I hate to bring it to you, but the cost of borrowing has gone up. I am referring to add-ons (read about it), and credit scores. Just a reminder that Prospect Mortgage is a direct Fannie, Freddie, FHA lender: Great pricing and quick approvals (30-day closes anyone?). Make it a good week folks! - Paul
75-day credit makeovers
For scores below 660 I recommend 75 day credit makeovers for 50-100 score improvements. The cost is reasonable and it comes with a guarantee. All the more reason to start the process of getting buyers "mortgage ready" as early as possible!.
New reverse mortgage limits give seniors lifeline Some good news arrived recently, especially for older homeowners who continue to make mortgage payments on their primary residence. The economic stimulus bill signed into law raises the single national loan limit for the country's most popular reverse mortgage to $625,500 from the previous ceiling of $417,000. Read more
Panel: Inventories dropping but no bottom yet Forbes recently gathered a panel of real estate experts to discuss the housing and mortgage markets. Panelists included Pat Lashinsky, Spencer Rascoff, Peter Slatin, Michael Feder and Donald Trump Jr. Read more
Rates up a bit For the week ending April 16th the 30-year fixed averaged 4.82% with an average 0.6% fee, down from last week when it averaged 4.87%. This time last year it averaged 5.88%. Freddie Mac rate surveys.
Some cities feel more pain than others
Forbes evaluated economic conditions in the 50 largest metro areas and identified 10 areas where the cost of living and unemployment are highest. Read more
States contemplate loans for first-time home buyers
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Are you seeing seniors using reverse mortgages to purchase homes?