Do You Have What It Takes To Get A Mortgage? - 12/23/11 10:03 PM
Do You Have What It Takes To Get The Loan? When looking to get pre-approved for a loan, there are many factors to consider so you get the lowest interest rate possible for your mortgage. Here are the minimums you should consider when applying for a mortgage:
The minimum down payment most lenders accept is between 5%-10% for conforming loans, and 10%-15% for conforming jumbo loans.
The minimum credit score accepted is between 620-660, with FHA’s minimum is 580-670 depending on your state. But to get the best rate, you want to aim your score to be higher than 720.
You … (0 comments)

‘HARP 2.0’ Implementation Continues - 12/23/11 09:32 PM
‘HARP 2.0’ Implementation Continues As we near the end of 2011, the holidays can normally drive slightly higher mortgage rates as investor demand pulls back. Rates, however, have remained aggressive as ever as the balance of supply of mortgage applications versus investor demand has remained steady. The U.S. dollar and government debt continues to be a safe haven among investors worldwide. With the rating agencies continuing to downgrade and issue caution toward European countries for their debt levels, plenty of investment demand remains for Treasuries and mortgage-backed securities, keeping rates historically low. Many believe the positive economic news from last week, … (0 comments)

Relocating in 2012? Tips to Make It Easy - 12/23/11 09:30 PM
Relocating in 2012? Tips to Make It Easy Maybe you got the job of your dreams, or maybe you’re just looking for something new, but either way, you’re suddenly faced with the daunting task of picking up your life and relocating it to a new state. How do you know which areas are family friendly in your new town? Do they have movie theaters nearby? How do you know if your furniture will fit in a house in another state?
First thing is first: no matter how much help you’re receiving during your relocation process, you cannot research the new location … (0 comments)

Housing Rebound Predicted for 2012: 6 Reasons Why - 12/23/11 09:29 PM
Housing Rebound Predicted for 2012: 6 Reasons Why The New Year is almost here, but what can we expect to see in 2012? Experts say that there have been strong signs that the single-family housing market is ready for a rebound this year. The National Association of Realtors is forecasting that there will be a 5% increase in housing demand in 2012 and home prices will begin to edge higher during the year.
This is due partially to the government’s efforts to support sales and prices in the housing market and finally we’re beginning to see it regain some normalcy. In … (1 comments)

Should You Get a 30-Year or 15-Year Mortgage? - 12/23/11 09:28 PM
Should You Get a 30-Year or 15-Year Mortgage? Last week, we wrote about what you should expect if you get a 30-year fixed mortgage. Another popular option is a 15-year fixed mortgage. Both will keep your interest rate and monthly payments the same throughout the life of your loan, but how do you know which one is right for you?
The main differences between a 15 and 30-year loans are pretty straightforward. With a 15-year fixed mortgage, you’ll be paying higher monthly payments compared to the 30-year, however you’ll also end up paying way less in the long run due to … (0 comments)

Reasons Why We Need So Much Documentation From You - 12/23/11 09:27 PM
Reasons Why We Need So Much Documentation From You As you prepare for a mortgage application, we want to educate you on why we ask for, what may seem like, an excessive amount of documentation during your mortgage process.
Due to lax underwriting from 2004 to 2008, Fannie Mae and Freddie Mac decided that they weren’t being strict enough on mortgage bankers and upgraded their standards in an attempt to prevent default mortgages, which began in 2008.
In order to sell any loans to Fannie Mae or Freddie Mac, lenders have to make sure we meet their requirements. This has led … (0 comments)

Real Holiday Movie Homes - 12/23/11 11:19 AM
Real Holiday Movie Homes The holiday season is usually associated with family and home. So it’s no wonder that when it comes to some of our favorite holiday movies, the homes are just as memorable as the movies. While some of these homes were created by Hollywood, there are a few that are real. Here’s a list of and where you can still find them:
1. Miracle on 34th StreetPort Washington, NYThis actual home was the dream home of little Susan Walker that Santa helped her find at the end of the original Miracle on 34th Street.2. Home AloneWinnetka, ILThe home … (0 comments)

90 Day Flipping Waiver Set to Expire - 12/22/11 11:31 AM
90 Day Flipping Waiver Set to Expire Currently, the 90 day flipping waiver that is in place allows properties to be re-sold within 90 days and the seller won’t come under any specific exemptions that apply to the 90-day rule.
However, this waiver is set to expire on December 31st, 2011!
HUD has not issued an extension on this waiver at this time. To make sure you’re eligible for the current 90 day flip, make sure your case number is ordered BEFORE December 31st. Reminder: a case number can only be ordered on active applications with borrowers.
The below are the … (0 comments)

What Is a 30 Year Fixed Mortgage? - 12/21/11 12:01 PM
What Is a 30 Year Fixed Mortgage? We know that getting a mortgage can get frustrating, especially if you’re buying your first home. There are many options and terms associated with a mortgage: fixed vs. ARM, FHA, Jumbo and so much more. At Guaranteed Rate, we never like to leave anyone in the dark and want to educate our clients about all mortgage terms so they can choose the best loan for their lifestyle.
Today we’re going to explain one the most popular loan options: the 30-year fixed mortgage.
A 30-year fixed mortgage is a loan whose interest rate stays the … (0 comments)

Will Renters Save the Housing Market? - 12/20/11 01:56 PM
Will Renters Save the Housing Market? Recent news has been buzzing about how the market is improving, but it’s been a slow growth. Many are wondering what can give it the extra boost it needs to be completely healthy, and some are answering it with an unusual answer: renters!
Because homeownership rates fell in the past couple years, rental households have been on the rise ever since. Many potential homeowners prefer to continue renting rather than purchase their own home, making the demand for rentals on the rise. This has resulted in rental rates increasing more than 5% each year and … (0 comments)

Rates Remain Aggressive - 12/19/11 09:39 PM
Rates Remain Aggressive As we near the end of 2011, the holidays can normally drive slightly higher mortgage rates as investor demand pulls back. Rates, however, have remained aggressive as ever as the balance of supply of mortgage applications versus investor demand has remained steady. The U.S. dollar and government debt continues to be a safe haven among investors worldwide. With the rating agencies continuing to downgrade and issue caution toward European countries for their debt levels, plenty of investment demand remains for Treasuries and mortgage-backed securities, keeping rates historically low.
Many believe the positive economic news from last week, along … (2 comments)

Mortgage Rates Hit Record Lows Again - 12/16/11 03:34 PM
Mortgage Rates Hit Record Lows Again This week we saw record low mortgage rates that we haven’t reached since the beginning of October of this year. Although we’ve seen very low mortgage rates over the last few months, we haven’t seen the same lows of early October until now.
Homebuyers should take advantage of these rates while they last, as they can see huge savings on their mortgage from them. Only five years ago a 5% mortgage rate was considered a lucky rate to obtain.
Want to compare rates from multiple lenders? Click here.
… (0 comments)

Buying Your First Home? 3 Steps To Take Before The Mortgage - 12/15/11 02:39 PM
Buying Your First Home? 3 Steps To Take Before The Mortgage Deciding to buy your first home is an exciting, but intimidating step in life. You may have a lot of questions and not sure who can answer them for you. Here are a few things you should consider before making the plunge into buying your first home:
1. Pay Debt Off First
It’s very tempting to ignore your credit card payments to save up cash towards a down payment to your home. However, you should try to eliminate as much debt as possible before starting to save for a down … (1 comments)

FOMC Meeting Summary - 12/14/11 01:53 PM
FOMC Meeting Summary Yesterday’s FOMC meeting was a bit of a disappointment for investors. However, while the Fed appeared pessimistic about the global economy, the US market seems to still be moving in a positive direction.
The weekly MBA mortgage applications revealed a drop in purchases from 8.3% last week to 8.2%, however although there was a downfall if applications, purchase numbers are still coming up positive. Refinance applications came in better, rising up 9.3% on top of the 15.3% gain from last week. This increase is due to the continual low mortgage rates.
Treasury is auctioning $13B of 30 year … (0 comments)

Europe Drives U.S. Mortgage Rates to Historical Lows - 12/13/11 09:37 PM
Europe Drives U.S. Mortgage Rates to Historical Lows We have seen a flurry of economic activity over the past couple weeks, with mortgage rates near all-time lows once again. Last time we saw rates fall to these lows, it was short lived as supply of new mortgage applications surged to fill (and even exceed) investor demand and capacity. In this case, the market hasn’t yet seen such a surge that rates are driven higher, which some attribute to the holiday season.
Last week, although we saw some modest improvements in consumer confidence, unemployment claims, and, news from Europe took center stage. … (1 comments)

Do You Have What It Takes To Get The Loan? - 12/13/11 09:36 PM
Do You Have What It Takes To Get The Loan? When looking to get pre-approved for a loan, there are many factors to consider so you get the lowest interest rate possible for your mortgage. Here are the minimums you should consider when applying for a mortgage:
The minimum down payment most lenders accept is between 5%-10% for conforming loans, and 10%-15% for conforming jumbo loans.
The minimum credit score accepted is between 620-660, with FHA’s minimum is 580-670 depending on your state. But to get the best rate, you want to aim your score to be higher than 720.
You … (0 comments)

Looking Into This Week - 12/13/11 12:18 PM
Looking Into This Week For the second day in a row, mortgages are quietly drifting off the highs. Flows from originators are off to a slow start this week and it looks like liquidity is already starting to wind down for holidays. Supply will likely be light this week and with the usual demand, should keep mortgages propped up.
The EU Summit completely underwhelmed the market last Thursday and Moody’s remarks confirmed the measures were not enough; pointing out that more downgrades could be on the horizon.
Stocks were off today, but are still holding last week’s gains (DOW down 162 … (0 comments)

Should You Refinance Fixed or ARM? - 12/12/11 04:40 PM
Should You Refinance Fixed or ARM? With mortgage rates at historic lows, homeowners are rushing to refinance their homes. A majority of refinancers are choosing fixed-rates; however, is an adjustable-rate mortgage a better option for you?
The answer: it depends on your goals.
Take a minute to establish your refinance goals. Do you fall into the two below categories?1. You’re a homeowner who needs a jumbo loan and you want to keep your payments as low as possible.2. You’re a homeowner with firm plans to sell your home in a few years due to either job transfers or retirement.
If you … (0 comments)

EU Announces New Treaty - 12/09/11 03:29 PM
EU Announces New Treaty After staying up all night, the EU finally came out of their summit with a new treaty, ensuring stricter budget rules. The treaty will require European countries to have balanced budgets that will be submitted to the European Commission, and “automated correction mechanisms” will be put in place if the rules are broken.
Although a deal did come out of the summit as hoped, the response has been lukewarm and the United Kingdom refused to sign on, along with Hungary, Czech Republic and Sweden.
As the markets weren’t affected by the release of this new treaty, mortgage … (1 comments)

Should You Take Advantage of the New HARP? - 12/08/11 12:53 PM
Should You Take Advantage of the New HARP? Starting today, Guaranteed Rate will be imposing the following guidelines for the Fannie Mae DU Refi Plus program. Effective for applications taken on or after December 1st, 2011, this program will allow “underwater” borrowers to reduce the balance of what they currently owe on their house by taking advantage of today’s record low mortgage rates.
Maximum LTV ratio limits:• Max 125% for Fixed-Rate mortgages with terms up to 30 years with DU approval • Max 105% for ARMs with periods greater than or equal to 5 Years with DU approval
Borrower Benefit Requirements … (0 comments)

Have Mortgage Rates Bottomed Out? - 12/07/11 10:37 PM
 
Mortgage rates have troughed. Or, so it seems.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 4.00 percent nationwide — roughly the same rate as it’s been for 5 weeks.
During that times, rates have ranged between 3.97 and 4.02 percent with an accompanying 0.7 discount points, plus “typical” closing costs. Closing costs vary by state and one discount point is equal to one percent of your loan size.
In other words, to get the weekly, published Freddie Mac rate, borrowers in Illinois should expect to pay a complete set of … (3 comments)

Quick Market Outlook - 12/07/11 12:59 PM
Quick Market Outlook Higher prepay speeds are having less effect on the market than Barney Frank’s retirement announcement did on his dry cleaning bill. Mortgages are better bid out of the gate, with Fannie 3.5s up 7 tics. Despite higher dollar prices (3.5s now trading above 102), flows from originators have been averaging an anemic 1 billion per day. Prepayment speeds came out at yesterday’s close in-line with market expectations, up 2-4 CPR month-over-month.
The situation in Europe is still center stage. The ECB meets tomorrow and is expected to cut rates by 25bps. We’re also expecting other announcements including the … (0 comments)

What Everybody Should Know About Europe and Mortgage Rates - 12/06/11 08:58 PM
What Everybody Should Know About Europe and Mortgage Rates This may be the most important week Europe has had since 1999. Mortgage rates currently float unchanged as the world waits, and hopes for, a big deal to emerge from the EU summit on December 8-9.
Italy came out with a new $40.2 billion austerity package on Sunday, while Germany’s Angela Merkel and France’s Nicolas Sarkozy announced that a Franco-German agreement has been completed for the EU summit to consider.
Everything seems to be in place for a large deal, but with 27 EU members with different political views having to agree … (0 comments)

Do You Pay the Lowest Mortgage Payments Available in Last 15 Years? - 12/05/11 12:45 PM
Do You Pay the Lowest Mortgage Payments Available in Last 15 Years? With extremely low home prices and mortgage interest rates, owning a home has been the most affordable it’s been in the past 15 years and has become less expensive than renting in many metro areas. In 12 of 27 recorded metro areas, monthly mortgage payments on median homes are currently lower than rent levels. For those parts that aren’t lower yet, there are still huge boosts in affordability in home ownership, while apartment rent prices are expected to rise at least 4% in 2012.
Prices should remain low during … (0 comments)

10 Reasons for Buying a New Home vs. a Resale House - 12/02/11 03:59 PM
10 Reasons for Buying a New Home vs. a Resale House With today’s existing homes market bloated with foreclosures and older homes, a new home may be less appealing when comparing the price tags. But whether you’re a first-time home buyer, or looking to invest, there are ten big reasons why you may want to consider purchasing a new home instead:
1. Buying a better product for your money2. New homes are designed for modern living. They utilize space better and have newer amenities (aka: big closets!)3. Long-Term Efficiency4. Follow New Building Codes5. Energy Efficient6. Green Appliances7. Fire-Safety Features built in8. … (2 comments)

Market Report for Today and Tomorrow - 12/01/11 12:30 PM
Market Report for Today and Tomorrow Mortgages are putting in yet another impressive day this AM after tightening to the curve by nearly 5 tics each of the last 3 sessions. The unwinding of risk by investors has created a lift-a-thon for MBS, which have been met by waves of heavy buying.
MBS shrugged off yesterday’s impressive move in equities (DOW +490pts) and successful bond auctions overnight out of Spain and France. Fannie 3.5s were down 10 tics early and 2 wider, but have since recovered and are in the black on the day after weekly claims came in worse than … (0 comments)

 
Chad Ronning - FHA, VA, USDA, Home Path (Nationstar Mortgage)

Chad Ronning - FHA, VA, USDA, Home Path

Maple Grove, MN

More about me…

Nationstar Mortgage

Address: 6445 Sycamore Ct , Suite 103, Maple Grove, MN, 55369

Cell Phone: (612) 250-1544

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My goal is to articulate my opinions on mortgage and real estate related news and reports.


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