mortgage: Rates at a two year low. Where will they go from here?
- 01/16/08 07:55 AM
Rates are lower than they have been for almost two years. A question I hear a lot from borrowers and Realtors is, "where will they go from here?". While I do not claim to have a crystal ball, it seems to be a given that they will not go any higher and could possibly continue to go down in the near future. The Fed will meet again on January 29th. It is widely speculated that they will again lower the Fed's benchmark lending rate. So, what does this mean to you? If the Fed lowers its rate again, that will have a … (2 comments)
mortgage: Where, oh where, has my credit gone? 5 BIGGEST CREDIT MISTAKES
- 09/07/07 03:43 PM
I talk with people daily about working on their credit. It's funny that many of the people who send people to me for advice end up asking me for advice as well. While I do not know everything, there are some common mistakes and misconceptions running rampant around the world of credit: "That's not my account, I just co-signed for my insert favorite family member here, they did it."While on the surface this sounds great and probably earns you points for being a nice person, it can have devastating effects on your credit and your ability to get a loan. First, IFthe person … (18 comments)
mortgage: A brief relection on the Sub-Prime Market...
- 08/17/07 02:32 AM
I've gotten numerous questions on the sub-prime market. Is it still there? Can someone with a 550 credit score still get a loan? When I am asked if someone with sub-prime credit can still get a loan, my answer is YES. The REAL question is can someone get a loan that is GOOD for them and fits their NEEDS. With regards to whether it is good for them I reflect back on some of my recent readings on historical rates in the sub-prime market. Just over two years ago you could get a loan under 8% and some under 7% with a 500 … (12 comments)
mortgage: NEW GUIDELINES!!!! - Good Laugh if you need one!
- 08/13/07 09:11 AM
DISCLAIMER: I can't take credit for this, but it had no author. It was forwarded to me by another mortgage broker who got it from their processor. If someone knows the author, please let me know as I would love to thank them for the laugh and give them credit. Dear Po-dunk Mortgage Broker, Very Important - Guideline Changes Effective August 13th, 2007 All borrowers must have one blue eye and one brown eye to qualifyLTV > 65% SIVA requires a minimum credit score of 849For all LTV > 65%, 360 months of payment reserves now requiredBorrower's must have no previous bankruptcies in their family history … (3 comments)
mortgage: Lender and Lender guidlines update... trend or anomaly?
- 08/10/07 05:11 AM
Will it ever stop? Just got an e-mail forwarded to me from my branch manager. CitiMortgage just sent out some announcements. Nothing too out of the ordinary: Discontinued Programs: Alt-A Non-Agency NINA (No Income, No Assets) NIVA (No Income, Verified Assets)SISA restricted to primary residence and limited LTVMost of the changes were following suit to what everyone else was going - which was eliminating or dramatically modifying their Alt-A product line. Further, the pricing on Alt-A loans has just been horrible. However, the thing that really stuck out in my mind was that they were adding 100 basis points to the Home Possible Mortgage. Basically anything … (2 comments)
Generally speaking this blog will deal with mortgages and the mortgage market. As I am in Florida and only originate mortgages in Florida, that will be the main topic discussed.
Rates are lower than they have been for almost two years. A question I hear a lot from borrowers and Realtors is, "where will they go from here?". While I do not claim to have a crystal ball, it seems to be a given that they will not go any higher and could possibly continue to go down in the near future. The Fed will meet again on January 29th. It is widely speculated that they will again lower the Fed's benchmark lending rate.;)
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