mortgage: Webinar Invitation: Inrease Sales with Credit Restoration - 07/21/08 10:58 AM
… (2 comments)
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mortgage: Mandatory FHA Loan Fees Increase for Some, Fall for Others - 07/21/08 10:03 AM
The FHA risk-based pricing matrix For the first time in its history, the FHA changed its funding fees and mortgage insurance structure this week. FHA-insured home loans are now subject to a risk-based pricing adjustment, as shown by the table above.
Because of risk-based pricing, FHA home loans are now … (0 comments)
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mortgage: You've Been Pre-Approved -- Now Get RE-Approved - 12/19/07 10:21 AM
Even if you've been recently pre-qualified (or pre-approved) for a mortgage, it may be prudent to get "re-approved". The mortgage industry is changing quickly; being prepared beats the alternative.
Recently, mortgage lenders have made adjustments in what they will lend, and to whom. This shrinks the pool of eligible mortgage borrowers.
… (3 comments)
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mortgage: How to Squeeze Extra Tax Deductions from Your Mortgage In 2007 - 12/18/07 04:55 PM
For most Americans (but not all), mortgage interest is tax-deductible in the year in which it was paid.
With some advance planning, therefore, a homeowner can increase his 2007 tax deductions by paying additional mortgage interest while the calendar still reads 2007.
The key is to make the mortgage … (1 comments)
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mortgage: Mortgage Rates are Going Up -- But Not for the Reason You'd Expect - 12/13/07 12:16 PM
Conforming mortgages are getting more expensive -- but not because of mortgage rates.
To protect against further weakness in the housing sector, Fannie Mae and Freddie Mac are instituting "delivery fees" on all conforming mortgages, effective March 2008.
Fannie Mae's Adverse Market Delivery Charge and Freddie Mac's Market Condition Delivery Fee will … (7 comments)
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mortgage: Want More Proof that the Fed Doesn't Control Mortgage Rates? - 09/21/07 09:08 AM
For more proof that the Fed does not control mortgage rates, consider this:
In the immediate aftermath of the Fed's decision to lower the Fed Funds Rate by 0.50%, mortgage rates improved by about 0.25% on average.
But, in the two days since, mortgage rates have not only given back those … (8 comments)
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mortgage: How Prime Rate Relates to the Fed Funds Rate - 09/20/07 09:07 AM
Prime Rate is currently 7.750%.
Prime Rate is the "shorthand" name for the Wall Street Journal Prime Rate, a variable interest rate that is used in pricing many types of consumer loans.
These loans include:
Home equity lines of creditCredit card loansAuto loans Prime Rate's variable nature is tied to the … (7 comments)
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mortgage: Making English out of Fed-Speak (September) - 09/19/07 09:11 AM
The Fed lowered the Fed Funds Rate by 0.50% yesterday. A rate decrease was expected by most market participants, but the 50 basis points movement seemed to catch some players off-guard.
Mortgage rates dipped in the wake of the announcement, but the real winners are homeowners with balances on their home … (0 comments)
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mortgage: How the Fed Will Disappoint No Matter WHAT it Does Today - 09/18/07 08:54 AM
It's all eyes on the Fed today; the market anxiously awaits the central bank's 2:15 P.M. ET press release.
Some of the market bias towards a 0.50% rate cut has decreased in favor of a 0.25% cut. This shift is largely psychological.
Markets are trying to "get inside … (3 comments)
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mortgage: The Week in Review (September 17, 2007) : What to Watch For - 09/17/07 09:17 AM
The volatile path of mortgage rates last week followed the changing expectations for Tuesday's Federal Open Market Committee meeting.
The FOMC sets the Fed Funds Rate, a benchmark interest rate upon which Prime Rate is based.
According to Federal Funds Rate futures, there is a 94 percent chance that the … (4 comments)
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mortgage: What Would it Take for YOU to Feel the Pinch of Higher Gas Prices? - 09/14/07 08:48 AM
As crude oil crossed $80 a barrel Thursday, the Wall Street Journal ran an interactive poll with its readers.
What sustained price for gasoline would cause you to cut back on other household spending?
The graph above shows the on-going results of the non-scientific study. You can chime in, too, at http://forums.wsj.com/viewtopic.php?t=805.
… (10 comments)
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mortgage: What the Price of Gold Says about the Economy - 09/13/07 09:33 AM
Headlines today read that the value of gold is nearing its all-time high (adjusted for inflation). The lay people would ignore this story, but those in the know understand that the price of gold is usually reflective of the state of the global economy.
The spot price of gold tells a lot … (0 comments)
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mortgage: Why Mortgage Rates Fell BEFORE the September 18 Fed Meeting - 09/12/07 06:02 PM
Mortgage rates "come from" one place only: the prices of mortgage bonds as determined by investors.
The higher the price, the lower the corresponding return, or rate.
Bonds -- like stocks -- are traded as securities. An investor may buy Microsoft stock if he thought the company's future looked bright, … (8 comments)
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mortgage: How Today's Jobs Report Impacts Mortgage Rates - 09/07/07 10:15 AM
This morning, the government reported that the U.S. economy lost 4,000 jobs in August. Led by losses in manufacturing and construction, this is the first time since 2003 that the economy has failed to add jobs in any given month.
Markets had been expecting a job gain of roughly 110,000, but … (4 comments)
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mortgage: Traders Predict The Fed Funds Rate Future Using Options - 09/06/07 11:10 AM
The Federal Open Market Committee meets September 18, and traders are aren't quite sure what to expect with respect to the Fed Funds Rate.
Will the FFR stay unchanged? Will it FFR decrease? If it decreases, by how much? These are questions that are perplexing market participants.
Luckily, we … (2 comments)
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mortgage: Like The Fed Funds Rate, The Fed's Discount Rate Does Not Control Mortgage Rates - 08/21/07 02:03 PM
Friday, the Federal Reserve lowered its Discount Rate by 0.50% in an effort to preserve liquidity among our nation's banks.
This has nothing to do with mortgage rates that people like you and I get for our homes. Well, not directly at least.
The Discount Rate is the rate at which … (6 comments)
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mortgage: 7 Things You Must Never Do When Applying For a Home Loan - 08/18/07 09:55 PM
This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.
Don't buy or lease an auto! Lenders look carefully at your … (14 comments)
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mortgage: Is Your Loan Officer Incorrectly Reading In Which Direction Mortgage Bonds Are Moving? - 08/16/07 10:15 PM
As we discuss over and over again, mortgage interest rates are determined by the price of mortgage bonds. Nothing else, and nothing more. The challenge in that truth is that mortgage bond pricing is not very accessible to the general public.
This includes the press.
As a result, the media … (4 comments)
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mortgage: A Few Good Reasons To Ignore Your Mortgage Prepayment Penalty - 08/15/07 11:12 AM
Industry trade magazine Inside B&C Lending pegs the 2006 dollar volume of new sub-prime loans at $640 billion. According to the Real Estate Charts chart (exhibit 18), 78% of those dollars were in 2-year adjustable loans.
A loan of this variety is often called a 2/28 ("two twenty-eight").
A 2/28 originated … (7 comments)
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mortgage: Simple Steps To Keep Home Insurance Costs Down - 08/14/07 11:06 PM
As homeowners insurance premiums rise across the nation, Bankrate.com writes a helpful story on ways to keep your premiums down. The tips may surprise you.
Some of the highlights include:
Don't think a series of small claims is better than one big claim. The smaller claims are more expensive to process for … (5 comments)
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mortgage: The Fed Funds Rate Does Not Directly Impact Mortgage Rates - 08/14/07 10:28 AM
It's been on the news a few times lately, so let's address a key misconception about the Fed and its relationship to mortgage rates.
The markets now anticipate that the Fed will lower the Fed Funds Rate within the next 45 days. As a mortgage rate shopper, there's not much reason … (9 comments)
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mortgage: What's The True Risk In Mortgage Lending? It's Anyone's Guess Right Now. - 08/12/07 05:46 PM
Any security -- stock, bond, or otherwise -- has a specific risk associated with it. Based on that risk, an investor decides whether or not the price is worth paying. If the security is a "good value", an investor will buy it. If not, the investor will pass.
Until recently, mortgage … (2 comments)
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mortgage: Why Alerting Your Mortgage Lender About Bad News In Advance Is Better Than Surprising Them - 08/10/07 02:34 PM
Having trouble paying your mortgage? You aren't alone. According to RealtyTrac, 1 out of every 134 homes filed for foreclosure in the first half of 2007.
More and more, though, mortgage companies are doing their best to work things out with delinquent homeowners.
Loss of a job or a sudden medical emergency are … (5 comments)
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mortgage: Are You Eligible To Get Rid Of Your PMI Payments? - 08/10/07 02:18 PM
If you're currently paying Private Mortgage Insurance (PMI) and have been for several years, it may be time to petition your lender to have the PMI payment removed.
Waiting for it to drop off "automatically" may mean you will be stuck with the higher payments for at least five to ten years … (4 comments)
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mortgage: Why Downpayments Are Investments, Not Cushions - 08/10/07 02:00 PM
When home prices are stable or falling, home buyers often mischaracterized their downpayment on a home, calling it their "cushion" against falling home prices.
Nothing could be farther from the truth.
Nobody wants to owe money when they sell their home. In fact, when asked, most people will answer that they just want … (3 comments)
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mortgage: Important Guideline Changes - 08/10/07 01:34 PM
****I saw this today and had a really good laugh! I just had to share this with you guys!****
Very Important- Guideline Changes Effective August 8, 2007
All borrowers must have one blue eye and one brown eye to qualify.LTV > 65% SIVA requires minimum credit score of 849.For all LTV > 65%, … (3 comments)
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mortgage: National City Mortgage Reiterates its Strong Position and Continuing Commitment to the Mortgage Industry - 08/10/07 09:59 AM
August 10, 2007 - Reflecting recent conditions in the mortgage markets, several media reports have questioned the strength of National City Mortgage and its future participation in the mortgage industry.
National City Mortgage derives strength from its status as a subsidiary of National City Corporation (NYSE: NCC), one of the … (2 comments)
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mortgage: How To Answer "How Much Home Can I Afford?" - 08/10/07 01:38 AM
Home shoppers know to consider the impact that a new home will have on their household budget and that is called keeping your eye on the ball.
Unfortunately, most shoppers are keeping their eye on the wrong ball.
The proper way to answer the "How Much Home Can I … (0 comments)
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mortgage: Ilyce N. Powell Earns Certified Mortgage Planning Specialist (CMPS) Designation. - 08/09/07 11:57 PM
Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisers, regardless of the diversity of specializations within the industry. Columbia, MD -- (SBWIRE) -- 07/09/2007 -- Ilyce N. Powell, a mortgage lender with National City Mortgage, has passed the qualifying exams to … (5 comments)
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mortgage: Maryland Loan Officer Stands Up for Increased Home Buyer Education - 08/09/07 11:50 PM
Columbia, MD -- (SBWIRE) -- 06/29/2007 -- Ilyce N. Powell, CMPS announced today a large investment in increased education for home buyers by joining the National Association of Responsible Loan Officers (NARLO). By joining NARLO, Ms. Powell has agreed to adhere to the strictest Code of Professional Conduct in the … (6 comments)
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mortgage: What Are You Doing to Keep Your Clients and Generate Referrals? - 08/09/07 02:12 PM
The answer should be "relationship marketing." When was the last time you sent an unexpected card at an unexpected time to someone you care about? Do you think it would make a difference?
Do you remember people's birthdays and other special occasions? Do you think that matters to them?
… (3 comments)
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