mortgage: Rates are going down, what does this mean to your mortgage?
- 03/19/08 03:16 AM
This means that rates are potentially going up, since the feds funds rate which was just cut, mainly applies to corporations on the bank investor. The ten-year treasury note is tied in directly to the bond investor,(not the fed funds rate as is commonly thought) and that is what causes mortgage rates to go down. The catch is that if interest rates go down then bond investors will demand a higher return, thus causing interest rates to go up for mortgages. In addition, many banks or mortgage lenders are charging fees to help them make profits, which causes the mortgage payment to … (1 comments)
mortgage: Mortgage Workshops
- 02/28/08 01:37 AM
With all the fall out with the subprime mortgage industry, it is good that communities are coming together to help homeowners that have questions about foreclosures or ways to avoid foreclosures. In Modesto, there is a mortgage workshop on March 7, 2008, that deals with that issue. They are asking for realtors and mortgage people to volunteer their time and train them on how to address the issues at hand. Mortgage workshops are a good way for communities to get involved in stopping foreclosures and for people to see that realtors care about them. I know that I plan on being … (2 comments)
mortgage: Tips for Avoiding Foreclosure
- 02/25/08 06:15 AM
Being in the foreclosure capital of America, I thought the following tips might come in useful for people in San Joaquin, Stanislaus and Merced Counties. Here are some tips for avoiding foreclosure: If you are unable to make your mortgage payment, don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house, and they have options to help borrowers through difficult times. Contact a counseling agency … (0 comments)
mortgage: Introducing Lani Carlson
- 02/12/08 07:37 AM
I wish to introduce Lani Carlson to the people of Active Rain. She works for First Valley Mortgage in Modesto, California and has been in this business for a very long time (15 years). She is a loan specialist and is very familiar with all the new types of loans and packages that are available to consumers. She also helps consumers do the things necessary to help them purchase a house in the future; whether it be three months or three years down the road. I know that everyone will like her once they get to know her. I have learned a … (11 comments)
mortgage: Mortgage Tax Relief
- 01/15/08 07:59 AM
Many people that live across this vast nation have been in the unfortunate situation of losing their home or having to do a short sale or deed in lieu of foreclosre. It is already hard enough to deal with the fact that their most cherished posession is no longer going to be their, then to learn there could be tax implications is a double blow. If they are able to get a short sale or deed in lieu of foreclosure, then they also are taxed on their income by the amount that is forgiven by the bank. Fortunately this mortgage tax relief law that President … (6 comments)
mortgage: Know if you use Deeds of Trusts or Mortgages
- 11/30/07 07:36 AM
I live in a state that is very unique. Half of the state has deeds of trusts, the others have mortgages. There are only a handful of states that use mortgages and the majority use the deed of trust. The major difference lies after a person defaults. With a mortgage, the laws are different and the owner can buy back the home after the auction for the default has occurred. While in a deed of trust the sale is the final piece to the house selling, which is why most states use it. I know that most people don't have to … (1 comments)
mortgage: Four Ways to Spot a Scam
- 11/28/07 08:19 AM
With the trouble in the mortgage and real estate industry it is essential to your clients to be able to spot scams. Although some may be difficult to spot, others can follow one of these patterns. 1. They ask the seller to help mortgage the property, usually 10-20 percent. Although notes are common in many states, this is a different situation. In some cases, carry the loan altogether. 2. They refuse to give you their real estate license number, if asked. 3. They offer to buy up the equity in your home and allow you to stay in it as long as you … (5 comments)
mortgage: The delay with REO's
- 11/19/07 07:27 AM
I ran into an unusual situation about a month ago, with an REO property. In my area there have been a lot of scams, with people ripping off mortgage companies and couples buying homes. After spending about an hour of research, I found that it was indeed a legitimate property and the realtor was confirmed to be the listing agent. Which relieved my clients. However, they are frustrated as to the delay with the investor getting back to them on the property. I know companies are swamped, but if you are the selling agent, do the other agent a favor and don't … (5 comments)
This means that rates are potentially going up, since the feds funds rate which was just cut, mainly applies to corporations on the bank investor. The ten-year treasury note is tied in directly to the bond investor,(not the fed funds rate as is commonly thought) and that is what causes mortgage rates to go down. The catch is that if interest rates go down then bond investors will demand a higher return, thus causing interest rates to go up for mortgages. In addition, many banks or mortgage lenders are charging fees to help them make profits, which causes the mortgage payment to … (1 comments)
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