mortgages: Anyone Have Any Motion Sickness Pills? - 10/13/08 04:14 PM
Today the DJIA - that's the "DOW" to the rest of us - went up 936.42. This was the biggest point gain in the history of the index and the largest percentage gain - 11.08% - in the history of the index, according to this CNBC web page.
Isn't it amazing. … (0 comments)
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mortgages: Don't You Love it! Everyone's an Expert. - 10/01/08 08:05 PM
I don't usually meet buyer's cold at a house but this particular house intrigued me since the "remarks" section was so strident. "Absolutely no contingencies" "Cash Buyer Only" I knew this Buyer wasn't cash but I wanted to see the house and it wasn't that far from where I live/work.
I … (16 comments)
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mortgages: "The Common Sense Fix" to the Financial Meltdown Mess - 09/30/08 08:33 PM
I'm kind of a big fan of Dave Ramsey because he's about getting out of debt and staying out of debt. It's amazing what kind of freedom and stress relief not having the wolf at the door provides. Anyway, he has this "Common Sense Fix" which you can read (it's a … (4 comments)
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mortgages: Has Anyone Noticed? The Economy HAS NOT Collaposed. - 09/27/08 05:52 PM
Here it is, Saturday evening and the economy is still going. Maybe not as strong as it used to but things are still happening. Of course, it's not Monday, yet, so maybe the economy is getting ready to collapse as soon as the markets open on Monday.
Here's something I've been … (0 comments)
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mortgages: OK, Everybody, Stop Doing Anything!!! - 09/25/08 03:54 PM
Is it just me or has the world gone crazy? I haven't seen this type of paralysis in the market since 9/11/01 and that was when some wackos flew a few planes into some buildings scaring the bejeezus out of everyone. Now it seems that the "all bad news, all the … (4 comments)
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mortgages: Are we in for a "Greater" Depression - 09/18/08 06:00 AM
It's hard to think of one Depression being "greater" than another but if you think of "greater" in terms of "more than" the last "Great"Depression we may be in for a hell of a ride. In this morning's edition of The Washington Post there is this article entitled: Markets in Dissarry … (1 comments)
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mortgages: Will Exppectations of Lower Rates Stall the Market? - 09/09/08 08:47 PM
It's not like the market is moving in high gear but I was wondering.....with the recent takeover of Fannie Mae and Freddie Mac and the subsequent expectations that interest rates will move lower as a result, will those expectations put current buyers into a holding pattern?
Here's what I'm thinking. Let's … (7 comments)
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mortgages: Will Rumors of Interest Rate Declines Really Help the Market? - 09/09/08 05:02 AM
I'm not an economist and I don't play one on TV. I don't pretend to know all the ins and outs or the pro and cons of the recent take over of Fannie Mae and Freddie Mac by the Federal Government. However, I am reading and hearing from people who should … (5 comments)
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mortgages: Fannie and Freddie about to be taken over - 09/06/08 07:43 AM
Listening to my morning fix of NPR and reading through the Washington Post, I see that the Federal Government is about to propose a way to take over complete control and management of Fannie Mae and Freddie Mac., according to this article in the Wall Street Journal.
I guess this is … (9 comments)
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mortgages: Can Down Payment Assistance be Revived? Should it be? - 08/15/08 09:02 PM
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters … (2 comments)
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mortgages: One Door Closes...Will Another Open - 07/24/08 02:01 PM
Well, it's almost a done deal. All that's needed is for "W" to sign the thing and it's LAW. No more Ameridream or Nehemiah help for the moderate and income buyer. On top of that, the FHA downpayment is moving UP from 3% to 3.5%
Borrowers can still get gifts from … (4 comments)
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mortgages: Down Payment Assistance about to Go Bye-Bye - 07/22/08 07:52 AM
In today's Washington Post Business section there is this article about the pending demise of Down Payment Assistance for home buyres from the likes of the Nehemiah Program and Ameridream. It seems that HUD has finally convinced Congress that Down Payment Assistance, as it may come from one of these organizations … (23 comments)
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mortgages: Fannie and Freddie are About to Scream "Uncle" (Sam) - 07/10/08 03:47 PM
In this news report out from Bloomberg there are strong indications that the two secondary mortgage market behemoths will be the next ones bailed out by you and me -- the American taxpayer.
It seems that there the current housing market combined with the ever increasing default rate is causing a … (2 comments)
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mortgages: Mixed Messages on Mortgages - 06/09/08 08:09 PM
Besides being appealingly alliterative the mixed mortgage messages coming out from loan officers and the Washington Post set my head to spinning and wondering what type of time warp we are in.
I recently received two e-mails from two separte loan officers working for two separate mortgage companies. One of the … (3 comments)
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mortgages: Fannie Mae Eliminating "Declining Markets" - 05/16/08 01:49 PM
A few months ago the large Government Sponsored Enterprises (GSEs) -- quasi governmental entities that make up the "secondary" mortgage market - imposed declining market guidelines that forced lenders to require larger down payments in areas that were considered "declining markets". These were entire zip codes and entire counties, in some … (2 comments)
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mortgages: Do You Have Enough For A Down Payment? - 04/11/08 08:39 PM
I attended a meeting at my office yesterday and listened while a highly experienced loan officer gave us an update on the current mortgage situation. It was a mixed bag, really, and the bottom line message was that being able to obtain a mortgage to buy a house isn't that easy … (0 comments)
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mortgages: But it's a great location... - 03/28/08 09:55 PM
Yes, Mr. Seller. It is a great location.
Good school district, close to the Metro, close to great commuter routes, close to great shopping, big employer within a stone's throw, pretty subdivision and a nice house. What's not to like?
Welllllll....Very little activity in the subdivision in the last six months makes finding … (0 comments)
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mortgages: Trying to Refinance -- Not a Walk in the Park - 03/25/08 11:47 AM
You would think that since I'm a Realtor I would know all the ins and outs of refinancing and lots of great loan officers that would be able to help me out in a heartbeat. (Pssst. Good credit scores and low debt, too) You might also think that I'd be … (4 comments)
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mortgages: Don't Blink Your Eyes -- Mortgage Rates Down on Fed Action -- Make Your Move! - 03/17/08 08:20 PM
There has been a big hullabaloo about the Federal Reserve stepping in to save Bear Stearns, the big investment bank, and providing more liquidity to the financial markets by becoming the "lender of last resort" for many of the investment banks that hold all the mortgage backed securities that have been … (0 comments)
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mortgages: Just got the Word - New HIGHER FHA Loan Limits Are Approved - 03/06/08 01:24 PM
My good mortgage buddy -- Rob Mercer of First Home Mortgage -- just sent me an e-mail telling my that new loan limits for FHA mortgages have been approved. It's a HUGE jump for the MD Suburbs of DC with the limits in Prince George's County and Montgomery County going to … (2 comments)
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mortgages: Court Rules in Favor of Nehamiah Down Payment Assistance Program - 03/04/08 10:58 AM
A great loan office friend of mine -- Rob Mercer of First Home Mortgage -- recently sent me the good news that the courts have ruled in favor of Down Payment Assistance program like the Nehemiah Program. This program has been a godsend to people who want to buy a house … (1 comments)
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mortgages: Financing that Fixer Upper -- An Alternative for Owner/Occupant Home Buyers - 02/25/08 06:43 AM
A lender friend of mine - Rob Mercer of First Home Mortgage -- sent this interesting e-mail to me about a great alternative to being able to finance the renovations of a lot of the homes that are currently on the market.
I wanted to share some exciting news….
I have … (0 comments)
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mortgages: The Realtor as a "Consumer" - 02/20/08 04:07 PM
Most of the time on Active Rain I see the word Consumer used to mean Home Buyer and/or Home Seller or, perhaps, Borrower. Sometimes we forget that the "consumer" of real estate services is unlike, say, a consumer of food at the grocery store, clothes at the department store or automobiles … (3 comments)
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mortgages: How the Economic Stimulus Package May Affect Your Ability To Buy A Home - 02/18/08 06:31 PM
A great loan officer friend of mine -- Rob Mercer of First Home Mortgage -- recently sent out a little bit of information about the new Economic Stimulus Package. Now, everyone knows they'll be getting a check in the mail but what does it have to do with mortgages?
Currently, the … (2 comments)
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mortgages: Debt - the new Four Letter Word - 02/03/08 08:42 AM
Debt. It's the new four-letter word.
According to the most recent figures I've been able to find, US consumer debt topped $2.5 trillion in 2007.That number also indicates an increase in the rate of debt at 7.5%. Which means that, with each passing year, we are taking on more and … (1 comments)
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mortgages: "Short" Sales, the Media and You - 01/29/08 09:54 PM
I just finished watching a show on CNBC called The Millionaire Inside: Debt Makeover and I was astonished at the real estate advice the Money Mentors were offering.
Granted. The debtors (two couples and two singles) were in deep debt and had pretty poor credit scores as a result. However, there … (2 comments)
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mortgages: Can someone show FHA the way to the Clue Train? - 11/30/07 06:18 PM
I just got word from one of the mortgage guys who sends me regular e-mail that FHA is leaving their loan limits unchanged. This means that the highest they'll go is $362,750 (in the DC Metro area where I work). Sure there are condos, townhomes and even some single family homes … (13 comments)
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mortgages: Montgomery County, MD Recordation Tax Increase Alert - 11/14/07 06:46 PM
As many of you are aware, the Montgomery County Council was considering an increase in the recordation tax on real estate transactions, which currently stands at $6.90 per thousand. The legislation, notwithstanding the poor timing, unfortunately passed yesterday by a margin of 7-1, and even if Isaiah Leggett vetoes the legislation … (2 comments)
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mortgages: Pay Back Time for Appraisers - 11/02/07 02:37 PM
This article in today's Washington Post talks about the current Attorney General for the State of New York going after a subsidiary of First American Corp. for inflating home values through puffed up appraisals under pressure from Washington Mutual - one of the largest mortgage lenders in the country.
The … (7 comments)
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mortgages: Keep Debt in Check - 10/04/07 06:30 AM
As most of us know, the easiest way to get a good mortgage with a preferential interest rate is to have a good credit score. One way to get a higher credit score is to have a low debt-to-income ratio. That is, low or no debt compared to how much you … (3 comments)
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