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Mortgage Pro Week in Review -- 02/16/09 through 02/22/09 - The times of change

mortgage interest rates

The Mortgage Week in review is kind of like the AR week in review. We try to find some of the better mortgage related blogs, trying to bring you current updates and opinions about today's market and those changes taking place. I had to do this last minute because the previous person that volunteered had something come up last minute. And we are always looking for volunteers.

So, onto some important issues. There has been a lot of talk, talk, talk.... about lower interest rates for mortgages in the stimulus package. I feel that there needs to be a better understanding on how this works and why several of us feel that interest rates will go up anyhow. So let's start off this week with an excellent blog by Robert Ashby.

Inflation: Hidden Giant Waiting to Drive Mortgage Rates Higher? by : Robert Ashby

I think this was excellently written and speaks high volumes of the truth. I know so many here on AR like those blogs that make you feel all warm and fuzzy inside, but this could be the reality of where we are headed. You don't hear this from the gov't, because consumer confidence is important to them, even if they need to misinform us or leave the important details out. That is just my opinion, but read a few of the comments though.

And speaking of the stimulus bill, Colleen Craig gives us a quick break down of what is being worked on. The question is, is it just fluff? Who do these new changes help? In my opinion, are we just wasting time and money on these changes? Again, read some of the comments to get an idea of what I am talking about.

Economic Stimulus plan helping the ones that actually paid their mortgage? By : Colleen Craig

Here is another take on what the stimulus bill has to offer those that are in trouble with their mortgages. It's always good to get more insight and another perspective.

Reaching Up To 4 Million At-Risk Homeowners—Housing Affordability And Stability Plan—Part 2 (A) by : Jay Williams

We are hearing so much news about credit scores. If your lender says that you can still get a loan with a credit score under 580, don't hold your breath for too long. Most lenders/investors will be over 620 by the end of this month. Steve gives some thought to what has happened and what will happen.

Mortgage and Credit Score Hurdles - Yet Again by : Steve Kappre

Now, we know how hard it is to save money in order to purchase that new home. With this post, Gerry talks about the different ways that are acceptable from a lenders perspective when it comes to money that is allowed to be used for that new purchase.

FHA downpayment 101-rules to live by by : Gerry Suarez

Should Your Primary Residence be Considered an Investment? by : Fran Gatti (realtor)

Fran brings up a good issue here, and in my opinion, it was poor advice by another realtor. The comments have some thought provoking ideas and feedback, so please don't pass this one up. So, do you consider your primary home to be an investment? How do you look at this?

We have heard so much talk about the new $8,000 tax credit. Nicole not only does a nice job of breaking this down for us, but actually clarifies for us those that are single and making over $75,000 and those married making over $150,000. There is actually a formula for this and those that have modified income that exceed the regular income limits, which still allows you a tax credit.

The $8,000 Tax Credit -- Let's Break it Down by : Nicole Lahti

And anything that Nicole didn't answer in her post, Gwenn was able to cover in this post about the $8,000 tax credit. This was laid out very nicely with 21 questions and answers.

Fannie Mae update to boost housing demand by : Esko Kiuru

The 4 Main Reasons Why Houses do Not Sell by : Christopher & Stephanie Somers (realtor)

Even though this is about mortgages, so is selling real estate. Especially if you need to sell your house, because you need to buy your next house. Here are some good pointers from 2 very good realtors.

The next 7 members for the Mortgage Pro Week in Review :

1. Midori Miller 02/23/2009 through 03/01/2009 (realtor)

2. Darin Osenberg 03/02/2009 through 03/08/2009 (loan officer)

3. Larry Bettag 03/09/2009 through 03/15/2009 (loan officer)

4. Gerry Suarez 03/16/2009 through 03/22/2009 (loan officer)

5. Volunteer 03/23/2009 through 03/29/2009 ( )

6. Volunteer 03/30/2009 through 04/05/2009 ( )

7. Beth Forbes 04/06/2009 through 04/12/2009 (loan officer)

Mortgage blogs by loan officers Here is a list of Loan Officers. If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!! Update : 1/23/09 - The AR groups only show about 35 people, but hold an unlimited number. So just ask...

All About Mortgages/Mortgage Networking Here is a group that many loan officers post their mortgage related blogs in. A good place to learn more about the type of programs, new industry news, and sometimes some inside tips. Don't hesitate to join.

The FHA Mortgage Group - Here is a group that specifically talks about FHA, FHA updates, and what FHA can do for your buyers and sellers.

Mortgages - Another group with anything and everything about mortgages. A diversified group.

We really could use some new volunteers for the Mortgage Pro Week in Review. Even if you are a realtor, a title person, or someone else that is related to the mortgage/real estate industry..... please read below.

MORTGAGE PRO Week in Review A repository for the Mortgage Week in Review. Please don't hesitate in joining this group. And any volunteers for the mortgage week in review, please e-mail Jeff Belonger at jbelonger@ihmci.com

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder

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- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

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For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 02/23/2009 09:26 PM

Comments (33)

Mortgage Week in Review in the Mortgage / Finance Channel

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33 Comments on Mortgage Pro Week in Review -- 02/16/09 through 02/22/09 - The times of change

FEB

Thank you Jeff. Nicely done. I have managed to miss every one of these last week so this is bookmarked.

Jeff, These are great articles. I have to admit, I don't read all of the mortgage posts. I read you and Sardi, so it is nice to have these folks brought to my attention. They have a new subscriber.

You are the best! Thanks again for a great post. I just closed one buyer transaction today and got another buyer this morning. So your information is always welcome. My buyers at the closing today were thrilled with the 8K. And, my new buyers are chomping at the bit. Now I have great information to give them. Thanks. What would we do without you?

I'm on for 3/9 - 3/15 dude.

Great links Jeff - I hop eto get together with you soon to pick your brain for some more good info. Sorry about your no-shows at the get together. I didn't realize you paid for everthing!

Thanks for the mention Jeff, and for the comment. It's an honor to be included with so many great posts. The week after Larry is out for me but I'll gladly do the following one- 03/23-29.

Gerry Suarez, Jr.

Your FHA Loan Pro!

Jeff,

Thanks for the mention and kind words. You know me, I don't sugar coat reality, at least from the way I see it. Today was another case for mortgage rates not heading lower as the DOW was down 250 points and mortgage bonds could only gain a measely 3 basis points. Even with the Fed buying over $8B of the FNMA 4.5% coupon bond, they cannot get mortgage bond pricing through the current resistance layer, making the 4th attempt to break that ceiling a failure. It will be interesting for a while to say the least, but I have yet to see a genuine reason for mortgage rates to move any lower, that is unless the Fed blows their whole wad at once.

I look forward to reading the other posts as it looks like I finally have a few office days (non-flying) for a change.

Thanks for keep this going Jeff.

I will try to keep my eye out for some good articles. This place is getting big.

So, you got Midori on the hook, eh? I like her and have read her often. I look forward to it!!

REBECCA.... . that's why I love these, because they are easy to miss, unless you have someone find them for you. Time is valuable and it just takes too much time to read all of these at first. Thanks for the compliment.

AUDREY.... . I don't read a lot of them either. It just takes a lot of time to find these and the quality ones. And thanks for the follow. I will send you the Jeff Belonger "FHA Expert" badge... lol

SUZANNE.... . well, thank you for the very enthusiastic comment. And I am glad things went well with your previous client. And yes, this would good information to hand out to any new buyer. And if you go to the mortgage pro week group, you can find other good blogs that are mortgage related. thanks

LARRY.... . thanks for volunteering. Looking forward to you finally doing something... lol <kidding> But I am not offering $500 anymore... lol Just a fyi..

BRIDGET.... . I would love to get together sometime soon. I still wish I would have known that you didn't want to go into Philly alone. But next time.. Thanks for the comment and let's talk soon.

GERRY.... . my pleasure... you are one of the sharp ones out there, I just wish you wrote more. So thanks and look forward to when you do the review. It would be nice to sit back and watch this time. ;o)

ROBERT..... . I am with you 110%, hence why I have been predicting higher rates for this summer also. People just don't understand that the gov't can only change rates for a little, which costs tons of dollars. They can't alter or change it at will and keep it there. If they could, it would have changed already. That's what I wrote about in this post....Mortgage Interest Rates will go LOWER !!! Interest rates will go lower !!!

TOM B. ..... . my pleasure and thanks for your continued support with this and your help. Yes, I love Midori's style and presence... and I truly look forward to her week in review. thanks

Hi Jeff ! - Nicely done again. Steve's post on credit hurdles was great, and some excellent explanations on the $8K credit - Nicole's has been getting comments for a week.

Nice recap Jeff !

Cheers !

Sheldon

Thanks, Jeff, for showcasing some of the talented mortgage writers here in the Rain.

No, don't use the INFLATION word! :-) We have enough bad news, we sure don't need to hear that word! Seriously, exceptional post and lots of good reading here, thanks for putting together timely and contextual info.

Wow...I have homework...again...you put a lot of time and effort into bringing us updates for the week...thanks Jeff

Hey Jeff - Long time, I know. Thanks for posting this - it is bookmarked and will be used as a good resource for the clients who are calling.

Jeff- I will just wait to ask you to give an office meeting with the low down on all of this!

SHELDON.... . thanks, I am glad that you were able to get some things out of these posts that were mentioned. And thanks for the compliment & for the support.

JANET.... . thanks... and I would love to see you write one of these since you are one of those talented writers. We need some creativity. Please consider... thanks

CHRIS.... . inflation, inflation inflation. See, that wasn't bad. ;o) But seriously, we need to talk about that and keeping an eye on it. Lower rates will make inflation happen also. Overall, thanks for the kind words & for the compliment.

SALLY.... . yuk, I hate that word homework... lol I have much of it myself to do tomorrow. Thanks for stopping by.

CHRISSY.... . yes, very long. I still get your newsletters... we need to talk some. Hope all is well.

KATERINA.... . Just let me know when you want to do this. Did you get my e-mail about your most current client? Talk soon and thanks

FEB

Jeff: This is excellent information. It is topical and timely. This is a great way to showcase our industry and provide valuable information in one place for all to chew on. Thank for the mention too my friend - I still want to talk radio..... I will be in touch....

Jeff - thanks for keeping this going. As usual, high quality information from a mortgage pro. Go Skins!!

By the way....good reviews. I love Gwenn...she's a newcomer to the rain and she's awesome. Where's my check? I need some Belonger cash....

GWENN.... . thanks for the compliment... I think these could always become timely if there are well-written mortgage related blogs, because the mortgage industry is changing daily. And my pleasure about the mention. thanks

LEWIS.... . my pleasure... looking for you to help out with one of these some time soon.

LARRY.... . oh, it's you again. No money here. My credit scores that you need would be 950. ;o) So no money here...

Jeff - Speaking of the AR Week In Review, I haven't seen that in awhile. Did that go way of Jimmy Hoffa or something?

Nice to see some new and fresh names included in this one. You stepped up last minute in doing this, which makes it more difficult than it already is. By the way, my credit score is 949... but I have compensating factors;)

Jeff, great blog. Awesome information, I have some strong views on this stimulus package, a little angered that if you make more than the cut off you do not get any breaks. What the Heck, I work hard to earn my money and now my taxes are being increased. Anyway, it might help someone who works as hard as I do and needs a break to get ahead, but I still can't help but feeling that I am being taking advantage of just a bit.

Jeff,

Great honor to be included here. I'll hoist a frosty one with you for that. Fannie Mae's initiative could be a beginning for further positive adjustments.

JASON.... . haven't seen it in a while? It wasn't done last week. Yet is was missing from Oct. through Dec. of 2008.... it looks to be back for at least the next 7 weeks. It is nice to see some fresh faces, but you know from doing these, hoping that we see more stuff. In regards to that credit score.... didn't you get like 900 points just for your name? lol thanks for stopping by.

KIM..... . I think many of us have some strong views about the stimulus package. I really haven't written about it in one shot. But I did talk about how lowering interest rates will not really work and that it will hurt us in the long run. But in regards to the tax cuts and those that get penalized that make what I think is not that much, they need to recheck this. thanks for the compliment.

ESKO...... . It was a post worth mentioning, but I don't think that it's going to help much. That has to be one serious investor that has 20% or more down and is still willing to take major pricing hits. Depending on the return and the rents, I see that cutting into the investors profit, hence why I don't feel that expanding it back to 10 properties is going to open up the doors. Just my .02. but thanks for stopping by.

Jeff - This is a lot of useful information. Thanks for spending the time to keep us up to date.

Jeff. this is a great idea for a post. It's nice to be able to come in a review mortgage related posts. Thank you for the inclusion of one of my blogs. I'm honored.

I will be reading the others listed in the review.

Jay

Hey Jeff,

Thanks for including mine this week - I'll get used to it! Just keep the hints coming Dad!

I agree with Kim, I have some very strong views about the plan - as we all do. We'll I'm Off to see what enlightening news the president has to say tonight! I'm sure you'll be up late blogging about it........

Colleen

Jeff - Wow, there is a ton of information here in this one post with some great links ! I have already read some of the highlighted posts and will go back and read the ones I did not. Very valuable and informative information !

Thank you for including our blog post in regards to the week in review. It certainly is an honor. And you are right, often times, it takes selling a house for that consumer to be a buyer, whether they are "stepping up" or "stepping down".

I look foward to the next week in review. It is a great way for us outside the Mortgage industry to stay up-to-date with the recent knowledge and updates !

In regards to other changes, I also am looking foward to President Obama's speech tonight. I still believe the "stimulus" package was more President Pelosi, Reid and Frank : )

LARRY B. ..... . my pleasure.. I hope it helps some.

JAY.... . I love it because it's almost impossible to get around to all of the mortgage posts. And with things so much, it can be a great reference guide, no matter how good you are... thanks and my pleasure to include you... it was worthy.

COLLEEN..... . my pleasure.... but dad? lol I am taping the Presidential Address... I am not in the mood to watch it live. I am not happy with what has happened in recent weeks and I hear him going back and forth on his words & promises now. That is scary. But no politics here.. lol thanks for stopping by.

CHRIS & STEPHANIE.... . I agree, there is so much to read and it's nice when someone puts these together, both for mortgages and real estate. And I found your post appropriate just for that reason, that the sellers usually become buyers.

In regards to the speech tonight... I plead the 5th, unless you read my comment to Colleen. If you want my honesty? I think he is a sales man and doesn't have a great grasp on this and our economy. After talking to so many people, both republicans and democrats, he is going backwards very quickly and his decisions are scaring me to quickly. Just like when I spoke to a client tonight, who spoke to another loan officer. I asked him what rate he was getting and he said that the loan officer was giving him 5.0%, but he'll try for 4.875%. Huh? Try, it's either there or not... it's literally 3/4 of a point worse to get 4.875%. Just as I told the client, he was told what he wanted to hear, because he doesn't know any better and that it sounded good. That is what I have been hearing from President Obama. Okay, enough of politics... thanks

Yes Jeff,

The father of all new bloggers...........I'm following your lead. LOL

Colleen

FEB

Jeff - Add me to the list bro - just shoot me an email when to "perform" - and thanks for the mention above :)

MAR

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Alanna

http://www.craigslistguide.info

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