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What NOT TO DO When Getting a Mortgage - 12/31/07 02:31 PM
If you are ever planning on getting a mortgage.. please read on! This advice may seem very obvious to you, however every one of these tips at one point has resulted in a client not being able to close on a home when applying for a mortgage. If you follow these basic steps, you'll be worry free when going through the mortgage process!Here are the list of things NOT to do when getting a mortgage:DON'T quit your job!DON'T make any unusually large deposits into your checking/savings accounts.DON'T make any changes to the purchase contract without consulting your mortgage lender.DON'T make any (3 comments)
Ch-Ch-Ch-Ch-Changes... FICO Based Fees - 12/31/07 02:30 PM
Changes.. They ARE happening in the mortgage business without question! The most recent announcement from Fannie Mae and Freddie Mac is an important one. In the last few months there has been a lot of mentioning the 'Re-pricing of Risk'... Their announcement was about new 'Delivery Fees' that will be charged on loans purchased after March 1, 2008. These changes are the outcome of Fannie Mae and Freddie Mac stepping back and looking at the risks associated with FICO scoring. The new fees are strictly based on your FICO score. Here is the breakdown: •· Credit scores between 660-679: 0.750% (1 comments)
The Repricing of Risk: Results with Fannie Mae and Freddie Mac - 12/31/07 02:24 PM
The mortgage market has been a unique one as of late. I've been saying for the last year that lenders are currently re-pricing risk across the board, almost as if their looking over the ledge and backing away to stay in business. The reality is that lending guidelines became very lenient and default rates went through the roof and lenders lost a lot more money than they planned on loosing. Obviously when lenders are going out of business left and right something has to change. Recently, large mortgage purchaser Fannie Mae made an announcement of an 'Adverse Market Delivery Charge'. This is (0 comments)
Bush's Rate Freeze Program.. Who Really Qualifies? - 12/31/07 02:21 PM
Our President has decided to step in and 'freeze' adjustable rate mortgages. The administration suggests their actions can help 1.2 million homeowners. Another statistic (according to the Center for Responsible Lending) says the freeze will only assist 145,000 homeowners, they say the criteria is too narrow to help more. The important part is to understand WHO qualifies for the special treatment. The BEST resource I've found is provided by the Wall Street Journal. Some very specific qualifications for the 'Rate Freeze' are: Loan must have been closed from January 1st 2005 - July 30th 2007. Must have below 660 FICO score. Must (1 comments)
Ameriquest Settlement Finally Trickles Down to Consumers - 12/31/07 02:20 PM
Remember a long time ago.. May 26th 2006 if you want to be specific - a company known as Ameriquest was in some hot water with our attorney general Tom Miller? Well, the settlement that came out of that lawsuit is FINALLY providing restitution for those who were affected by the tactics that the employees were using when originating loans between 1999-2005. This settlement came from a lawsuit accusing Ameriquest employees of deceiving consumers to meet sales quotas. Ameriquest agreed to pay $295 million to consumers nationwide and has reformed its sales techniques. In Iowa, payment checks will range between $159 and $3,389. (2 comments)
What The Fed Didn't Tell You On Tuesday - 12/31/07 02:16 PM
Ok - It's now old news that the Fed decided to cut the fed funds rate (FFR) on Tuesday a .25%. Yes, the stock market was disappointed. Mortgage bonds didn't do anything phenomenal on the news because it was also less of a cut than they expected. The important and should I say 'Sexy News' was the Fed's announcement this morning that they will be auctioning $20 Billion on December 17th to the highest bidder. Yes, that's a pretty big deal. The Fed has decided to step in and make a statement that they aren't going to let this liquidity issue (0 comments)
December 11th Fed Meeting : Will They Cut? - 12/31/07 02:09 PM
In case you've been living under a rock for the past couple weeks, let me be the first to inform you that there is a Fed Meeting tomorrow. Many spectators are expecting a cut. The important concern I must address is how this decision effects mortgage rates. Ok.. Here is the quick and dirty - The Fed only controls the Fed Funds Rate and the Discount Rate (click to read more). The Fed DOES NOT control mortgage rates, this is often a misconception. Mortgage rates are based on mortgage back bonds, also known as mortgage backed securities. These bonds are issued by (2 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.