mortgage: Importance of Mortgage Preapproval - 03/22/12 12:55 PM
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mortgage: HARP2 and the Second Mortgage - 03/21/12 10:53 AM
HARP2.0 has been a Godsend to some. Refinancing at a lower rate that you never thought you could get is a welcomed surprise.
But, if you have a 2nd mortgage (also known as H E L O Cs or home equity loans) you cannot roll it into your first mortgage and get a HARP loan. You must either pay it off or have the current lender agree to stay the second position lender.
Your 2nd mortgage company may or may not want to do this, understand the HARP program or even be set up to accomplish this goal.
1. let them know that there … (0 comments)
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mortgage: Philadelphia Real Estate Market Good for the Feet! - 01/11/12 11:09 AM
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mortgage: L O Comp Must Change - 12/06/11 05:47 PM
The people and mission of the CFPB is to make sure that the Consumer (yes, the first name of the organization) are not ripped off.But, did the Fed LO Comp rule promote the abuse of the public? Let's look at how.1. No discounts from yield spread. You can't help someone by paying anything. Have an extension because of a review appraisal ordered by a lender that ordered the original appraisal from the AMC that they hired? Too bad, consumer pays. 2. Lower loan amount borrowers either pay points (lots of them) or they go to a bank that can charge them up front AND make … (0 comments)
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mortgage: When Can You Get a Mortgage Again? - 11/04/11 08:41 AM
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mortgage: One Year, One Deal, Bad Condo, Sheriff has No Money - 10/20/11 11:02 AM
I just had a mortgage I originated over a year ago close.
No, it was not in underwriting with a large bank that where it fell through the cracks. No, it was not because of an HVCC picked appraiser that took too long because she was serving time for animal cruelty convictions. No, it was not delayed because the condo association secretary could not get it together to get the condo form filled out. And last but not least it was not because of real estate agents that think they are still in high school were too busy picking their … (1 comments)
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mortgage: Death of the Appraiser - 08/18/11 09:04 PM
Remeber, you heard this here!
Just got a mortgage commitment from Wells Fargo. They want the seller disclosure. Can't wait until that gets picked over by underwriting.
What does this really show beyond the obvious? That the lenders will be eliminating appraisers.
They will be replaced by the lender doing an AVM and then ordering a staff home inspector, yes I said home inspector to theroughly check the house out.
This way, they know generically what it is worth but they will get a home that is free of defects.
This has not been announced and it will not be blasted … (0 comments)
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mortgage: NAMB v NAIHP You Decide - 07/06/11 01:03 PM
There is a discussion going on Linkedin that you want to follow if you want to know the details of the financial situation of NAMB.
Here's the link: http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=59634401&gid=100276&commentID=44320207&trk=view_disc
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mortgage: Death of FHA - 06/21/11 11:57 AM
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mortgage: Sex, Soup and the Single Mortgage - 04/12/11 08:42 AM
Can you imagine someone saying to you when you go for a mortgage, “Sorry, I have to screw you.”?
Thanks to the Federal Reserve and their mandate of the “New Porn” has begun.
Go into your favorite mortgage broker and ask them to give you a rate with zero points.
They will go to all their lenders and find you say 5% where the lender pays the broker let’s say $2500.00. But, the broker could give you 4.87% where they made $2100, but they are not allowed to do so. The wholesaler is forced to pay the broker the $2500 … (1 comments)
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mortgage: State of the Housing Market March 23, 2011 - 03/23/11 04:11 PM
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mortgage: Fed to Price Fix, Mortgage to Skyrocket! - 11/21/10 08:03 PM
Is the Federal Reserve Board price fixing the mortgage business in violation of law?
The Fed has a rule that they are making active on April 1 where each mortgage brokerage and banker (excluding banks) set a fixed percentage that they can charge each and every customer regardless of loan amount.
So, if a brokerage is made to charge 1% of the loan amount, the people who want a $40,000 mortgage will have to go to a bank that can charge them whatever they want and the person needing a $2,000,000 loan will go to the bank.
In essence, the banks will be … (3 comments)
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mortgage: Thanks, Bank of America for Raising Real Estate Prices - 10/10/10 10:57 AM
Thank you Bank of America. You have just set in motion the real estate recovery.With was is being dubbed ForeclosureGate, our friends at B of A have suspended throwing people out of their homes for non-payment because of a slight issue with who signed what.Is this a good reason for stopping the foreclosures? I don't know, it's a legal thing. Seems a little weird though. You are either paying or you are not. But that's a different discussion.What we have here is that the legal action is stayed and what will happen is that the shadow inventory we have all been … (9 comments)
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mortgage: Estate Home in Wissahickon School District - 10/03/10 12:30 PM
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mortgage: Refinance Now and Help the Economy! - 09/27/10 06:43 PM
American who itemize and can refinance their mortgage will help America reduce it's budget deficit. If you currently pay 6% on a $300,000 loan, you are paying $18,000 in interest that you deduct on your 1040 to reduce your adjusted gross.When you refi at 4.5%, that amount goes down to $13,500. Your adjusted gross where your tax amount is based on now went up.Add that to the fact that your property value went down and you appealed your real estate taxes along with the lower contributions you made to charities, you are now paying more taxes!Add that to the fact that … (1 comments)
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mortgage: Eric Cartman's Mom Responsible for the Housing Crisis! - 08/17/10 11:58 AM
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mortgage: Is Your Mortgage Person Registered? - 07/19/10 02:09 PM
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mortgage: Congressman Frank to Eliminate Zero Point Mortgages - 06/17/10 09:15 AM
Congressman Barney Frank of Massachusetts during the reconciliation meeting on the Financial Services bill indicated that he wants to eliminate zero point and no cost mortgages for Americans that deal with mortgage brokers or bankers.
These are the majority of the mortgages that are done in this country and their ban will cause millions of potential homebuyers and current homeowners to be unable to finance a mortgage because of the increased costs.
Mr. Frank's basis for this is from years ago when unregulated brokers went wild on overcharging borrowers for loans that were made available by the likes of Bank of America's … (1 comments)
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mortgage: The Future of Interest Rates May/June 2010 - 06/02/10 03:59 PM
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mortgage: Recession 2.0 - 05/27/10 04:31 PM
Sorry to tell you this, sports fans and those that make a living selling real estate, the end is not here.With the rapid deterioration of the Euro and the European economy, the significant drop in the 10 year treasury to lows of the year, the interview on Bill Maher with Dr. Doom, the increase in listings, the end of the tax credit, the drop in the Dow……..and I can go on, we are getting ready for the you know what to hit the fan!A little history.Remember the 90’s? You know the time where the computer and internet cam of age and … (0 comments)
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