Bill Ladewig's Blog

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Sat, 21 Nov 2009 11:13:52 -0600

Rate Lock Advice and Mortgage Market Update

November 21, 2009, 9:00 PT

Next week should be an intersting week in Mortgage Land. A wide range of economic data will be released during the shortened week ahead.

Existing Home Sales will come out on Monday. GDP, Consumer Confidence, and the FOMC Minutes from the November 4th Fed meeting will be released on Tuesday. Durable Orders, Personal Income, Core PCE inflation, New Home Sales, and Consumer Sentiment will all be packed in on Wednesday. In addition, there will be Treasury auctions on Monday, Tuesday, and Wednesday. Mortgage markets will be closed on Thursday for Thanksgiving.

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices closed +2/32.
No economic data was released Friday.

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

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16, Down -14.28, -0.14%

European and Asian Markets closed the week Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-20-09, 11:00AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

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

RATE LOCK ADVISORY

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

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16, Down -14.28, -0.14%

European and Asian Markets Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

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

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 20 Nov 2009 12:19:17 -0600

Rate Lock Advice and Mortgage Market Update

November 20, 2009, 10:15 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are up +3/32.
No economic data will be released today.

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

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.360% Up 0.01%

DJI Stocks $10,289.52, Down -42.92, -0.42%

European and Asian Markets Down -0.758%

Nymex Crude Oil Currently $76.70 Down $0.76

Rates 11-20-09, 8:30 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Be Cautious About Giving Info to Census Workers

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 20 Nov 2009 08:25:50 -0600

Once again Larry Bettag in Arizona provides important information. This is a must read.

Via Larry Bettag - Cherry Creek Mortgage:

With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cautious. The major concern is that individuals don't become a victim of fraud or identity theft.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

** If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

** Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, cre dit card or banking information to anyone, even if they claim they need it for the U.S. Census. While the Census Bureau might ask for basic financial information, such as a salary range, the Census Bureau will not ask for Social Security, bank account, or credit card numbers nor will employees solicit donations.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

For more advice on avoiding identity theft and fraud, visit http://www.bbb.org/.
Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

FHA 203K Streamline Renovation/Purchase

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 18:09:24 -0600

Ken has written another excellent FHA 203k Blog. I urge anyone in GA that needs any type of FHA loan to call Ken.

Via Ken Cook, FHA Home Loans 678-439-8683:

So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.

Not to fear! Meet the FHA 203K Streamlined renovation loan.

Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.

Additions to the structure

Kitchen or bath remodels

Finished basement or attic

Patios, decks or terraces

Roofing and landscaping

Safety, energy efficiency and electrical upgrades

Handicapped accessibility improvements

Luxuryitems are not eligible

Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use

The maximum loan amount must be within the FHA loan amount maximum for the MSA where the home is located and must include the purchase price and the renovation amount. The maximum renovation amount is $35,000 and the minimum is $5,000. Under $5,000 we can do with an escrow of repair funds. A minimum of 10% contingency reserve is required and must also fit into the FHA loan maximums for the area where the property is located. (Any balance remaining on the contingency will be applied to the principal balance and may not be used for additional repairs.)

Yes, it takes a little longer to close an FHA203k Streamline loan than it does to close a standard FHA loan. If you are an agent and you are concerned about that extra couple of weeks just think of it this way: You may make a sale you would not have otherwise made. You may help a buyer get into a home in the area where they wanted to live instead of where they "had" to live. You can be a real hero for someone.

If you are in Georgia I can help you with the necessary paperwork and give you a short class in how to use the FHA 203K Streamline Rehab loan to purchase, sell or represent homes in today's economy. Never hesitate to call me at any time and I'll be happy to answer your questions.

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

What is Mortgage APR, Can You Explain It?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 17:55:26 -0600

WHAT IS MORTGAGE APR, Can You Explain It?

APR Demystified and APR Predators Exposed

First, lets demystify Annual Percentage Rate (APR).

Mortgage APR was designed to allow consumers to use one standardized number to compare each lender's rate for the same type of loan while rate shopping. It is supposed to represent the borrower's cost and it works like this.

If I lend you, $10,000 and, I charge a $500 Bump-ta-Bump Fee, you will actually receive $9,500, however you must still repay me $10,000. Mortgage APR is my real yield and your real cost on this loan.

We agreed that you will repay the loan at 8% interest on $10,000, HOWEVER you only received $9,500 therefore I will earn more than the 8.0% interest rate I charge on $10,000. In this case, my yield (APR) is 9.799% on the $9,500 you received.

APR is the lender's yield on dollars actually lent ($10,000 minus $500 = $9,500); in this case, the lender's yield (APR) on $9,500 is 9.799% (APR is computed as if the above example is a 30 year loan)

The $9,500 also represents the Amount Financed in the Truth In Lending (TIL) disclosure.

For those of you who use spreadsheets the Rate Function will find APR. Use the Amount Financed for Loan Amount and use the monthly payment on the actual loan amount.

Fees that must be subtracted from a mortgage loan to properly calculate Amount Financed for APR

Origination and Discount Points

Processing and Lender Fees

Pre-Paid Interest (Use 15 days when closing date is unknown)

Monthly Mortgage Insurance must be added to the payment of all FHA loans and Conventional loans greater than 80% loan to value.

The inclusion of Mi or MIP accounts for the large spread between Rate and APR on loans with mortgage insurance.

NOTES: Fees Not used in APR calculation; third party fees such as appraisal and credit. APR can only be compared on loans of the same type and amortization period

How Do APR Predators Work?

Many sophisticated borrowers shop interest rates by searching for lowest APR which, if property stated, is a valid way to compare similar loans. Unfortunately, APR is not always stated properly.

How is advertised Mortgage APR is misstated?

Prepaid Interest is not included - most common deception and true on all online Rate sites i.e.: Bankrate.com, Interest.com, Mortgage101.com, ShopRate.com, etc.
Prepaid Interest is understated - must be 15 days when closing date is unknown.
MI or MIP is not included in the APR on any online rate sites, Bankrate etc.
Some lenders do not include MI or MIP on their web sites such as Amerisave.com
Lender fees are either understated or not included in the APR calculation. This is a tricky one because No or Low Lender Fees does not necessarily indicate a predatory lender. Some lenders charge a higher rate and no points or fees for their so called "Zero Cost" loan. However, the "Zero Cost" rate will always be higher than a rate with points and/or fees.
Notes to the above:
- there is no such thing as a Zero Cost loan and some states prohibit lenders from advertising Zero Cost Loans.
- The spread between Rate and APR on loans greater than 90% LTV should be at least 0.700%. When it is not... you are being scammed

Rate - Points - Fees are all interdependent

The best way I can explain this is show various Rate - Point - Fee combinations where the lender is making the same gross profit on each combination.

In the examples below, we will use a $200,000 loan amount and Lender gross profit of $1,000, on a day when the Lender's cost for a 5.000% rate is par (0 point).

Best Rate: $1,000 Lender profit in various combinations of points and fees

Rate	Fees	Points	APR	Profit
5.000%	$1,000	0	5.044%	$1,000
5.000%	$500	0.250	5.044%	$1,000
5.000%	$0	0.500	5.044%	$1,000

Lowest Fees:
You pay $0 points and fees and Lender's investor pays the lender $1,000 for the higher rate.

Rate	Fees	Points	APR	Profit
5.125%	$0	0	5.125%	$1,000

The point here is that lenders design their loans to provide talking points for their sales staff (loan officers). They all require a certain profit margin and it is not important the way the loan is structured as long as the closed loan delivers their required profit margin.

This illustration also points out the value of correctly stated APR as a way of comparing mortgage loans. For the sake of these illustrations, prepaid interest was not used. If 15 days PP was calculated it would have increased each APR by 0.019%.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 17:09:29 -0600

Rate Lock Advice and Mortgage Market Update

November 19, 2009, 3:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are up +1/32.
Jobless Claims were close to expectations.

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

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.19

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.517% Up 0.005%.

10 Year Treasury Currently 3.340% Down -0.02%

DJI Stocks $10,332.44, Down -93.87, -0.9%

European and Asian Markets Down -1.392%

Nymex Crude Oil Currently $77.46 Down $2.12

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-19-09, 11:00AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 0.875, APR 4.637%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 13:13:57 -0600

Rate Lock Advice and Mortgage Market Update

November 19, 2009, 11:05 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are up +1/32.
Jobless Claims were close to expectations.

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

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.19

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.517% Up 0.005%.

10 Year Treasury Currently 3.350% Down -0.01%

DJI Stocks $10,284.91, Down -141.4, -1.36%

European and Asian Markets Down -1.392%

Nymex Crude Oil Currently $77.35 Down $2.23

Rates 11-19-09, 11:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.000, APR 4.648%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 18 Nov 2009 16:04:00 -0600

Rate Lock Advice and Mortgage Market Update

November 18, 2009, 2:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are -2/32 slightly above 9:45 ET pricing of -3/32. MBS prices reached a low of -5/32.
CPI came in a little higher than expected, while Housing Starts fell short of the consensus.

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

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.18

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.512% Up 0.042%.

10 Year Treasury Currently 3.370% Up 0.04%

DJI Stocks closed $10,426.31, Down -11.11, -0.11%

European and Asian Markets Down -0.051%

Nymex Crude Oil Currently $79.65 Up $0.51

Rates 11-18-09, 8:30 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 0.875, APR 4.763%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 18 Nov 2009 13:58:16 -0600

Rate Lock Advice and Mortgage Market Update

November 18, 2009, 11:50 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are -1/32 slightly above 9:45 ET pricing of -3/32. MBS prices reached a low of -5/32.
CPI came in a little higher than expected, while Housing Starts fell short of 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
Unchanged at 4.99% on Nov.18

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.512% Up 0.042%.

10 Year Treasury Currently 3.370% Up 0.04%

DJI Stocks $10,397.59, Down -39.83, -0.38%

European and Asian Markets Down -0.051%

Nymex Crude Oil Currently $79.59 Up $0.45

Rates 11-18-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 0.875, APR 4.763%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 17 Nov 2009 10:35:48 -0600

Rate Lock Advice and Mortgage Market Update

November 17, 2009, 8:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS are bouncing around this morning, up 2/32 and down 6/32. Currently prices are down 1/32. PPI inflation was lower than expected, but MBS prices did not improve after the data.

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 0.06% at 4.99% on Nov.16

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.47% Down 0.018%.

10 Year Treasury Currently 3.340% Up 0.01%

DJI Stocks $10,378.02, Down -28.94, -0.28%

European and Asian Markets Down -0.661%

Nymex Crude Oil Currently $78.64 Down $0.26

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer

... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-17-09, 8:30 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.00, APR 4.769%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 16 Nov 2009 16:54:15 -0600

Rate Lock Advice and Mortgage Market Update

November 16, 2009, 2:45 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
Lots of Volatility today. MBS prices Opened up 1/32 then this afternoon climbed to 8/32 causing midday price improvements from several lenders. Late this afternoon MBS prices returned near where they began the day up 2/32. The Retail Sales data was mixed.

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 0.06% at 4.99% on Nov.16

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.488% Down 0.07%.

10 Year Treasury Currently 3.350% Down -0.1%

DJI Stocks $10,406.96, Up 136.49, 1.33%

European and Asian Markets Up 1.296%

Nymex Crude Oil Currently $78.87 Up $2.52

Rates 11-16-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 0.75, APR 4.752%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 16 Nov 2009 12:54:06 -0600

Rate Lock Advice and Mortgage Market Update

November 16, 2009, 10:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +7/32. Hold locks for Possible rate improvements. The Retail Sales data was mixed.

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 0.06% at 4.99% on Nov.16

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.488% Down 0.07%.

10 Year Treasury Currently 3.350% Down -0.1%

DJI Stocks $10,419.20, Up 148.73, 1.45%

European and Asian Markets Up 1.296%

Nymex Crude Oil Currently $78.97 Up $2.62

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

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

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Sun, 15 Nov 2009 13:34:37 -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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 13 Nov 2009 17:23:21 -0600

Rate Lock Advice and Mortgage Market Update

November 13, 2009, 3:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
Favorable repricing may be possible from early investors. MBS prices are up +6/32

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 5.05% on Nov.13

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.558% Down 0.035%.

10 Year Treasury Currently 3.420% Down -0.03%

DJI Stocks $10,270.47, Up 73, 0.72%

European and Asian Markets Up 0.062%

Nymex Crude Oil Currently $76.35 Down $0.59

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-13-09, 3:00 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.000, APR 4.769%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Repeal HVCC!! We need your help. E-mail or write your Senators today.

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 13 Nov 2009 12:55:20 -0600

Please read and contact your representatives to repeal HVCC. Gregg included links to contact senators. Here is a link to Congressional emails that includes Senators and Representatives.

Via Gregg Wynn, Broker/Appraiser, CA DRE# 1186381 (Absolute Real Estate & Appraisals):

I'm requesting that all Real Estate Professionals support appraisers in getting HVCC repealed. An amendment to eliminate HVCC is located inside the Consumer Financial Agency Act of 2009, soon to be discussed in the Senate. Please tell your Senators about any of your own negative experiences with HVCC. Experienced and dedicated appraisers are being driven out of the business, and in most cases being replaced with inexperienced and underpaid appraisers and unlicensed sweatshop employees.

Ideas of what you can include in your letter: Experienced and highly ethical appraisers are not getting appraisal work, poor appraisal quality/unexperienced appraisers, low values, slower turnaround times, appraisals are more expensive than prior to HVCC, cannot use the same appraisal with other lenders, AMC's won't answer their phones, or return calls in a timely manner, AMC are now doing the pressuring, etc.

Here's the links to California's Senators.

E-mail link for Barbara Boxer:

http://boxer.senate.gov/contact/email/policy.cfm

E-Mail link for Diane Feinstein:

http://feinstein.senate.gov/public/index.cfm?FuseAction=ContactUs.EmailMe

Here's a link to locate Senators for other states:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Dear Representative Minnick,

I am writing to you today on behalf of the National Association of Mortgage Brokers (NAMB) to urge you to vote for an amendment to H.R. 3126, the "Consumer Financial Protection Agency Act of 2009," submitted by Representatives Childers and Miller (CA). The amendment seeks to reverse the harmful Home Valuation Code of Conduct (HVCC) and calls on regulators to work together on one set of appraisal standards.

Click here to view a petition with over 100,000 signatures of Americans calling for the HVCC to be overturned. You may select your home state to find out how many of your voters support reversing the HVCC.

Sincerely,

Jim Pair, CMC
NAMB President 2009-2010

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 13 Nov 2009 11:45:21 -0600

Rate Lock Advice and Mortgage Market Update

November 13, 2009, 9:40 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
Favorable repricing may be possible from early investors. MBS prices are up +6/32

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 5.06% on Nov.13

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.558% Down 0.035%.

10 Year Treasury Currently 3.440% Down -0.01%

DJI Stocks $10,294.73, Up 97.26, 0.95%

European and Asian Markets Up 0.062%

Nymex Crude Oil Currently $77.08 Up $0.14

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-13-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 1.125, APR 4.785%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Would You Prefer To Argue Or Close Your Loan?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 13 Nov 2009 11:23:10 -0600

Please take the time to read Ken Cook's EXCELLENT post. This guy knows what he is talking about and he is a standard that loan officers should be matched against.

Via Ken Cook, FHA Home Loans 678-439-8683:

Many of you who regular read my writings know I often write what others are thinking even if they don't want to publish it. This, of course, makes me the point of contention for some while other appreciate my openness and *transparency*. That word is so abused these days - especially by those people who claim that by telling you the costs of the mortgage up front they are somehow the only people in the industry you can trust. Hogwash and bologna.

In my years in the industry I have seen thousand (and thousands) of mortgage applications. The greater majority of those applications have become loans. During the last 3 and 1/2 years I have written about what happens between application and closing many times right here on Active Rain. Hopefully you have read enough to pick up on the fact that there are as many as 35 or more moving parts and people in the mix from application to close. Oddly enough I had a "loan officer" once argue with me about that number. But I digress.

Escape me it does not that there are people in the mortgage industry who are inept and have a difficult time comprehending the process themselves and that makes it harder for people not in the industry to know if they are working with a mortgage professional or an application taker. That being said I have always made myself available to anyone, from anywhere in the country, for any reason to answer questions about what is happening in the loan process. Call my Google Voice number at 678-439-8683 and we can chat about it.

Professionals tend to want to do everything in a very planned order of execution and, as a general rule, that planned order goes something like this:

Talk to the prospect about the loan needs and interview them for details of the type of transaction they are interested in or which will best serve them.

Take a complete application which includes asking where the borrower(s) work, bank and live for the last 2 years.

Examine and evaluate the credit report.

Barring obvious reasons to deny or suspend at that point the mortgage professional will use an underwriting engine for a preliminary decision which will be based solely on statements made by the applicant regarding employment, income and assets and the credit report which will be read directly by the automated underwriting engine.

Let's call all of the above "The Initial Application Process". Some people seem to believe that's all there is to the mortgage process even though all of that generally takes less than an hour. You can rest assured it has only just begun. In fact this does not even mean an approval. It is simply a pre-approval or an application approval - not a loan approval. This is the end of the easy part.

As a borrower you will now have a list of things to gather. I have written about those before so I won't bother making you read them again. Read it here if you want.

During the next few to several days you will be asked to provide some very private details about your finances, work history and residence history. Some of it may seem too intrusive or too bothersome for you. If you are a very skeptical and private person you may have more resistance than another but we are all equal under the rules of lending based on the five things that matter most: Credit, income, assets, property type and loan purpose. If you and/or the property present a lower risk you will enjoy a simpler ride from start to finish. If you and/or the property provide increased risk the due diligence of the lender, mortgage insurer and mortgage investor are going to make things more complicated simply by virtue of risk and underwriting guidelines.

I'm glad you read down this far because what I want to say that every mortgage professional has to deal with is the process of meeting underwriting and risk guidelines from the lender, the investor and the mortgage insurer (if there is one): Don't argue about what I am asking you for. When you do you waste your time, my time and the time of the other people depending on me closing your loan. You also waste the time of the 10 other borrowers and their agents and the sellers of the homes they are buying with whom I am working.

When I ask for a copy of the bill of sale for the 1956 Edsel you say you sold 2 months ago to come up with the down payment - just say okay and fax it to me. When I ask for for a copy of your CD information from the bank to prove you actually have $50k in CDs with them - likewise. When I ask you for the name, address and phone number of the company where you worked 18 months ago before you took your new job go find it and get it to me. When I ask for a picture of your foot in a cast because you are out of work for 9 weeks due to a broken toe SEND ME THE &%$@! PICTURE. Trust me - I don't want a stack of crap I don't need setting on my desk which already looks like Denis the Menace is my assistant - I need it to close the loan.

Oh, and another thing, I don't care how many things I have asked you for and how many things you have sent me if I call you the morning of the closing (chances are I won't) and I ask you what color interior was in the car your parents drove you to school in on your first day of school - DON'T ARGUE - just get the answer.

If you keep in mind the fact that you are asking someone to buy a home for you and let you pay them back slowly over a period of up to 30 or more years and that in the last 2 years a huge percentage of people defaulted on that promise to repay for any number of acceptable to ridiculous reasons we'll get along just fine. And if you keep in mind that the LOAN OFFICER is the last person to ever get paid on a closed loan and that we don't earn one penny until your loan is closed and funded you'll begin to get the picture we are actually TRYING to get your loan closed not to keep it from closing.

Oh, and any loan officer or lender who tells you they won't put you through all this is full of ... well, you know what and it's not truth. If you are asked for very little documentation consider yourself and your property a great credit risk. The other 99% of the people are going to provide "stuff" to get their loan closed.

Can we be friends now? Why can't we all just get a loan?

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 12 Nov 2009 10:18:50 -0600

Rate Lock Advice and Mortgage Market Update

November 12, 2009, 8:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are down -1/32 from Tuesday's close.
Jobless Claims came in a little lower than expected.

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.11

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.593% Down 0.02%.

10 Year Treasury Currently 3.480% Down -0.02%

DJI Stocks $10,277.95, Down -13.31, -0.13%

European and Asian Markets Up 0.087%

Nymex Crude Oil Currently $78.20 Down $1.08

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-12-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.625, APR 4.867%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

If You Love George Soros Please Raise Your Wallet er Hand

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 11 Nov 2009 16:57:55 -0600

It was the best of times and then it was the worst of times, until it was the best of times again, before returning to the worst of times, which lasted until it was the best of times once more, and then settling into being the worst of times... which became the best of times and then...

What bothers me most about Soros and his merry band of financial thugs is on one hand they portray themselves as liberal thinkers, looking out for the little guy, while crushing the little guy in the other.

A Tale of Four Trial Modifications at IndyMac Bank by Mandelman

The Story You Are About to Read is 100% TRUE...

IndyMac Bank, now One West Bank, whose major shareholders include liberal billionaire George Soros and his young ward, computer industry all-around good guy, Michael Dell, appears to have embarked on a mission to defraud as many people as possible out of their homes through a clever trial loan modification scheme. Here's how one homeowner was introduced to the bank's underhanded tactics.

This is the story of how IndyMac offered a homeowner in the Inland Empire region of Southern California four separate trial loan modifications over the past six months. Let's say that they're family name is Geithner, just for fun... The Geithner Family. They have two kids. We'll call them Danny and Fanny.

Read Mandelman's entire article on Implode.com Mandleman

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 11 Nov 2009 13:48:49 -0600

Rate Lock Advice and Mortgage Market Update

November 11, 2009, 11:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS markets will be closed on Wednesday for Veterans Day.

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.11

10 Year Treasury Currently 3.480% Down -0.02%

DJI Stocks $10,277.58, Up 30.61, 0.3%

European and Asian Markets Up 0.723%

Nymex Crude Oil Currently $79.27 Up $0.22

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-11-09, 11:45 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.625, APR 4.867%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 10 Nov 2009 15:30:00 -0600

Rate Lock Advice and Mortgage Market Update

November 10, 2009, 1:15 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +4/32. No economic data came out today. Demand was close to average for the 10-Yr. Treasury auction with oreign investors purchasing 47% of the total.
Wednesday, Mortgage markets will be closed
Thursday, Jobless Claims will be released at 8:30 ET, and there will be a 30-yr Treasury auction at 1:00 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
Down 0.01% at 5.08% on Nov.10

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.613% Down 0.06%.

10 Year Treasury Currently 3.470% Down -0.05%

DJI Stocks closed the day at $10,246.97, Up 20.03, 0.2%

European and Asian Markets Up 0.057%

Nymex Crude Oil Currently $79.12 Down $0.31

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-10-09, 7:57 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 0.625, APR 4.886%
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

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 10 Nov 2009 11:49:27 -0600

Rate Lock Advice and Mortgage Market Update

November 10, 2009, 9:45 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices are up +9/32. There will be a 10-yr auction at 1:00 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
Down 0.01% at 5.08% on Nov.10

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.613% Down 0.06%.

10 Year Treasury Currently 3.460% Down -0.06%

DJI Stocks $10,207.59, Down -19.35, -0.19%

European and Asian Markets Up 0.057%

Nymex Crude Oil Currently $78.45 Down $0.98

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension 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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

FHA 203K Rehab Loan- Scenario- Adding Square Footage

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 09 Nov 2009 20:20:16 -0600

Jeff gives a great example of the FHA 203k being way more than just a "fixer" loan

Via Jeff Onofrio (Village Home Mortgage ):

FHA 203K loans are great for borrowers who are looking to refinance and also for purchases. I wanted to use this blog, and the next few posts, to show you examples of how you can use the fixer upper loan for certain situations.

A customer of mine who has owned her home for the last 4 years decided to contact me about adding on some square footage. See in her community there are many homes that have 2 levels and the average square footage was around 2,000 square feet. When she came to me her home had 1,050 sq ft and only one bathroom. She asked me for a solution and I explained to her how a FHA 203K rehab loan worked and how it could benefit her and her daughter. Using this type of loan we were able to have a contractor put a bid in for $38,000 to double the square footage of her home and add on an additional bathroom. She only had a rancher and now her home has a second floor and its has increased the value by almost $75,000.

Yep, its amazing- by doubling the size of her home, adding on a bathroom, giving her a great interest rate (5.5%) and doing it all with a one close mortgage my borrower was able to transform her property and her way of life. Its all becuase of the FHA 203K Rehab loan. Email or call me to discuss how this FHA loan can help you to do the same.

Jeff Onofrio - Village Home Mortgage - 856-505-6717 - jonofrio@village-capital.com

www.whatisFHA.com / www.whatisYourRate.com / www.myVillageMortgage.com

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 09 Nov 2009 19:42:15 -0600

Rate Lock Advice and Mortgage Market Update

November 9, 2009, 3:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT
MBS prices closed Monday higher at +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
UP 0.02% at 5.09% on Nov.9

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

10 Year Treasury Currently 3.490% Down -0.08%

DJI Stocks $10,226.94, Up 203.52, 2.03%

European and Asian Markets Up 1.878%

Nymex Crude Oil Currently $79.25 Up $1.82

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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

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

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

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137