mortgage rates: How to Improve your Credit Scores
- 05/03/11 07:26 AM
As you may know your credit score is an important factor in determining the overall cost to your mortgage loan. Interest rates are priced based on the middle of your 3 credit scores. The 3 major credit bureaus have an automated system that determines your credit scores based on several primary factors. The factors are: 35% is based on your payment history for all your accounts 30% is based on the amount you owe on revolving accounts like credit cards 15% is based on ow long you have been using credit 10% is based on your applications for new credit … (0 comments)
mortgage rates: Congress looking to Extend Home Buyer Tax Credit
- 06/16/10 11:54 AM
For those of you who have clients who are in contract on a property that was signed by April 30th you may be in luck if you are cutting it close to the June 30th deadline for the tax credit. Congress is considering an extension of the Home Buyer Tax Credit for those that are having trouble ( usually by no fault of their own) closing by the end of June. This would be a huge relief for many borrowers and real estate agents who are having trouble because of a long drawn out short sale negotiations and issues on bank owned … (2 comments)
mortgage rates: Fannie Mae and Freddie Mac won't write down your loan balance
- 05/27/10 01:09 PM
The Federal Government's pressure to get loan servicers and investors to reduce homeowners loan balances is getting heavier but the two biggest owners of mortgages are not listening. Fannie Mae and Freddie Mac who are controlled by the Government are not in the business of lowering the principal balance on the loans they own. They may modify your loan and lower the interest rate though. The Obama Administration has said they would require loan servicers to "consider" lowering balances on troubled homeowners mortgages. Essentially Fannie and Freddie would have to use tax dollars to supplement the losses of the write downs. … (0 comments)
mortgage rates: The Perfect Storm is Brewing in America
- 11/19/09 10:29 AM
The Perfect Storm is Brewing right now in America right now. The Government is printing money at a record pace, the country's deficit is rising to nearly 14 Trillion dollars and unemployment is over 10% now. I realize this is doom and gloom information but let's get real here. The Fed has nearly finished purchasing it's 1.25 Trillion in Mortgage Backed Securities. This move by the Fed has artificially pushed interest rates lower in 2009 which has been great for business of course but supply still has to come to the market as well. With the weight of more supply hitting … (5 comments)
This is my blog all about the world of Mortgages and financing.
I will cover a variety of topics from what is happening in the current housing and mortgage market to how this affects you and your finances and what you can do to put yourself in a better situation financially.
God Bless,
Dan Chapman
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