home loan: Current Mortgage Rates Lowest On Record - 10/03/12 08:24 AM
Current mortgage rates reached new historic lows as the 30 year fixed rate reached 3.53 percent for a conforming 80 percent Loan to Value home loan.
With mortgage rates lowest on record it’s no wonder homeowners helped push the Refinance Application Index to its highest level since April of 2009.
Low mortgage rates have also helped home buyers purchase an affordable home and have pushed the Purchase Index up by 11 percent on a week over week basis.
Current mortgage rates for home buyers looking to purchase on an FHA mortgage came in at 3.37 percent, putting principle and interest payments … (0 comments)

home loan: Refinancing Boom Amid Falling Mortgage Rates - 03/26/08 05:37 AM
Refinancing Boom Amid Falling Mortgage Rates
Mortgage applications nearly doubled last week after the Federal Reserve slashed interest rates by 0.75 percent last week.
Refinance mortgage applications increased by 82 percent last week as mortgage rates begun to decline for the first time since February 2008. Home purchase applications also increased last week by 10.6 percent which helped bring the overall mortgage application increase to 48.1 percent.
Over the past two weeks the fixed cost of borrowing dropped 0.63 percentage points, which is the largest drop in over four years. In response homeowners raced to refinance by applying for more mortgages … (0 comments)

home loan: Mortgage Rates, Inflation, Unemployment… Oh My. - 02/20/08 05:57 PM
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home loan: 1/1/2008 – Insured Mortgage Default Record - 01/01/08 05:05 AM

Borrowers who opted to carry Private Mortgage Insurance (PMI) on their homes set a record as 61,300 borrowers were at least 60 days or more on their mortgage payments.  The 34.7 percent increase in defaults reflects on the inability of home owners to keep current on their loan payments.
PMI gives borrowers the ability to purchase a home on one loan, avoiding a second mortgage, with less than 20 percent of a down payment.  The insurance guarantees that the mortgage lender will be repaid if the borrower defaults on their mortgage.
Mortgage insurers such as MGIC Investment Corp, PMI Group Inc, and Radian … (0 comments)

home loan: 12/27/2007 - 2007 Year In Review: The Mortgage Meltdown - 12/27/07 01:29 AM
It's clear to say that the meltdown that the sub-prime mortgage market caused to the U.S. economy and other national economies was one of the biggest financial stories of the year. At the beginning of the year not many people outside of the mortgage industry knew what a sub-prime mortgage was, let alone the toll these mortgages were going to take on the mortgage lenders that offered these products.
At the end of 2006 the signs of things to come in 2007 were already on the wall. Homebuilders were building home faster then they could sell home, the inventory of existing homes … (0 comments)

home loan: 12/26/2007 - 2007 Missouri Mortgage News In Review - 12/26/07 05:54 AM
The nationwide mortgage meltdown of 2007 spurred some of the biggest news stories of this year, affecting homeowners and big corporations in Missouri.
Option One Mortgage Corp., a Kansas City based mortgage company, specialized in sub-prime mortgage loans got caught in the meltdown that claimed dozens of mortgage lenders as mounting borrower defaults created huge losses.
Cerberus Capital Management LP announced plans to buy Option One back in April, but due to the worsening real estate market the plan fell through in early December.
NovaStar Financial Inc., another Kansas City mortgage company, was hammered by the sub-prime mortgage meltdown as their stock … (0 comments)

home loan: 12/26/2007 - Montana Avoids Sub-Prime Mortgage Meltdown - 12/26/07 04:56 AM
While Montana has avoided the brunt of the sub-prime meltdown, Montana will not escape the problem all together. Stats show that Montana is well below the national average for just about every category related to the sub-prime mortgage meltdown but homeowners still feel the pains of declining home prices.
In 2006, of the 34,152 loans originated in Montana about 22 percents of these mortgage were considered sub-prime mortgages, according to the Home Mortgage Disclosure Act..
The national rate of foreclosures is roughly 1.8 percent with the state of Montana at about 1 percent according to Michael Grover of the Federal Reserve Bank … (0 comments)

home loan: Mortgage Lenders Cutting Jobs - 08/21/07 03:47 AM
With the battered mortgage industry, mortgage lenders are scrambling to do whatever they can to save every penny they have and to avoid bankruptcy. 
The latest news comes from Capital One Financial Corp. who announced that it is ceasing operations at its wholesale mortgage banking unit.  This move will result in the elimination of 1,900 positions throughout the country.  Capital One claims that the vast majority of these job cuts will take place by years end.
The unit shutting down for Capital One is Green Point Mortgage Funding Inc., which is based in Novato, California.  In addition to Green Point Mortgages headquarters … (0 comments)

home loan: Don't Get Strong-ARMed: How to Read Your Mortgage Documents - 08/06/07 03:22 AM
Every day you read another horror story about the subprime collapse. Most of the stories focus on the negative impact Adjustable Rate Mortgages (ARMs) will have on subprime borrowers once their interest rates reset. But what's often unreported in these news pieces is the fact that the risk extends far beyond subprime borrowers. That's right. Anyone with any ARM that is scheduled to reset may be faced with an interest rate increase of up to 2.00%-3.00%, even A-paper borrowers. This article is not designed to scare you or add to the flood of media hype on this topic. To the contrary, … (0 comments)

home loan: Minnesota Mortgage Law - 07/31/07 10:15 AM
Minneapolis, MN  - On Monday July 30th the Minnesota Mortgage Association held it's monthly meeting to discuss how the new mortgage laws passed in Minnesota will affect how mortgage companies within the state operate.  The panel of speakers included, but not limited to, Wade Abed of Northwest Mortgage also the President of the Minnesota Mortgage Association, Robyn Brown of the Department of Commerce, Eldon Spencer representing legal counsel and Pat Martin. 
Minnesota mortgage brokers have been under scrutiny for the latest increase in foreclosures.  This has lead up to the state of Minnesota passing new laws designed to eliminate some of … (2 comments)

home loan: Mortgage Rate Forecast for the Week of July 30th, 2007 - 07/30/07 09:44 AM
So the heat is on - and will stay on for the week ahead. The volatile Stock earnings season continues, and as if that weren't enough, the economic calendar also holds several big potential market movers.Lots of economic reports are due for delivery this week, including Tuesday's look at the Fed's favorite measure of inflation, the Personal Consumption Expenditure index, and wrapping up with a bang on Friday with the monthly Jobs Report. If the week's inflation numbers meet or are lower than expectations while the data for the economy is worse than expected, Bond prices should continue their recent upward … (0 comments)

home loan: Online Mortgage Applications, What Happens After You Hit Submit? - 07/23/07 05:21 PM
Shopping for a new mortgage online can turn into tons of phone calls and emails from mortgage brokers all over the country. It all starts by you filling out a form stating that up to 4 or 5 of the top mortgage professionals will be in contact with you to offer you a low rate mortgage. I am going to share with you how this system has been manipulated and how you can keep your phone from ringing off the hook for weeks on end with mortgage brokers.
In concept, getting a mortgage quote from 4 or 5 different mortgage companies is … (0 comments)

home loan: Mortage Rates Forecast of the Week, July 23rd, 2007 - 07/22/07 03:13 PM
So what's coming around the bend for Bonds and home loan rates this week? The economic calendar will be slimmer than last week's, but will include a look at the housing market with Existing and New Home Sales being reported on Wednesday and Thursday. Stocks may also continue to drive the action in Bonds, as investors will again be closely watching Stock earnings reports this week, and making decisions on where their dollars are best invested - in Stocks or in Bonds.
And of great importance is the technical battle being fought at the 25-day Moving Average. The chart below shows how … (0 comments)

home loan: Adjustable Rate Mortgages - The Sad Truth - 07/18/07 03:44 PM
If you have an adjustable rate mortgage, otherwise known as an ARM, you have probably noticed more and more solicitations from mortgage brokers who want to help you get a fixed rate mortgage, especially when that rate is a month or so from adjusting. I'm going to go on a limb here and guess that the mortgage brokers that are calling you really don't care about you. If they cared about you, why would they wait until a month or so to buy your name and number based on the fact that you have an ARM about to adjust?
The adjustable rate … (0 comments)

home loan: The Strength of Your Credit Score Is Key - 07/06/07 04:29 AM
We all know that home values have softened in many parts of the country. We also know that a record number of foreclosures are expected to take place. While these facts are unsettling to say the least, what's most disturbing is that people who are extended beyond their reach run the risk of suffering a tremendous loss - a loss that will hurt them now and in the years to come.
Arguably, the biggest difference between those who will wriggle free from financial meltdown and those who will be caught holding the bag is the strength of their credit scores. Although interest … (0 comments)

home loan: What Lenders Look for in Home Loan Applications - 07/02/07 03:31 AM
Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.What is the … (0 comments)

home loan: Is the US Real Estate Market a Ticking Timebomb? - 06/26/07 04:46 AM
It has been a while since I have heard much good news about the Real Estate Industry showing any sign of improvement.  Many claim that the slowdown has just begun.  Let's take a look at where the Real Estate Industry is at a whole today and then you can make your own decision.
New Home Sales - New home inventory is at it's highest level since the late 80's early 90's.  We are seeing reports of significant losses to some of the top builders in the country.  What this means is, with builders losing money we should start to see more and … (0 comments)

home loan: Interest Rates - When is the Best Time to Lock? - 06/18/07 05:47 AM
When a lender permits an extended lock-in period, the borrower will likely face a higher interest rate or additional fees that could be quoted as points. In other words, the borrower pays for the lender to take on the extended risk of being exposed to potential changes in the market. For example, let's say a 30-day rate lock commitment costs the borrower one-half point, while a 60-day rate lock commitment costs one full point. If the borrower in this scenario needed the extended lock period, but did not want to pay points, then an alternative would be to accept a slightly … (0 comments)

home loan: Mortgage Rate Forecast for the Week of June 18, 2007 - 06/17/07 06:20 AM
It's a lean, mean economic calendar in store for the upcoming week - with the main interest being a look at the housing sector via May Housing Starts and Building Permits. So what will determine if Bond prices and home loan rates can continue to fight their way towards more improvement, or be pushed back to the negative? With little market-moving news in store, it will likely depend on the technicals. Let's be honest...does the word "technicals" just make your eyes glaze over because you think it sounds dry and boring? Ahh, but it's not - it's actually quite a drama … (0 comments)

home loan: The Bond & Home Loan Markets Are In Turmoil - Is Your Financial Future Secure? - 06/12/07 06:07 AM
Interest rates, including those tied to home loans, soared sharply last week across several markets, alarming consumers and investors alike. Let's examine what caused rates to increase, how it could impact you, and what you should do about it.
The sharp rise we saw last week was the result of an economic shift in the global market. Two different foreign central banks, similar to the Federal Reserve in the US, increased their short-term interest rates in an effort to fend off inflation. The first increase took place in Europe, with New Zealand following soon after. The results, while dramatic worldwide, were … (0 comments)