of misinformation and politics. Will we ever get the truth? People, I think we don't need to hear it, because the writing is on the wall. Have we forgotten how to read? Or do we need people to tell us what we want to hear? hhhhmmmm***

***Imagine that, a politician needing to be re-elected again and possible trying to push something that might actually hurt our economy instead of helping it. now, this is based on my opinion, but I didn't see this tax credit getting us out of the mess or even truly helping the housing market for the most part.***

Conclusion : What crawls under my skin is not only do the lawmakers on Capital Hill want to extend the Tax Credit, but that they want to increase it to $15,000. Why? What is really wrong with $8,000??? And why can't we go back to the re-payment schedule that was applied in the very first tax credit, when the $7,500 first time homebuyers tax credit was introduced. Seriously, what is so wrong with this? Free is not free. One way or another, we will be paying for this anyhow. Some of you scream about people having skin in the game, when buying a home. Yet some of those same people don't seem to be screaming about having skin in paying back the tax credit.

What about those politicians that just want to sign bills and pass them, just for the sake of getting votes for when re-election time comes around. Yet these same people don't take the time to do proper studies to see if this is actually working as planned. Is this all smoke and mirrors for the most part? Do many of you actually pay attention to this? Or do we just go along with the crowd, because it seems better than what we currently have? We need to think about this and not just roll over in our graves, which could be sooner than later. What say thee?



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Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

PM Rate Lock and Mortgage Market Advisory

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 28 Oct 2009 15:30:20 -0500

Rate Lock Advice and Mortgage Market Update

October 28, 2009, 1:15 AM PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +16/32. Durable Orders came in right on target and produced little reaction. New home sales fell short of expectations and helped the MBS market.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 5.09% on Oct.28

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.756% Down 0.053%.

10 Year Treasury currently 3.410% Down -0.08%

DJI Stocks $9,762.69, Down -119.48, -1.21%

European and Asian Markets Down -1.836%

Nymex Crude Oil currently $77.26 Down $2.29

Rates 10-28-09, 1:15 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 1.000, APR 5.023%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

A Dose of Education Helps the Anxiety Go Down....

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 28 Oct 2009 10:36:46 -0500

Lindsay's blog is clearly written, easy to understand and should be required material for first time buyers.

Via Lindsay Luton (Academy Mortgage):

A DOSE OF EDUCATION HELPS THE ANXIETY GO DOWN... Understanding what you want and who you are will provide you the confidence you need when shopping for a home and more importantly a home loan. We will walk through the many different steps in the loan process piece by piece. For now let's break down some of the terminology term by term. One of the first parts of the equation that the bank looks at is your debt to income ratio.

Your debt to income ratio is just like it sounds. What are you spending monthly in payments for other loans such as credit cards and car loans compared to how much you make.

Monthly debt/monthly gross income (before taxes)

That sounds simple enough right? Now lets take that one step further what is your TRUE debt to income ratio. Your debt to income ratio for the bank is one of the things that will determine "how much" you can afford however your TRUE debt to income ratio for you should include the following budget items:

Monthly utility bills (they will increase if you increase the size of your home)

Monthly gas bills (how much are you spending every month on the gas in your car)

Monthly grocery bill

Monthly entertainment expense

Monthly grooming expense (hair cuts etc)

By looking at not only what you spend on the monthly loan payments but looking at your true monthly expense in maintaining your current lifestyle will give you a true idea as to not just what you can afford, but what you are comfortable with.

This is important for your confidence when shopping for a home because you will be confident in what you can afford and what you are comfortable with keeping you from making any last minute decisions based on anxiety and not on the facts about who you are that you have established.

**********************************

Are you looking for a home loan? Give me a call at 480-344-3667 or email me at lindsay.luton@academy.cc

www.academymortgage.com/lindsayluton

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 28 Oct 2009 08:36:39 -0500

Rate Lock Advice and Mortgage Market Update

October 28, 2009, 6:30 AM PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +1/32. Durable Orders came in right on target and produced little reaction.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
UP 0.04% at 5.1% on Oct.27

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.756% Down 0.053%.

10 Year Treasury currently 3.450% Down -0.04%

DJI Stocks $9,843.70, Down -38.47, -0.39%

European and Asian Markets Down -1.332%

Nymex Crude Oil currently $78.75 Down $0.80

Rates 10-27-09, 10:45 AM PT
30 Year Fixed to $417,000
Rate 5.00% Point 0.875, APR 5.142%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Rate Survey Where you will find the best rates

Education is the Only Effective Consumer Protection

Teach Your Clients to Find Legitimate Rate Quotes Read Story

IS THE FDIC KILLING SHORT SALES To Profit Billionaire George Soros
and His Merry Band of Financial Thugs? Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

New FHA Condo Rules have been extended to November 2, 2009 - Story

Your Fha Guru

Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com

The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com

October 2009, Rate Lock Advice and Mortgage Market Update

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com