morgage: Mortgage Applications Jump Last Week - 02/04/10 02:46 PM
Mortgage applications shot up 21 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association. On an unadjusted basis, applications rose 23.5 percent.The unadjusted purchase index increased 17.5 percent compared with the previous week, but was down 11.2 percent from the same week a year ago."Mortgage application volume rebounded last week, returning the purchase and refinance indexes to levels from mid-December," said Michael Fratantoni, MBA's Vice President of Research and Economics."Rates continue to hover around 5 percent, quite low by historical standards, but are well above the record lows seen in 2009, … (0 comments)

morgage: Loan Modifications Effect on Credit Scores - 12/31/09 05:01 AM
What effect will Loan Modifications (have when they) Hit Credit Scores Applying for a mortgage modification and being in a months-long trial period can devastate a home owner's credit score.Under the government plan, troubled borrowers can have their mortgage payments reduced to 31 percent of their pre-tax income. They are first put in a trial modification for several months to test whether they can meet the requirements of the new mortgage.Borrowers who were previously current on their mortgages will see their FICO scores fall about 100 points while they are in the trial period, according to the Treasury Department. Borrowers who … (1 comments)

morgage: Should Underwater Borrowers Stay or Go? - 11/30/09 06:58 AM
Increasing numbers of home owners are struggling with the decision to walk away from their homes because their mortgages are so far underwater.Whether it is a good idea or not is an open question with strong arguments on both sides of the decision.Leaving a home and a mortgage ruins a credit score, complicating future transactions, and makes it more difficult to rent another residence and buy a car.Despite this potential pain, Glenn Kelman, chief executive of Zillow.com, believes that people should consider giving up."I think there are a lot of people who don't walk away from their house for moral reasons … (3 comments)

morgage: Can't Make your morgage payment on that Idaho Home? - 11/29/09 01:07 AM
 Can't make your morgage payment on that Idaho Home? Learn About Making Home Affordable Refinancing Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. Modification Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. Here is a great video and the MAKING HOME AFFORDABLE.GOV web site:
 
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morgage: Appraisal System Gots to GO! - 10/30/09 07:01 AM
When an appraiser is selected from a pool without regard to their knowledge of the area you end up with valuations well below or above what the property is really worth.
I had personal experience with this. I was trying to refinance while the rates were at an all time low. My mortgage company had me pay 900 dollars for an appraisal, even thought local companies were charging 400. When the appraisal company representative came out they were from way outside of the area. The appraisal came in so low the Mortgage company contact person called to apologize and sent someone else. … (4 comments)

morgage: Low interest rates and low housing prices - 10/07/09 03:36 PM
Things are looking up for the real estate market, according to Realty Times. Pending home sales are up by 6.4%. This is the 7th straight month in the National Association of Realtors Forward Looking Index, the longest streak since 2001, an important indicator of where the real estate market is heading.
Regionally pending sales are up 8.2% in the Northeast, 7.6% in the Midwest, less than 1% in the South, an impressive 16% in the Western states. Nationwide new home sales are also up 7/10 of 1% according to the commerce dept.
 Along with rising sales there is good news in … (0 comments)