mortgage news: Vacation Homes With as little as 10% down: PMI Companies finally relax guidelines - 10/15/09 12:01 PM
Finally, some good news in the form of relaxed guidelines.
This is some great news. PMI Companies have caused many of the guideline changes we have experienced over the past few years since they were not willing go offer PMI on anything that had risk at all.
Just a few weeks … (8 comments)
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mortgage news: New Mortgage Disclosure rules may delay closings: MDIA-08 Effective 7/30/09 - 07/16/09 02:10 PM
Mortgage Disclosure Improvement Act of 2008
Effective July 30th ,2009; the Federal government has put in place new regulations which will dramatically affect how real estate closings are scheduled!!!
Currently when a consumer applies for a mortgage loan, the Lender is required to send out various disclosures within 3 business days, … (10 comments)
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mortgage news: $787 Billion: How can that Benefit us Now? - 02/20/09 02:23 PM
We have heard a lot of talk about the $787 billion government stimulus package. Much of the package is still an unknown... the full details on the Foreclosure plan are not due out until early March, and that will take some time to filter down to the market. We do … (8 comments)
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mortgage news: Things to remember that changed for 2009 - 01/09/09 12:48 PM
There has been some miss-information flowing around in Active Rain so I wanted to toss out a few bullet points to clear up any confusion.
Here are the Important Tid-Bits to remember:
Base Conforming limit for most states remained $417,000
Conforming Jumbo Limit dropped to $625,500
There are still loans available … (9 comments)
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mortgage news: 4.5% 30 year fixed Nonsense, Here is the article that started the rumor: - 12/05/08 01:10 PM
Following is the Washington Post Article that started all the talk of a 4.5% interest rate for a 30 year fixed. Take a quick look at the very first line of the article. "The Treasury is strongly considering a plan". Since when does "strongly considering" Equate to "we will definitely see"? This was … (6 comments)
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mortgage news: The most recent FED announcement makes now the time to buy! - 11/25/08 11:53 AM
Happy Thanksgiving!
Thanksgiving came a bit early this year in the form of an announcement from Uncle Sam.
The Federal Reserve along with the Treasury announced that it will be pumping more money into the economy to the tune of 800 BILLION dollars. $500 billion of which will be slated towards … (2 comments)
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mortgage news: Treasury announcement has caused a BIG drop in Mortgage Rates! - 11/25/08 11:48 AM
Happy Thanksgiving!
Thanksgiving came a bit early this year in the form of an announcement from Uncle Sam.
The Federal Reserve along with the Treasury announced that it will be pumping more money into the economy to the tune of 800 BILLION dollars. $500 billion of which will be slated towards … (2 comments)
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mortgage news: This weeks Economic Calendar: Should I lock or should I float? - 11/10/08 12:20 PM
This weeks Economic Calendar is dominated by Treasury Auctions:
Monday Nov 10: Treasury Auctions $25 BILLION of 3 year notes. This is the first auction of the week which is expected to be a record for a Treasury auction in November (Last November we saw $18 billion)
Monday 2pm: credit … (8 comments)
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mortgage news: FHA announcement New Loan Limit for 2009 - 11/10/08 11:31 AM
Surprisingly we have Conventional and FHA limits being announced with in a few days of each other. HUD announced in it's mortgagee letter 2008-36 the new FHA limits for 2009.
12 counties in NJ fall into the "High Cost" limit for FHA included would be Monmouth and Ocean counties.
One-Unit: $625,500
Two-Unit: … (5 comments)
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mortgage news: NEW FHA limits are posted early this year! - 11/10/08 11:22 AM
Well, close on the heels of the conforming limit being announced on Friday, HUD announced in it's mortgagee letter 2008-36 the new FHA limits for 2009.
It appears that the base stimulus limit will stay at $417,000 to determine the floor and ceiling limits as follows:
In areas where 115 … (6 comments)
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mortgage news: Fannie Mae announces New Conforming Limit for 2009 - 11/07/08 11:56 AM
Below is the letter that was just released today from the FHFA for 2009's Conforming Loan limits. The good news is the base $417,000 number remains unchanged, even though the calculation in the past 2 years should have seen that number drop based on the median prices falling. In high Cost … (7 comments)
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mortgage news: what does the election mean for my Mortgage? - 11/05/08 03:34 PM
Market update, post election: what happened to interest rates?
My buyers always ask me about rates and the market. The election news is a good thing if you are selling a home or if you are ready to buy, the following is my explanation of what makes me think that, along … (5 comments)
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mortgage news: What did the FED move mean for Mortgage Rates? - 10/31/08 02:06 PM
It was a busy week of economic news. The headline for the week is of course the FED lowering the Fed Funds rate 0.5% to 1 %, the lowest in quite a long time. The question that is always on everyone's minds: "What does this mean for mortgage rates?" Unfortunately … (6 comments)
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mortgage news: FED lowers 0.5% - 10/29/08 02:11 PM
It is Official, The Fed announced they lowered the FED funds rate by the anticipated 50bps.
What does this mean for rates? Well so far it is not good news. The Mortgage market was strongly in positive territory for most of the day, and now with just a few hours … (10 comments)
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mortgage news: October 20, 2008 Financial calendar, should I lock or should I float? - 10/20/08 03:48 PM
The Million dollar question as always. What is happening with interest rates??? this is a more difficult question to answer now than it usually is since the markets are not reacting to news as one would expect.
In the past month we have seen a fairly significant run up in interest … (6 comments)
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mortgage news: The New "F-Word" - 09/30/08 12:18 PM
Read beyond the headlines
The word Foreclosure has been tossed around a little too much lately. It is a recurring theme that the media never reports positive information, it only knows how to hunt for the negative information. Here are some of August's numbers based on figures from Realtytrac, Inc.
There … (3 comments)
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mortgage news: When 777 is NOT a lucky number. This weeks forecast. - 09/29/08 04:16 PM
The Bail out of the financial markets has failed to be passed by Congress. What does this mean?
I wish I had that answer for you.... But rest assured that it will not hurt residential lending. Yes, we have less product to offer our clients now than we did a … (11 comments)
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mortgage news: Cha cha cha Changes.... Time for something exciting and new - 08/18/08 09:04 PM
Big NEWS!
As I begin my 21st year in this crazy career I chose for myself I have to decided to do it with a new company. When my old company of 18 years fell in the turmoil of the Mortgage Markets 12 months ago I Thought that my only option … (10 comments)
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mortgage news: Should I lock or Should I float my loan this week August 17, 2008 - 08/17/08 05:58 PM
I am always asked this question, and it isn't always an easy one to answer, especially in today's environment. If you just put contracts in on a house this weekend and you are applying for a loan I would advise that you lock in at the application if you are closing … (5 comments)
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mortgage news: August 17-22 Market news. What is Happening in the Interest Rate Market? - 08/17/08 05:53 PM
What is Happening in the Interest Rate Market?
The Market has been in turmoil with investors being overly cautious to invest in anything with the word "mortgage" attached to it. And it is this pessimism that is leading the movement in the markets more so than the economic data. The problem … (5 comments)
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