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new: Mortgage-Treasury Spread Hits New Lows - Are mortgages safer now? - 04/05/10 11:51 AM
Mortgage-Treasury Spread Hits New Lows - Are mortgages safer now?
In mid-March, a number of articles were published suggesting that the end of the Federal Reserve's Mortgage Backed Security purchase program might drive mortgage rates somewhat higher, fairly quickly. The Fed had telegraphed this upcoming action very loudly and very clearly since 2009.
The program has had substantial effects on mortgage rates over the past 16 months. It immediately lowered mortgage rates by 1/2% or more, and, over its course, brought 30-year fixed rates to their lowest point ever, at 4.71% in December of 2009. It also had a profound effect … (0 comments)
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new: Combining Education with Mortgages: My Job is Much More than Just Writing Loans - 02/24/10 07:12 PM
Combining Education with Mortgages: My Job is Much More than Just Writing Loans
Education is important.
Without education, income levels are lower. According to the macroeconomics textbook used in the course I'm teaching right now, in the United States, each year of education accrues a 10% average increase in income for its recipient. Education can help consumers avoid traps like sub-prime mortgages. Education may be the key to the next technological innovation that will spur economic growth.
I have made a commitment to education, both in my business, and in my personal life. I've certainly consumed a lot of it (18 … (0 comments)
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new: 2010 New Hampshire FHA and Conventional Loan Limits by County - Jumbo Cutoffs - 01/12/10 04:38 PM
2010 New Hampshire FHA and Conventional Loan Limits by County - Jumbo Cutoffs
Wondering what makes a Jumbo mortgage in New Hampshire for 2010? Here's the updated limit information, compiled from the Federal Housing Finance Authority and the Federal Housing Administration by county.
County FHA Limit Conventional Limit
Belknap $281,250 $417,000
Carroll $271,050 $417,000
Cheshire $271,050 $417,000
Coos $271,050 $417,000
Grafton $281,250 $417,000
Hillsborough $402,500 $417,000
Merrimack $302,500 $417,000
Rockingham $523,750 $523,750
Strafford $523,750 $523,750
Sullivan $271,050 $417,000
Again, for 2010, neither Agency nor FHA loans will observe a different limit amount than 2009.
Please contact me if … (0 comments)
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new: 2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers - 12/31/09 02:39 PM
2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers
As I reported previously for Rhode Island and Connecticut, 2010 is an year off from changes in maximum FHA loan amounts, and the same holds true for Massachusetts. Here are the area loan limits, by county:
Barnstable County: $462,500
Berkshire County: $271,050
Bristol County: $475,000
Dukes County: $729,750
Essex County: $523,750
Franklin County: $318,750
Hampden County: $318,750
Hampshire County: $318,750
Middlesex County: $523,750
Nantucket County: $729,750
Norfolk County: $523,750
Plymouth County: $523,750
Suffolk County: $523,750
Worcester County: $385,000
For those who have read the Connecticut article, you'll notice that … (0 comments)
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new: 2010 FHA Loan Limits for Rhode Island - Unchanged from 2009 - 12/31/09 01:28 PM
2010 FHA Loan Limits for Rhode Island - Unchanged from 2009
Yesterday, I wrote about the updated FHA lending limits for Connecticut. To learn more about the methodology used in calculating limits, I would suggest circling back to that article. Today, I want to pass along the same information for Rhode Island.
This year has been a relatively quiet one in real estate pricing in Rhode Island. Almost all areas saw a decline in value, some very significant. If anything, I believe Rhode Island is fortunate not to have seen its FHA loan limits cut for this year. FHA limits are … (0 comments)
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new: 2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment? - 12/30/09 02:15 PM
2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment?
There are fewer than 36 hours left until 2010, so it's time to start thinking about some of the changes we'll see in mortgages in the New Year. One aspect of lending that changes eery year is the amount that can be borrowed using the government's Federal Housing Administration (FHA) insurance program. Each county across the country is given a different amount based on average home prices within that county.
For 2010, as 2009, certain counties have received higher than normal … (2 comments)
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new: Mortgage Disclosure Improvement Act, or why I'm working late tonight - 07/28/09 04:57 PM
Good evening! I wanted to post a quick note tonight to let you all know what I’ve been working on for most of this working week so far. The Mortgage Disclosure Improvement Act, or MDIA, was enacted as a rider to one of the many stimulus-related bills that have cleared congress this year, and will be implemented on July 30th. The act brings with it significant changes to disclosure paperwork that are intended to make consumer choice among mortgage sources more competitive, and, for the most part it should succeed there. It also contains certain procedural changes that will have a … (3 comments)
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new: Understanding Construction and Rehab Mortgage Options - 06/11/08 09:23 AM
Great opportunities exist in the real estate market right now. Many homes are selling for far lower prices than they brought at their last purchase. 3- and 4-unit properties are often available for a song due to extreme reductions in viable financing options. But what about getting a home that is right for you? The problem with real estate on the market right now, is that none of it is customized to your tastes.
Enter Construction and Rehab Mortgages. These mortgage programs allow for things that regular loans do not, specifically the financing of funds to build a new home, or … (2 comments)
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new: Buyers' Bonus Mortgage Program - No Principal or Interest for 6 months! - 02/04/08 11:05 AM
I wanted to share something with you today. It's a program that you might have heard of before. I hadn't made it a priority recently, as many of the lenders I recall offering it had suspended it, but one of our biggest lenders has recently reinitiated the Buyers' Bonus mortgage program.
This program allows builders of new homes to make principal and interest payments for buyers for up to 6 months after the initial purchase. Buyers will still be responsible for payments of taxes and insurance escrows, but this program could easily reduce their initial monthly payments by as much as … (7 comments)
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Dan Hartman
Providence,
RI
More about me…
Province Mortgage Associates - (401) 263-8655
Address: 10 Davol Sq, Providence, RI, 02903
Office Phone: (401) 490-4400 x 114
Cell Phone: (401) 263-8655
Email Me
Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!
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