mortgage rates cary: Rates Started Moving South... Will it last? - 11/25/08 07:52 AM
Those of us in the mortgage business have been watching mortgage interest rates with one eye on our list of past customers, hoping rates will finally mirror the lowering bond market.
The Emergency Economic Stabilization Act (more commonly known as the Wall Street Bailout Plan) was passed under the presumption … (1 comments)
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mortgage rates cary: Fed Cuts Rates - Mortgage Rates NOT Dropping! - 10/08/08 07:02 AM
My email to friends this morning says, "LOCK 'EM IF YOU GOT 'EM!"
GREAT OLE' BIG DISCLAIMER: We are in a little different situation than most of our competitors, because we can allow folks to float their rate down until a few days before closing. If you are working with a "bank" … (20 comments)
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mortgage rates cary: Calculating FHA Downpayment - 09/24/08 02:26 PM
I've been in this business for a while... my daughter would tell you I'm old as dirt... and for as long as I've been in this, we've had a complicated way of calculating FHA Downpayment.
FHA always used acquisition cost. How much were you putting into the total aquisition of the … (6 comments)
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mortgage rates cary: $7500 To Pay Mom Back - 08/25/08 04:13 PM
Many first time homebuyers are looking at past generations for help coming up with a downpayment. FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear. Fortunately, FHA allows for gift money! The gift needs to come with a letter from the person … (10 comments)
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mortgage rates cary: When FHA Requires Cash Reserves - 08/25/08 03:41 PM
We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, … (0 comments)
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mortgage rates cary: Bernanke Makes Underwriting Changes - 07/14/08 01:41 PM
Can we talk? Look, today there's BIG BIG news going on. BIG NEWS.
Fannie and Freddie and Lehman and IndyMac and WaMu and National City - it's the biggest day for financial information and financial stocks we've had in a loooong time.
But there's MORE big news... and FRANKLY... there's a ton … (10 comments)
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mortgage rates cary: Does Wake County Care if Fannie Belly Flops?? - 07/11/08 01:54 PM
Secretary Paulson and Bernanke followed each other speaking on Capitol Hill. In his prepared speech to the House Financial Services Committee, Sec. Paulson made these comments about Fannie Mae (FNMA) and Freddie Mac (FHLMC)... "Their regulator has made clear that they are adequately capitalized." Paulson said the two government sponsored enterprises are "working … (4 comments)
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mortgage rates cary: Commodities Market and Rates - 04/18/08 03:36 PM
I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room. Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, … (5 comments)
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mortgage rates cary: We Have So Much To Unlearn! - 04/16/08 04:08 PM
The Times They Are A Changin'... Again. Seems like every time I think I've figured out what the "rules" are for making a mortgage loan, I have to re-learn them! There's no getting free from this!!
Mortgage Insurance Companies Announced Sweeping Changes, and more are on the way.
Standard A Paper … (7 comments)
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mortgage rates cary: Lock 'Em If You Got 'Em! - 04/15/08 07:55 AM
So it's Gonna' Be ROCKIN' TODAY!!
I did a post yesterday about GREEN - and how the COMMODITIES market was messin' with my MOJO for Rates to Go DOWN! (This just in... Wholesale Prices Soar 1.1% on Food, Energy Costs)
WELL... everybody commented on the fact that it wasn't the … (18 comments)
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mortgage rates cary: Getting the Lowest Payment - 04/14/08 12:46 PM
When clients contact us they are usually looking for the lowest monthly payment - or the easiest way to get into the property with the least amount of money tied up in the transaction.
Most prospects only ask one question... "What's your rate???" In truth, there are MANY other questions … (4 comments)
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mortgage rates cary: Has "Green" Gone Bad?? - 04/14/08 09:15 AM
The health of the world ECOLOGY and ECONOMY are unexpetedly diverging as we learn more about the global need to thoughtfully plan the use of our resources. The unintended consequence of a global push for "Green" is a shift in farmland use. With the rise in the demand for ethinol, farms … (9 comments)
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mortgage rates cary: Another Great Reason To Use a REALTOR - 04/10/08 10:14 AM
The Wall Street Journal found a section of the real estate market that's making some agents rich! In the article published April 9, they focus on several agents across the country that help buyers find deals in foreclosed property - many of the banked owned properties are not listed in MLS … (6 comments)
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mortgage rates cary: Mortgage Pro Week In Review - 3/31/08 through 4/06/08 - 04/07/08 09:50 AM
So my husband has just complained for the 15th time about how much time I'm spending on this post... well there were 51 pages of mortgage blogs to review! If you are a "newbie" (and there were a ton of them this week...) please look not only at WHAT people wrote … (22 comments)
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mortgage rates cary: I'm Not Forecasting Gloom - 04/06/08 06:22 PM
Unlike other Mortgage Professionals you might be working with, I started my career in Mortgage Lending at the age of 15. My father worked, at that time, as one of the first people in the country putting together Mortgage Backed Securities. So for my first job we walked around a conference … (19 comments)
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mortgage rates cary: He Really Hates It When I Say That - 04/04/08 09:52 AM
I work and live with my husband, Steve... which can be tricky. This morning, as we were waiting on baited breathe for the Jobs numbers to be reported (I've been told we don't have a life because I really dig this stuff!)...
I jumped up - Threw my fist in the … (10 comments)
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mortgage rates cary: How to Write a Contract With A DAP - 03/30/08 04:38 PM
First off - A DAP is the "mortgage babble term" for DownPayment Assistance Programs. "Home sellers can help buyers pay closing costs by giving a portion of their proceeds back to the buyer at closing. The amount of seller assistance that's allowed depends on the type of loan the buyer is … (16 comments)
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mortgage rates cary: Did Paulson Lie? - 03/30/08 03:03 PM
I read several economic and political blogs - and this headline caught my attention...
"My Nomination for Lie of the Year"
From the New York Times:
"Mr. Paulson is clearly taking a stand against critics who support even stricter regulations, while rejecting any notion that the crisis in financial markets or the collapse of … (8 comments)
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mortgage rates cary: Earth Hour March 29th - 03/26/08 09:08 AM
I was reading the Cary News - and some of my neighbors are excited about Earth Hour this weekend!
I had not heard about this - but I think it's something my family will participate in too!
"On March 31 2007, for one hour, Sydney made a powerful statement about the greatest … (2 comments)
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mortgage rates cary: Jon Stewart on Recession - 03/25/08 08:36 AM
Okay - so you've probably already seen this (especially if you are a big Jon Stewart Fan Like WE ARE) ... I wrote to Matt Heaton today and asked him to help us out with some insight. Figured he has one of the "bigger" brains when it comes to this stuff, … (9 comments)
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