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mortgage rates cary: Refinance with No Appraisal in North Carolina - 02/25/13 11:05 AM
There are tons of folks who want to refinance their house in NC – but don’t think it will appraise for what they owe. Did you know that there are SEVERAL programs available that do NOT require an Appraisal? If Fannie Mae or Freddie Mac have your mortgage – you can get a loan for more than 125% of what your home is currently worth! Does this mean you can get Cash Out of your home up to that amount? No. But, if you have a mortgage loan that has a balance that is higher than what you owe on your (1 comments)
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 that $700B was needed to buy up troubled assets such as mortgage backed securities (which is why the program was originally called TARP - for Troubled Asset Relief Program). The program was supposed to work by taking the troubled assets off the market and off bank balance sheets thereby enabling (1 comments)
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" like Wells Fargo, of BofA you might want to wait a few days before locking... Okay- so the Fed worked with other Global Central Banks and coordinated a rate cut. Our Fed rates went from 2.0 to 1.5. If you're in the market for a mortgage, you might think that (20 comments)
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 property... closing costs and downpayment combined. With the new rule changes of January 1... we use a STRAIGHT UP number. The base loan will be a 96.5% of the sales price or appraised value - whichever is LESS. If you are working with a loan officer is is unfamiliar with FHA (6 comments)
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 "gifting" and we will need to verify that they actually have the ability to give the money. At the same time, Uncle Sam is paying First Time Homebuyers with a $7500 Tax Credit (for more info click here). Of course, the gift has to be just that - a gift (10 comments)
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, (nontraditional credit), FHA Commissioner Brian D. Montgomery writes: "Borrowers should have two months of cash reserves following mortgage loan settlement from their own funds (no cash gifts from any source should be counted in the cash reserves for borrowers in this catagory)." As a general rule, if you're applying for (2 comments)
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 of WHINING going on with that news. July 14 (Bloomberg) -- The Federal Reserve tightened its mortgage rules by requiring lenders to determine a borrower's ability to repay and barring other practices that led to the collapse of the U.S. housing market. The Fed Board of Governors voted in Washington (10 comments)
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 through a challenging period." Yeah, I can see where losing 70% of your stocks value this year would be challenging! But if you don't own STOCK in Fannie and Freddie - does it really matter to the average citizen in Wake County? I would argue that it does. Since the (2 comments)
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, "Billionaire George Soros said the boom in commodities is still in a "growth phase'' after prices for oil, wheat and gold rose to records. "You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent,'' Soros said today at an (5 comments)
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 Underwriting Guides: LTV's > 97% are no longer eligible for MI regardless of FICO score or AUS decision. LTV's > 80% and FICO < 620 are no longer available for MI regardless of AUS decision. Investment propertis with LTV > 90% are no longer eligible for MI. Recent Additions for (7 comments)
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 poor farmer's fault they were making more for planting corn. Got it. Not the Farmer's Fault. Need to Reduce Consumption... But I'm just a lowly loan officer. I genuinely (pretend to) care about the farmers... But what I REALLY want to know is... WHEN ARE RATES GOING TO HIT 5.0% (18 comments)
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 to ask! One of the variables consumers should ask more about it Mortgage Insurance. There are multiple forms of Conventional Mortgage Insurance - running from Lender Paid, to Financed to Monthly. If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in (4 comments)
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 world wide switched crops from grain and rice to corn. According to the BBC (and others) this shift caused global rice prices to go up over over 70% in the last year triggering an alarming problem for already impoverished nations. The increase in this most basic comodity is already affecting (9 comments)
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 (or Realtor.com) so it's more difficult for a potential buyer to find these properties on their own. The article also highlighted several ways agents are differentiating themselves from others - including using BUS TOURS. "One question is how to advertise these homes. Some brokers like Mr. Braniff think buyers sniff (6 comments)
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 - but HOW they wrote it and the PICTURES they included in their posts! LONG posts with no pictures are never going to get the "press" no matter how well you write! First UP... Justin Williams - Loan Officer Virginia Beach, VA Who wrote a GREAT blog about a FREE real estate (22 comments)
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 room table, located in a vault of the PMI Company, and picked up "live" Deeds and Notes, literally "bundling" them together for the Wells Fargo guys (with guns and armored trucks) to come pick them up and take them to the Federal Reserve. Today's transactions, with Derivatives, SIVS and CDOs are (19 comments)
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 air and said, "I TOL YA' SO!... HA!" For those of you who might not remember... I wrote a blog that says... "The Economist at MBA say that we should all be watching the weakness in the SERVICING industry - as they feel this could be a leading indicator of (10 comments)
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 getting." There are laws and rules and regulations on many levels regarding WHAT a Seller can "give" a Buyer - and Sellers are not allowed to give home buyers downpayment funds. That's where the charities saw an opportunity and the gift assistance programs stepped in, providing a "work around" of (15 comments)
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 Bear Stearns can be laid at the administration's doorstep. In a draft of a speech to be delivered Monday, he declares: "I do not believe it is fair or accurate to blame our regulatory structure for the current turmoil." So what does Paulson think caused the credit crisis? Martians?" The impending news (8 comments)
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 contributor to global warming - coal-fired electricity - by turning off its lights. Over 2.2 million Sydney residents and over 2,100 businesses switched off, leading to a 10.2% energy reduction across the city. What began as one city taking a stand against global warming caught the attention of the world. In (2 comments)
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