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house: Stated Income Mortgage Loans/ No Income Verification Loans - 07/29/12 06:27 AM
Stated Income Mortgage Loans Stated lncome mortgage loans are a very specific type of loan program. It is very different than a typical home loan. The way it works is just like it sounds; it’s a loan program that doesn’t require you to state any income and requires much less documentation. Where a more traditional loan requires a lot of documentation because the lender wants to insure themselves you are a safe and responsible borrower. With a no income stated loan you do need almost perfect credit and in most cases a fairly high down payment is required since it is (4 comments)
house: Stated Income Mortgage Loans - 05/28/12 02:36 PM
No Income Stated Mortgage No income stated mortgages are a very specific type of loan program. It is very different then a typical home loan. The way it works is just like it sounds; it’s a loan program that doesn’t require you to state any income and requires much less documentation. Where a more traditional loan requires a lot of documentation because the lender wants to insure themselves you are a safe and responsible borrower. With a no income stated loan you do need almost perfect credit and in most cases a fairly high down payment is required since it is (0 comments)
The temptation is strong. There are so many big purchases people want to make in connection with a move: appliances window treatments, furniture etc. When you add to this the fact that, today, everyone offers terms and no money down- well, why not just do it? Answer because you will change what the mortgage industry calls your "debt -to -income ratios" (the relationship of your income to your debt).
Do not change jobs.
If at all possible try not to make a career move during the time between your (6 comments)
house: Relatively Quiet and Modestly Weaker - 05/22/12 04:56 AM
MBS Afternoon Market SummaryBond markets continued the process of leveling off after hitting their strongest levels on 5/17. For MBS, those were all time highs, and for Treasuries, very close to historical lows (1.69 vs 1.67 previous 'modern economic history' low). We see pivot points for 10yr yields at 1.75, give or take a bp, and Fannie 3.5 MBS within a few ticks of 104-10. So today's weakness gets us generally back to those levels. In the big picture, the moves are consistent with the periodic profit-taking pauses seen during long term rallies. If, however, they cross back over the aforementioned (0 comments)
house: Mortgage Rates Rise Slightly From Friday's All-Time Lows - 05/22/12 04:50 AM
Mortgage Rates rose very slightlyfrom Friday's new all-time lows. There were no major market moving events for interest rates today. Instead, we seem to be seeing a sort of 'leveling off' with last Thursday as the low point in terms of the broader bond market. Concerns over the European sovereign debt crisis continue to keep rates from moving too quickly in either direction, and are a major contributor in the low rates in general. 3.75% continues to hold the newly achieved status as "Best-Execution" for 30yr Fixed Conventional loans. That means that today's improvements were seen more in the form of decreased (0 comments)
house: Slightly Bumpy Ride Late, But Important Level Holds - 05/20/12 01:05 PM
104-16 Turned out to be an important level for Fannie 3.5's today. There's more than the usual amount of content in the 'alerts and updates' section below if you're looking to get caught up on how it played out. Long story short, bond markets held up quite well on a Friday that mostly saw money flowing OUT of both sides of the market (i.e. equities and fixed-income both lower in price today). But even the late day volatility left the 104-16 technical level intact through 4pm. From now until MBS go out for the day, it's not out of the realm (0 comments)
house: Mortgage Rates Lower Still, But Progress Is Slow - 05/20/12 01:02 PM
Mortgage Rates marginally from yesterday's new all-time lows. Without any major scheduled events to digest, bond markets were left to their own devices and paid a decent amount of attention to a sell-off in stocks. When yields in the broader bond markets move lower, MBS (the "mortgage-backed securities" that most directly influence lenders' rates) tend to move lower in yield as well, allowing lenders to off lower costs, lower rates, or a combination of the two.With the recent move lower to a 3.75% Best-Execution level for 30yr Fixed Conventional loans, today's improvements were seen more in the form of decreased borrowing (0 comments)
house: Relatively Uneventful Despite Slight Weakness - 05/20/12 12:56 PM
As the trading day progresses, things are shaping up to be increasingly uneventful even though MBS are down 6/32nds. Reason being: everything has been well contained, and what little weakness we've seen has occurred in a rather orderly fashion and without major volume spikes. Bond markets are staying reasonably connected to stocks, given the lack of market-moving data and European headlines. In short, today looks like the "wind down" that we thought yesterday might have been. We're not completely out of the woods as far as potential volatility is concerned. But as far as coasting into the weekend with minimal losses, (0 comments)
house: The Day Ahead: Markets Free To "Trade It Out" Amid Data-Free Session - 05/20/12 12:52 PM
With so many unprecedented and hefty considerations, markets might enjoy today's complete absence of scheduled economic data as some sort of chance to seek its own equilibrium. That sentence was actually lifted from an article we wrote in July 2011 when European drama was first beginning to collide with impending Fed policy changes. The first four days of the week contained plenty of events informing both of those heavy hitters and markets attempted to reconcile those versus the decreasingly significant scheduled econ calendar. Back then, we thought that the data-less Friday looked like a decent opportunity for markets to "trade (0 comments)
house: Snowball Buying As Fedspectations Team Up With Euro-Drama - 05/20/12 12:42 PM
Two of our favorite made-up terms joined forces today to carry MBS to yet another all-time high and 10yr yields to the high 1.6's! The day looked as if it would be a deceleration in terms of volume and volatility this morning, but we turned out to be quite wrong about that, although rates moved in the right direction for MBS watchers. The culprits were overnight headlines in Europe that noted a similar "run on the bank" going on in Spain as the one just seen in Greece. Even if the news and events themselves weren't responsible for subsequent all-time lows (0 comments)
house: Mortgage Rates Officially Hit New All-Time Lows! - 05/20/12 12:36 PM
Mortgage Rates hit new all-time lows today. In most cases, lenders' offerings are just slightly better across the board than they were in late January, the last time we officially noted "new all-time lows," though some lenders are not quite back to their previous best levels. A much weaker-than-expected reading on a widely followed report on business conditions in the mid-Atlantic region gave rates markets a bit of an early jolt lower. From there, an absence of additional data gave way to technical momentum, helping rates even lower.Markets are facing tremendous uncertainty over the eventual outcome of Greek elections in June (0 comments)
house: More Gains On Philly Fed Miss - 05/20/12 12:12 PM
The main market-mover of the morning was the release of the Philadelphia Fed Survey, the chief component of which fell from 8.5 last month to -5.8 today. This happens occasionally with regional manufacturing reports and particularly, we're reminded of the August Philly Fed Index that fell to -22 from a +6.2 in July. Although that instance constituted a bigger discrepancy, today's is arguably as much of a surprise considering the recent relative stability of the data (or even "uptrend" with the exception of last month's minor pull-back). Amazingly, it kicked off the biggest hour of volume of the week by a (0 comments)
house: The Day Ahead: Calendar Lightens Up Before Data-Less Friday - 05/20/12 12:05 PM
If the calendar of upcoming events and y'day's volume are any indication, it's possible that Wednesday was the climactic final scene before the intermission. Volume ramped up steadily on the first three days of the week, hitting it's best levels since mid-March. 10yr Treasuries hit their best levels since October, stocks their lowest since January, and MBS hit all-time highs yet again (and took down a big chunk of originator production in the process).All "that" seemed to come to a head with today's FOMC minutes and obligatory Greek headline(s). On the surface, tomorrow looks much calmer by comparison. Apart from the (0 comments)
house: Data-Less Day Spent Range-Trading Europe - 05/15/12 03:42 AM
Put another hash mark on the wall in the "uneventful, sideways trading day atall-time highs for MBS" column. With nothing on the calendar to offer any guidance, markets were left to their favorite past-time of late: trying to guess whether or not Greece will back out of austerity agreements and how long it would take from there for it to default and exit the EU. Such possibilities have been good for German debt which hit another record low today at 1.43+ on the 10yr Bund. US debt basks in some of that "flight-to-safety" sun with domestic 10yr Treasuries spending the day (0 comments)
house: Week Ends With Light Volume At Highs - 05/13/12 05:08 AM
Volume was fairly light today for MBS and Treasuries alike. Both were more keen to take the casual observer role as European markets and equities underwent the bigger gyrations. German Bunds hit another record low yield and US Treasuries continued to move in the same direction as Bunds, but on a much smaller scale. Overall, the Europe-induced nausea--apart from being one of the main reasons yields are low in the first place--was also good enough to help Treasuries not bat much of an eyelash at a relatively major correction in stocks. S&P's moved up over 15 points in the first few (0 comments)
Mortgage Rates improved moderately today as European turmoil continues to benefit domestic interest rates. Yesterday's late news of a $2 bln trading loss at JP Morgan also contributed to the overnight gains in broader bond markets, but it has been lingering uncertainty about the European situation that allows rates markets to hold steady at lower levels. Many lenders are back in line with some of their lowest rate sheets ever, though none are noticeably better.
The Conventional 30yr Fixed Best-Execution Rate is well-established at 3.875% and some of the most aggressive lenders in the marketplace may be able to (0 comments)
house: MBS MID-DAY: Slow Start, But Positive - 05/02/12 03:54 AM
MBS are 3 ticks higher this morning in Fannie 3.5 coupons at 103-26, a mere eighth of a point off 4/10 highs. That said, the current range is the highest that production MBS have stably been, not to mention the fact that this jaunt is already more stable than previous visits. The only other scheduled economic data of the morning arrives in about 20 minutes with Chicago PMI. It's not normally a tremendous market mover, but its impact could be more noticeable today due to light volume. 8:38AM : ECON: Incomes Accelerate, Spending Decelerates, Inflation Tame * Income +0.4 pct vs (0 comments)
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