mortgage: Programs To Refinance MN Mortgage - 02/04/13 12:51 AM
The number of programs to refinance your MN mortgage has changed over the past decade or so from exotic home loans to upside down streamline refinances and other specialty programs.  So, how do you know which mortgage refinance program is for you?
If you are lucky enough to have equity in your home and do not need a specialty program there will always be your traditional fixed and adjustable rate mortgages to help you refinance into current mortgage rates.
However, if you are upside down on your mortgage or have little equity to work with then determining which government entity currently … (0 comments)

mortgage: What Information Should Your Loan Officer Give You When Refinancing? - 12/18/12 04:35 AM
When refinancing your mortgage it may be possible that your loan officer is keeping information from you that could help you when shopping around for the best mortgage.  
Whether the purpose of refinancing is to take advantage of the Home Affordable Refinance Program, FHA Streamline or a cash out refinance, there is certian information that your loan officer should provide you with so you have the ability to shop around for a better refinance mortgage quote.
By law, your loan officer is required to provide you with a Good Faith Estimate within 3 business days of submitting an application to … (2 comments)

mortgage: Minneapolis Housing Market Update October 29, 2012 - 10/29/12 08:01 AM
The Minneapolis housing market continues to improve for home buyers and home sellers alike as Minnesota mortgage rates remain near historic lows.  However, a recent foreclosure report may weaken the Minneapolis housing market as the year wears on.
New listings in the Twin Cities metro has posted positive gains for the fourth week in a row and is now showing an increase of 1.5 percent over a 3 month period when compared to last year, according to the latest Weekly Market Activity Report from the Minneapolis Area Association of Realtors.
Could it be that homeowners are beginning to gain enough equity in … (0 comments)

mortgage: Is Now A Good Time To Buy A Home? - 10/10/12 04:59 AM
Most first time home buyers usually spend about a year researching their local market online before making that big commitment to move forward and buy a home. 
Have you been doing your research and is now a good time to buy a home? Let’s take a look at some of the latest national headlines and compare them to what is happening in the Minneapolis housing market to help us determine the outlook of the current national and local housing market, and at whether or not purchasing a home is a good decision.
Asking Prices Soar According to this blog post on … (0 comments)

mortgage: Bankers Meeting On Capital Hill - 03/27/09 11:26 AM
President Barack Obama sat down with CEO's from Bank of America, Bank of New York Mellon, JPMorgan Chase, Goldman Sachs and U.S. Bancorp today to discuss the current economic crisis.
In a press release, Secretary Robert Gibbs noted that Obama was pleased with the meeting stating Obama as saying "they had a good, productive and frank conversation." The main goal of the meeting was to let the bankers know that the doors to the White House are always open to them for discussions and critique on ways the White House should go forth on handling the economic crisis.
Reactions from CEO's … (0 comments)

mortgage: Fannie Mae, Freddie Mac: Where Do They Stand - 07/20/08 05:51 AM
It is no doubt that Fannie Mae and Freddie Mac are the backbone to the success of the US mortgage industry.  So how is it that these two mortgage giants came to a position where the government is stepping in to make certain that they do not fail?
Fannie Mae, created in 1938, and Freddie Mac, founded in 1970, buy mortgages from lenders and package them into securities that are sold to investors. This frees lenders to provide new mortgages, making it easier for more Americans to buy homes. The entities hold or guarantee $5.3 trillion in mortgages, about half the … (0 comments)

mortgage: Home Ownership Just Became More Affordable - 05/18/08 03:16 PM
Coming into the month of May the biggest concern for the US economy was the grim outlook many economist had on inflation.  Inflation was expected to push mortgage rates higher and slow an already slow US housing market.
However, economic reports have been coming in better than expected week after week.  This has helped to push mortgage rates on a downward trend for a majority of the month.  According to Freddie Mac's Primary Mortgage Market Survey the 30 year fixed mortgage rate is at it's lowest point since the survey on April 17th 2008.The 30 year fixed rate mortgage is the most … (0 comments)

mortgage: The U.S. House of Representatives Passes American Housing Rescue and Foreclosure Prevention Act - 05/12/08 08:26 AM
The new act which was passed on May 8th, 2008 will help those facing foreclosure to refinance into an affordable FHA mortgage and help make homeownership more affordable for first time homebuyers.
The first amendment to the new act includes an amendment to the FHA Housing Stabilization and Homeownership Retention Act which expands FHA programs so many borrowers in danger of losing their homes can refinance into a lower cost government insured mortgage they can afford.  The expansion is limited to owner occupied primary residences only and would also provide up to $230 million for financial counseling to help families stay … (0 comments)

mortgage: Fannie Mae Releases Warning To Those Facing Foreclosure - 04/12/08 08:07 PM
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mortgage: Washington Mutual Dropping Wholesale Mortgage Lending - 04/10/08 11:42 AM
Washington Mutual, once the second largest residential mortgage lender in the US will stop originating mortgage loans through independent mortgage brokers. However, WAMU will still originate mortgage loans through its 2,200 retail bank branches located throughout the country.
Washington Mutual was an early leader to offer subprime adjustable rate mortgages to the general public and by the end of last year the losses started to mount. In the fourth quarter of 2007 WAMU posted a loss of $1.87 billion wiping out all earnings for the 2007 year. The beginning of 2008 is not looking good for WAMU’s mortgage lending business with … (0 comments)

mortgage: 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)

mortgage: Have Home Prices Hit Bottom? - 03/24/08 05:48 AM
The data for February existing home sales are in, and the numbers came in stronger then expected. Could this be the first signal to the US housing market recovering?
At this point it is really hard to say as many lenders have begun to make home financing for A+ clients nearly impossible. Some lenders have even gone as far as to blackball some states in which they lend in.
Mortgage lenders are still losing money in their mortgage investments which will likely continue to push mortgage rates higher and keep pressure on home sales.
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mortgage: Mortgage Rates Fall During Week - 03/20/08 08:35 AM
This week there has been a number of huge factors contributing to the recent decline in mortgage rates. The Fed has lowered interest rates by 0.75 percent, JP Mortgage purchase Bear Sterns and Fannie Mae and Freddie Mac are pumping $200 billion into the housing industry.
The 30 year fixed rate mortgage average fell from 6.13 percent to 5.87 percent from a week earlier, while the 15 year fixed rate mortgage average fell from 5.60 percent to 5.27 percent during the same week according to Freddie Mac. This is the first time that mortgage rates have fallen since February of this … (0 comments)

mortgage: Fed Rate Cut – Mortgage Rate Affect - 03/18/08 09:49 AM
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mortgage: Let The Mortgage Bailout Begin - 03/11/08 04:58 PM
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mortgage: Mortgage Rates Update - 03/07/08 06:39 AM
The U.S. economy is showing further signs of weakness as mortgage rates take a slight dip throughout the week.
30 year fixed rate mortgages averaged 6.03 percent throughout the week, down from 6.24 percent last week. Last year at this time the average 30 year fixed rate mortgage was at 6.14 percent.
15 year fixed rate mortgages also took a dip this week down to 5.47 percent from 5.72 percent last week. A year ago the 15 year fixed rate mortgage averaged 5.86 percent.
The latest report out on the U.S. economy shows a declining job market, slowing in manufacturing … (0 comments)

mortgage: Im Sorry... You Can't Be My Appraiser Anymore - 03/04/08 10:56 AM
Monday Fannie Mae and Freddie Mac announced that they would no longer purchase mortgages from lenders who use their "own" residential appraiser. Although the new change won't take effect until 2009, many appraisers who work for an appraisal institution owned by a mortgage lender may be looking for a new job.
The change not only affect mortgage lenders who own an appraisal company, it will affect mortgage brokers as well. Come 2009 mortgage brokers who use lenders that sell their mortgage off to Fannie and Freddie will no longer be able to use that appraiser they have built a long lasting … (0 comments)

mortgage: Fannie & Freddie.... Setting Up The Mortgage "Bailout" - 03/02/08 03:26 PM
It has been said by many experts around the country that government would not look to "bailout" banks to fix the mortgage problem but, if it was 2 government backed entities would that make a difference?
Even with the loss of billions of dollars that Fannie and Freddie both posted just a few days ago, they both now have the ability to purchase more mortgages from lenders to sell on the secondary market.
The logic behind lifting the restrictions on these two mortgage giants is that by allowing them to purchase more loans it will allow lenders to make more … (0 comments)

mortgage: Mortgage Rates On The Rise - 02/22/08 07:36 AM
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mortgage: Mortgage Rates, Inflation, Unemployment… Oh My. - 02/20/08 05:57 PM
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