home loans: Big Banks or Mortgage Brokers, that is the question?
- 04/26/09 02:52 PM
The big banks have been trying for years to take over the mortgage industry. Why you ask? Because they see how much money they can make off of the unassuming consumer. Today, the majority of mortgage loans are still originated by mortgage brokers, approximately 60% and the banks aren't happy about that. The banks have lobbyists in Washington backed by tons of capital, mainly our deposit money. They are trying very hard to oust the mortgage brokers and take a larger share of the profits. They go on the media via TV and radio bashing the mortgage brokers for all the … (0 comments)
home loans: Hope for Homeowner Program is a Big Flop
- 01/07/09 10:46 AM
The Federal Governments stimulus package that was supposed to help homeowners who are facing foreclosure and who are upside down on their homes turned out to be a big flop. The Hope for Homeowner program which is all over the governments website: http://www.fha.gov/ is having it issues. The main issue is that this program is voluntary. Lenders do not have to participate and they aren't. I've heard that one lender, Flagstar Bank is one of the few that is utilizing this program. Only problem is that they are only refinancing loans that they are servicing, so if your mortgage isn't with … (40 comments)
home loans: Rates are at All-Time Low's!
- 01/07/09 10:32 AM
The Fed announced that they will lower the Fed Funds rate down to a target range from 0 to .25%. This sparked a rally in the stock market and in the mortgage bond market. Mortgage interest rates went down to their lowest levels in years. Rates are hovering around the high 4's to low 5's. Is it possible to see rates drop even further? Only time will tell. Now is the time to refinance or purchase, so don't let this amazing opportunity slip by. Call 661.964.2600Remember to visit our website at: www.southernoaksmortgage.com or www.somloans.com … (0 comments)
The big banks have been trying for years to take over the mortgage industry. Why you ask? Because they see how much money they can make off of the unassuming consumer. Today, the majority of mortgage loans are still originated by mortgage brokers, approximately 60% and the banks aren't happy about that. The banks have lobbyists in Washington backed by tons of capital, mainly our deposit money. They are trying very hard to oust the mortgage brokers and take a larger share of the profits. They go on the media via TV and radio bashing the mortgage brokers for all the … (0 comments)
;)
;)
