mortgages: New Fannie Mae Loan-Level Price Adjustment Fees Make Getting a Mortgage More Expensive - 01/19/09 08:30 AM
There's no doubt about that this is a period of historically low mortgage interest rates. When Freddie Mac published its weekly mortgage rate survey last Thursday, we saw that the "average" 30-Year fixed mortgage rate is now at 4.96% - the lowest since the survey started in 1971.
However, the cost … (2 comments)
mortgages: New FHA Requirements for Cash-Out Refinances Go Into Effect January 1st - 12/31/08 08:41 AM
Beginning January 1st, FHA will require a second appraisal for those who are refinancing and taking cash out to more than 85% of the value of the home. This is regardless of the loan amount or the property location.
The property must be the borrower's primary residence for at least … (1 comments)
mortgages: Conforming, Conforming Jumbo, and FHA Loan Limits for Massachusetts for 2009 - 12/22/08 07:01 AM
For the 4th straight year, the conforming mortgage loan limit will remain at $417,000.
What is a conforming loan? A conforming mortgage is one that conforms to Fannie Mae or Freddie Mac mortgage underwriting requirements. Banks and lenders can sell these mortgages to Fannie Mae or Freddie Mac which make up … (0 comments)
mortgages: Don't be Fooled by Misleading Closing Costs! - 12/22/08 06:27 AM
One of the worst questions a customer can ask when determining which mortgage company to use is "what are your closing costs?" Too often, when customers are estimating what their closing fees are going to be, they ask the above question. While the Good Faith Estimate (GFE) is designed to prepare … (0 comments)
mortgages: Why Are Lenders Now Charging a Point For the Good Rates? - 12/15/08 06:25 AM
If case you haven't noticed, lenders are charging a point for the great rates on all their loans, or are getting a much higher rate for a 0 point loan. The reason is the rumor that is currently floating around indicating that the Fed is planning to have mortgage drop to 4.5%. No … (0 comments)
mortgages: 4.5% Mortgage Rates Coming Soon? - 12/04/08 09:12 AM
There are indications that Treasury Dept is considering a plan that, if true, would use Freddie Mac and Fannie Mae to "force banks" to make mortgages available at 4.5% for home buyers. The low interest rate would be available only to those who are purchasing a home, and not for refinancing.
To encourage … (1 comments)
mortgages: Will FHA Allow 100% Financing? - 08/04/08 09:02 AM
In reading through Section 2112 of H.R. 3221 (The Housing and Economic Recovery Act of 2008), it appears that the existing down payment percentage limitations will be eliminated, and financing of up to 100% of the appraised value of the property will be permitted. I wonder - does this mean FHA now has the authority … (2 comments)
mortgages: Funds Available for Handyman Specials and Fixer-Uppers! - 08/02/08 11:49 AM
It just needs a little TLC, right? If your buyers are willing to put some elbow grease into it, buying and a fixer-upper or foreclosure can be a profitable endeavor. But there's a level of risk involved, not to mention a substantial commitment of time and effort on their part, and long … (5 comments)
mortgages: Down Payment Assistance by Sellers For FHA Loans Coming to an End - 07/26/08 12:14 PM
The Senate today (Saturday, 7/26) passed the Housing Bill that was submitted by the House on Wednesday. The vote was 72 for and 13 against, and President Bush is expected to quickly sign the legislation. Among the key provisions of the bill, the program that has allowed sellers to provide down payment … (2 comments)
mortgages: Foreclosure Prevention Workshop Coming to Foxboro, MA - 07/18/08 08:23 PM
HOPE NOW Alliance and NeighborWorks America are organizing a Foreclosure Prevention Workshop at Gillette Stadium in Foxboro, MA on Tuesday, August 12th, from 1pm to 8pm. The event is being hosted by the Federal Reserve Bank of Boston and the New England Patriots Charitable Foundation.
Homeowners who are at risk of … (1 comments)
mortgages: What is CAIVRS and Should I be Concerned? - 07/11/08 02:30 PM
CAIVRS (pronounced "cavers") is an acronym that stands for Credit Alert Interactive Voice Response System. CAIVRS was developed by the Dept. of Housing and Urban Development (HUD) in 1987. It is a Federal government database that contains the names of people who have defaulted on their Federal debts or obligations, have had claims … (2 comments)
mortgages: When Does a Higher Rate Mortgage Mean Lower Monthly Payments? - 07/06/08 04:36 PM
You found a house, and you made an offer. The offer is accepted, and you're excited! You agree on a purchase price of $300,000, and you're able to put 3% down. That means you need a mortgage for $291,000. Now you're ready to apply for a mortgage.
Have many of you … (0 comments)
mortgages: HUD Re-Issues Proposed Rules to Prohibit Seller-Funded Downpayment Assistance - 06/26/08 02:26 PM
HUD recently proposed again regulations that would prohibit seller-funded downpayment assistance.
Generally, under current FHA regulations and guidelines, in order for a mortgage to be eligible for FHA insurance, a borrower is required to put down at least 3% of his own money in the transaction. However, that 3% downpayment could … (2 comments)
mortgages: First Time Home Buyer Programs May be Available in Your State - 06/14/08 05:11 AM
Would you like a free gift of money to be used for the down payment and/or closing costs on the purchase of your first home? If so, I have great news for you! In most states, free money is available for first time home buyers who need help with the down … (0 comments)
mortgages: New Website Launched to Help Homeowners Avoid Foreclosure - 06/06/08 05:16 PM
A recent Freddie Mac survey indicate that more than half of borrowers failed to make contact with their lenders before foreclosure occurred. As a result, the PMI Mortgage Insurance Co. (PMI Group) developed a foreclosure prevention website to educate at-risk homeowners about alternatives to foreclosure.
Through the website, PMI Group is … (0 comments)
mortgages: Hey Lender, What is APR and Why is My Interest Rate Higher? - 06/06/08 08:27 AM
APR, or Annual Percentage Rate, is a term that is defined in section 106 of the federal Truth in Lending Act (15 USC 1606). (For those of you in southern California, USC does not mean University of Southern California. It means United States Code.) APR expresses on an annualized basis the … (1 comments)
mortgages: Shopping for a Mortgage Should be a Lot Like Shopping for Car Insurance - 06/04/08 12:14 PM
When you call your car insurance company, what do you ask for? What's the lowest premium you can give me? Or do you say something along the lines of "I need some car insurance" - and then let the insurance agent ask you a lot of questions to determine how much … (0 comments)
mortgages: Which Mortgage Rate/Point Combination is Best for Me? - 06/03/08 08:33 PM
(Note: You should consult your own financial, legal or tax adviser as to financial, legal or tax advice.)
Points are fees the borrower pays the lender at the time the loan is closed, expressed as a percent of the loan. On a $100,000 loan, 2 points means a payment of $2,000. … (0 comments)
mortgages: When Should I Consider an Interest-Only (IO) Mortgage? - 06/03/08 08:00 PM
ARMs and 30-year FRMs typcially offer an interest-only (IO) option, where the required payment during an initial period, 10 years in case of the 30-year FRM, covers only the interest. At the end of that period, the payment becomes fully amortizing to pay off at the remaining term.
But you pay … (0 comments)
mortgages: Should I Take Out a Fixed-Rate Mortgage (FRM) or an Adjustable Rate Mortgage? - 06/03/08 07:58 PM
Many people are usually faced with deciding between a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM), and sometimes aren't sure which direction to take. This little handy guide should help you formulate your decision.
ARMs have lower payments in the early years than FRMs. But, they expose you … (0 comments)
Licensed by the Massachusetts Division of Banks Mortgage Broker # MB0782. WE ARRANGE BUT DO NOT MAKE LOANS. Lew Corcoran is a Licensed Professional, Massachusetts License MLO69200. Florida Mortgage Brokerage Business MBB 0501382. The content and information or data on this website is subject to change without notice. All loan programs are subject to credit approval. Not all loans or products are available in the states we are licensed in. Information on the website shall not be considered a commitment lend. Restrictions may apply. All loans are subject to credit qualifications and Lender approval.
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There's no doubt about that this is a period of historically low mortgage interest rates. When Freddie Mac published its weekly mortgage rate survey last Thursday, we saw that the "average" 30-Year fixed mortgage rate is now at 4.96% - the lowest since the survey started in 1971.
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