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mortgage: Mortgage rates still hovering around record lows - 03/06/12 08:21 AM
Mortgage rates eased this week, remaining at or near record lows as the spring homebuying season approaches, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
While low rates boost affordability, many would-be buyers are still unable -- or unwilling -- to finance a home purchase.
"Fixed mortgage rates bottomed out in January and February of this year, which is helping spur the housing market," said Frank Nothaft, Freddie Mac chief economist, in a statement. Pending sales of existing home rose in January to the strongest pace since April 2010, and sales figures for December … (0 comments)
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mortgage: Mortgages Likely to Change Hands - 02/11/12 10:21 AM
“Who owns my mortgage?”
It’s a frequently asked question, and the reason is always the same: A change is needed. Someone is trying to refinance the mortgage, or is trying to save a house from foreclosure, among possible scenarios.
Finding the answer to this question has become extremely important to many homeowners, but especially those in financial trouble. The many programs designed to stem the record tide of foreclosures have different requirements, depending on where your mortgage ended up after you signed that huge stack of papers at settlement.
For example, if your mortgage is guaranteed … (0 comments)
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mortgage: Housing is economy's elephant in the room - 02/08/12 11:07 AM
In a double surprise, the job market may at last have begun to revive, but the double-the-forecast, 243,000-job surge in January has done little harm to mortgages. We are still near 4 percent; with 10-year Treasury notes up from 1.82 percent but holding nicely at 1.95 percent.
Ordinarily a payroll jump like this would have killed us, especially in combination with strong results in the two Institute for Supply Management surveys for January: manufacturing to 54.1 from 53.1 in December, and the service sector way up to 56.8 from 52.6 last month.
Some of the calm reaction in markets … (1 comments)
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mortgage: Mortgage Defaults: Signs of Recovery - 01/21/12 04:54 PM
The UFA Default Risk Index for the fourth quarter of 2011 edged lower to 131 from last quarter’s revised 133, which suggests that residential mortgage default and prepayment risks are continuing their return to normalcy.
According to the latest UFA Mortgage Report by University Financial Associates of Ann Arbor, Michigan, the stage is set for a recovery in the housing market. Under current economic conditions, investors and lenders should expect defaults on loans currently being originated to be only 31 percent higher than the average of loans originated in the 1990s, due solely to the local and national … (0 comments)
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mortgage: Dispelling the 20 Percent Downpayment Myth - 10/03/11 06:59 AM
[1]In my column last month, I discussed a government proposal that could have significant impact on the future of the housing industry: the QRM, or Qualified Residential Mortgage, as part of the Dodd-Frank Act. According to the proposed QRM definition, lenders must hold 5% of the risk of any given residential loan unless it is considered a QRM, which is a loan that has a 20% downpayment and meets other debt-to-income and borrower credit history requirements.
While QRM would not automatically preclude loans from being originated with less than a 20% downpayment, these loans will cost significantly more, … (0 comments)
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mortgage: Avoid credit dings when mortgage shopping How to steer clear of 'borrower in distress' label - 08/17/11 09:02 AM
Borrowers in distress often contact many lenders hoping to find one who will approve them. For this reason, multiple inquiries can have a negative impact on a consumer's credit score. But multiple inquiries can also result from loan applicants shopping for the best deal. The challenge to the scoring system is to distinguish borrowers in shopping mode from borrowers in distress mode.
Hard inquiries vs. soft inquiries
Consumers need not be concerned about inquiries they make, such as ordering a credit report. Self inquiries don't affect the credit score. Neither do inquiries from your existing creditors, potential employers, or businesses considering … (0 comments)
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mortgage: Mortgage Rates Reach Record Lows as Stock Market Losses Mount - 08/11/11 07:29 AM
Mortgage rates continued to move lower as investor concerns over the health of the U.S. economy increased, reports mortgage rate research website, ForTheBestRate.com. Interest rates advertised on the site have dropped to near their lowest point of 2011 for most products, with the 15 year fixed reaching historical record lows. On August 4, 15 year mortgage rates as low as 3.250% were posted (APR: 3.387%, Lender: Gateway Bank Mortgage).
Mortgage pricing has edged lower while US and global stock markets are seeing losses, including a drop in the Dow of more than 500 points on Thursday, August 4, the largest single … (1 comments)
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mortgage: To Buy or Rent – Now’s the Time to Follow the American Dream - 04/25/11 07:02 AM
With home prices dropping, minimal interest rates and the cost of rental properties on the rise, now may be the time for renters to seriously consider buying a house, according to HouseSavvy, a premier real estate and relocation organization headquartered in Massachusetts.
When the housing bubble burst in 2006, the cost of buying a house was considerably higher than renting that same house in most areas. Today, the opposite is true in many states, particularly those hit hardest in the housing crash—namely Arizona, California, Florida and Nevada and right behind them, Illinois, New York and New Jersey.
Rental cost has remained … (2 comments)
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mortgage: Spring Cleaning: Tidy Up Your Finances - 04/04/11 08:57 AM
In the tradition of annual spring cleaning, this is a great time to check your finances and see what areas could use a little sprucing up! Informa Research Services, a subsidiary of Informa plc (LSE: INF), suggests some resources and tactics for tackling your financial clutter.
Slim down that bulky mortgage Is your mortgage carrying a hefty interest rate that was considered competitive ten years ago? Like shoulder pads in the eighties, what may have been the trend back then may not be quite so stylish today. Check online rate tables to see if you can find a low rate to … (2 comments)
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mortgage: Late Video Rental Fees? No Mortgage! - 01/28/11 06:30 PM
Thousands of customers in Montana who owed late fees or any other charges pending at the now defunct Hollywood Video and Movie Gallery are finding it difficult to get a mortgage or finance a car. Movie Gallery, the parent company of the video rental stores and once the second-largest video rental chain, went bankrupt last year, and the debt collection agency National Credit Solutions is now trying to collect from its past customers. National Credit Solutions filed negative credit reports without informing the customers and did not give customers the opportunity to dispute the fees, according to a lawsuit filed by … (2 comments)
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mortgage: Number of First Time Home Buyers Increasing - 12/23/10 06:46 AM
Recent research has suggested that average first time home buyer was more likely than usual to purchase a home in the previous month, in part because of the ever-increasing mortgage rates.
Mortgage rates were pretty low in November; from that point on, however, they have been heading upward. At the same time, many a first time home buyer has opted to take the plunge and purchase a home, according to a survey tracking the housing situation. While this may be a case of correlation without causation, it is very possible that potential home buyers are trying to get a decent deal … (0 comments)
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mortgage: Bankrate: Mortgage Rates Rise Significantly - 11/19/10 02:07 PM
Mortgage rates increased again this week, with the average conforming 30-year fixed mortgage rate now 4.62 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points. To see mortgage rates in your area, go to https://secure.mortgagewebsuccess.com/application/?SiteId=2746
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The average 15-year fixed mortgage increased to 4.02 percent, and the larger jumbo 30-year fixed rate soared as well to 5.24 percent. Adjustable rate mortgages also climbed higher, with the average 5-year ARM inching higher to 3.71 percent and the average 7-year ARM rising to 4.01 … (0 comments)
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mortgage: Advice For Rookie Home Buyers - 11/14/10 07:18 AM
The decision to buy your first home is a big one and probably the biggest investment you will ever make. The mental stress of reading through high-falluting legal papers and analyzing your finances could drain even the most energetic young first-time buyer. Knowing the basics about buying a home can help settle your fears and let you get on with the process of finding your dream home.
Your first step should be to find about a mortgage. You need to investigate different types of mortgages some have pre-payment penalties that should be avoided, and look for good ARM’s too.
Click Here … (0 comments)
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mortgage: Ten Tips (in 5 days) for First Time Home Buyers - Day 4 - 11/08/10 05:55 AM
7. You are going to live long – your current purchase doesn't mean "game over"As your you and your family grow, so will your needs. You might get married, have kids, your parents might move in with you. Some unplanned events might also occur; for instance, you might get transferred to a new city.Don't see your current purchase as a dead end. You can upgrade to a different property in a few years. Maximise what you need to fulfill over the next few years. Nobody has seen the future - you will not be able to ascertain whether this property will … (0 comments)
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mortgage: Will Rates Go Lower? What More Quantitative Easing Could Mean - 11/05/10 06:11 AM
Historic, low home loan rates have been about the only thing stable in the economy these days. This low level mark breeds complacency, especially with the buzz in the air that rates may go even lower. But the question hangs in the air like humidity on a southern summer day - will rates go lower? And if there is a chance, should you wait and see or move forward now?
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More Quantitative Easing The buzz that began earlier this fall stemmed from talk coming out of the Federal Reserve that they were considering … (3 comments)
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mortgage: Improve Your Credit Score Before Searching for a Home - 10/16/10 08:29 AM
Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home. According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help … (2 comments)
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mortgage: What Seniors Should Know before Modifying Mortgage - 10/03/10 08:30 PM
Maria Olmo doesn’t like her chances of paying off her new, 40-year mortgage. “I’ll die before it’s paid off,” said Olmo, who got her 30-year mortgage modified because she was at risk of losing her home to foreclosure. “This is the most ridiculous thing I’ve heard in years. They didn’t take my age or my income into consideration.” Since last year, companies servicing delinquent mortgages have been under orders from the federal government to modify the loans rather than foreclose on them.
The goal is to cut the monthly mortgage payments so they are less than 30% of the homeowner’s … (0 comments)
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mortgage: Growing Number of Homeowners Becoming Landlords - 09/25/10 08:03 AM
A growing number of homeowners are finding out what it means to be a landlord after failing to sell their homes in today’s economy. With home prices down nationwide, many don’t want to take a huge loss when they decide to move. They want to wait to see whether they can rebuild their equity—so they rent.
“People just really don’t want to be landlords, and they really have no choice,” said Dennis Dickstein, a Realtor at Real Estate One in Farmington Hills, Mich., who estimates that 20% of his deals are leases.
Mark and Rhonda LaVelle decided to buy a bigger home … (2 comments)
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mortgage: Improve Your Credit Score Before Searching for a Home - 09/09/10 04:47 PM
Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home. According to the experts at Buy-and-Sell-House-Fast.com, the following tips will … (1 comments)
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mortgage: Fed: Give Borrowers Time to Change Their Minds - 08/18/10 06:47 PM
The Federal Reserve released a proposal Monday to give mortgage applicants three days to change their minds.The proposal was part of a 930-page document that clarifies and finalizes the new financial reform law. The Fed’s document says that for closed-end loans secured by real property or a dwelling, a creditor must:• “Refund any appraisal or other fees paid by the consumer (other than a credit report fee), if the consumer decides not to proceed with a closed-end mortgage transaction within three business days of receiving the early disclosures (fees imposed after this three-day period would not be refundable); and• “Disclose the … (1 comments)
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Christopher Pataki Hockessin Delaware Real Estate
Hockessin,
DE
More about me…
RE/MAX Associates
Address: 1302 Old Lancaster Pike, Hockessin, DE, 19707
Office Phone: (302) 234-3800
Cell Phone: (302) 562-0628
Email Me
Working with buyers and sellers to aid in financial decisions using real estate. I service the following areas - Hockessin, Wilmington, Newark, New Castle, Bear, Middletown, Townsend, Delaware City, Claymont and other areas of New Castle County Delaware
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