home loans: Selecting a mortgage company Part 2 of 4 How about a Credit Union? - 07/08/14 03:33 AM

 
When it comes to choosing a mortgage company that you are going to choose its important to know who you are working with.
Are you a member of a credit union? Then you may consider going to your credit union for a mortgage loan. When you go to your credit union you will usually be working with an hourly employee of the credit union who works in the "loan department". They may not be specifically trained or experienced in residential mortgage loans. Chances are they do some mortgage loans, but they also may do personal loans, car loans, small home equity … (0 comments)

home loans: Selecting a mortgage company Part 1 of 4 What do mortgage brokers do? - 06/24/14 05:13 AM
When it comes to choosing a mortgage company that you are going to choose its important to know who you are working with.
A mortgage broker is usually an in-between company that has a contract with other mortgage lenders that agrees to pay them a fixed percentage on any loan that closes through their company.
In this scenario a borrower/client meets with the mortgage broker,  provides documents and the loan originator discusses the programs, rates, fees etc...  for the particular lender that best suits the clients needs. Assuming that the client qualifies, the Loan Originator sends the file to his/her loan processor and the file usually goes … (8 comments)

home loans: Creative Ways To Recycle Everyday Household Items - 11/07/13 10:47 PM
Every week the trash truck comes to pick up our garbage and unwanted items, which are promptly taken to landfills. Instead of filling landfills and just buying new items to stuff our homes, we can help the earth and recycle everyday household items.
Below are a few fun and creative ideas for recycling things around your home that you might be ready to trash.
Coffee Table Into Bench
If you just purchased a new coffee table, don’t give away the old one — repurpose it. Find a space in your home where you could use some additional seating, like at the … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week – November 4, 2013 - 11/03/13 10:43 PM
Last week’s economic news came from a variety of sources. Most significant was the Fed’s Federal Open Market Committee statement after its meeting ended Wednesday. The statement indicated that the Fed saw moderate economic growth. FOMC did not taper its purchase of MBS and Treasury securities.
The FOMC statement announced the committee’s intention to closely monitor economic and financial developments ”in the coming months,” which suggested that the FOMC is taking a wait-and-see position on reducing its $85 billion monthly asset purchases.
Mortgage Rates, Jobless Claims Fall
The Fed’s asset purchase program, also known as quantitative easing, was implanted in 2012 with a goal … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week – October 28, 2013 - 10/27/13 11:30 PM
Federal government agencies issued reports that were delayed by the government shutdown; and Freddie Mac reported that average mortgage rates fell for all types of loans it reports. The National Association of REALTORS issued its Existing Home Sales report on Monday. While 5.30 million home sales were expected an annual basis, September’s reading fell short at 5.29 million sales.
August’s reading was adjusted from an original reading of 5.48 million, which equaled July’s reading. Higher mortgage rates and home prices were cited as contributing to the slip in September’s sales.
The Bureau of Labor Statistics issued the Nonfarm Payrolls report for … (1 comments)

home loans: 3 Easy Tips To Protect Your Deck This Winter - 10/25/13 12:16 AM
Barbecue season is all but over, and you won’t be spending as much time out on the deck. Don’t let it get you down, though. Spring will be here before you know it. There are a lot of things that can wear down and damage your deck, so protect your deck and make sure it stays in tip top shape over the winter.
Cover The Furniture
You want your deck to look as good in the spring as it does now. The first step is to cover all the furniture (don’t forget the grill!). Cover everything with commercial furniture covers or … (0 comments)

home loans: 4 Tips On Giving Your Mudroom A Makeover - 10/11/13 12:25 AM
From crunched-up leaves stuck to bottoms of shoes to bulky coats shed as soon as kids walk through the door, mudrooms are ideal for keeping outdoor dirt, wet clothing and outerwear from being strewn throughout your home.
Mudrooms not only keep the rest of your house clean, but they also designate a spot for those last-minute grabs, such as coats, umbrellas and purses, when you’re running out the door.
These rooms are great catchalls. However, an organized mudroom can make your life and those hectic mornings much less stressful. Below are smart tips for getting your mudroom ready this fall.
1. … (1 comments)

home loans: What’s Ahead For Mortgage Rates This Week – October 7, 2013 - 10/06/13 11:42 PM
This week’s economic news commentary has been dominated by the “what ifs” of a government shutdown; opinions of potential consequences are limited only by the number of commentators sharing their opinions.
Unfortunately, more concrete examples of the shutdown were evident last Tuesday and Friday.
The Department of Commerce delayed release of August’s Construction Spending report that were due last Tuesday and The Bureau of Labor Statistics delayed the release of September’s Non-farm Payroll and Unemployment that were due last Friday.
The ADP Employment report for September posted a reading of 166,000 private sector jobs added against expectations of 180,000 new jobs … (0 comments)

home loans: Don’t Let Confusion With Mortgage Jargon Cost You - 10/01/13 12:01 AM
A recent study of US and UK home buyers, conducted by the London based Nationwide Building Society, found that more than 40% of people buying homes were confused by the jargon that lenders used to describe mortgages.
When it comes to taking out a mortgage on your home, could confusing mortgage jargon be costing you money and causing you to make ill-informed choices?
According to the study, only 31% of home buyers understood what the term “LTV” meant, an acronym that stands for “loan to value” and describes the ration between the amount of the mortgage and the value of the … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week-September 30, 2013 - 09/29/13 11:39 PM
Last week brought a variety of housing related news. Highlights included the S&P/Case-Shiller Home Price Index for July, which showed a 12.40 percent year-over-year increase in national home prices. This was up from 12.10 percent in June.
The FHFA Housing Price Index reading traces home prices on properties securing mortgages owned or backed by Fannie Mae and Freddie Mac. The year-over-year reading for July showed an increase of 8.80 percent as compared to a year-over-year reading of 7.80 percent in June.
Rising mortgage rates and rising home prices have caused some buyers to leave the market, while others are jumping in … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week — September 23, 2013 - 09/22/13 11:52 PM
Last week’s economic news was dominated by the Federal Reserve’s decision not to taper its $85 billion in monthly securities purchases.
Fed Chairman Ben Bernanke noted in a scheduled statement after the Federal Open Market Committee meeting that economic conditions were not yet adequately improved to withstand any decrease in the federal quantitative easing program.
The Fed also reaffirmed that the target federal funds rate would remain at 0.00 to 0.25 percent until the national unemployment rate reached 6.50 percent and inflation reaches 2.00 percent.
The national unemployment rate was 7.30 percent and the Fed projects that inflation will remain under … (0 comments)

home loans: Fed Meeting Minutes Expose Mortgage Rates As Remaining Historically Low - 09/19/13 12:43 AM
The Federal Open Market Committee of the Federal Reserve decided not to reduce the Fed’s current quantitative easing program of purchasing $85 billion monthly in Treasury securities and mortgage-backed securities.
Going against wide expectations that the Fed would reduce the QE purchases, Fed Chairman Ben Bernanke said that current economic conditions aren’t strong enough to warrant tapering.
The Federal Reserve May Reduce Monthly Securities Purchases
The FOMC, which sets monetary policy for the Federal Reserve has hinted that it might soon reduce the monthly securities purchases, but has also stated that it would closely review emerging economic news and conditions as … (0 comments)

home loans: Don’t Overlook These Important Factors When Buying A New Home - 09/16/13 11:49 PM
Most of the time when buying a property, there are a few obvious factors that you will consider – such as the location, the number of bedrooms, the accessibility to schools or your workplace, the need for repairs and any interior features. However, there are a few things that might not have crossed your mind during your house hunting but are still quite important.
Water Quality
Most home buyers don’t even think about the water quality at the property until they get to the inspection stage. However, if you find out that the home has hard water this will dull your … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week – September 16, 2013 - 09/16/13 12:26 AM
Last week didn’t feature any housing-related news other than Freddie Mac’s weekly survey of mortgage interest rates.
Reports on consumer credit, job openings and weekly jobless claims suggest that without some relief in the jobs market, Americans may be taking a “wait-and-see” stance toward buying homes.
Consumer Credit Rose By $10.40 Billion In July
The Federal Reserve reported Tuesday that revolving credit fell by an annual rate of 2.60 percent as compared to an annual decrease of 5.20 percent in June. Non-revolving consumer credit such as vehicle and education loans rose at an annual rate of 7.40 percent.
Freddie Mac’s Primary … (0 comments)

home loans: Pending Home Sales Indicates That The Housing Recovery Is Progressing - 08/28/13 11:53 PM
The National Association of REALTORS reported Wednesday that pending sales of existing homes fell by 1.30 percent in July.
According to the organization’s Pending Home Sales Index, this was the second straight month that pending home sales dropped. July’s Pending Home Sales Index reading was 109.50.
Signed Purchase Contracts For Existing Homes Tracked In The U.S.
·Northeast:  – 6.60 percent ·Midwest:    – 1.00 percent ·West:        - 4.90 percent ·South:       + 2.60 percent Pending home sales were 6.70 percent higher year-over-year on a national basis. This indicates that the housing recovery is progressing, but at a … (0 comments)

home loans: What’s Ahead For Mortgage Rates This Week – August 26, 2013 - 08/25/13 11:48 PM
Last week brought mixed economic news, but Leading Indicators released Thursday suggest that the U.S. economy is growing at a moderate rate.
Mortgage rates for fixed rate loans were higher, but the average rate for a 5/1 adjustable rate mortgage was unchanged from the prior week. Weekly jobless claims were also higher.
The National Association of REALTORS released its Existing Home Sales report for July and reported existing home sales came in at 5.39 million on an annualized basis.
This reading surpassed expectations of 5.21 existing homes sold as well as June’s reading of 5.06 million existing homes sold on an … (0 comments)

home loans: Fed Meeting Minutes Reflect Support For Reducing QE Program - 08/21/13 11:58 PM
The minutes of last month’s Federal Open Market Committee (FOMC) meeting show significant support for tapering the Fed’s current amount of monthly securities purchases. These purchases, known as quantitative easing (QE), are an effort to maintain lower long-term interest rates including mortgage rates.
The Fed has been buying $85 billion per month in Treasury securities and mortgage-backed securities (MBS).
Ben Bernanke, chairman of the Federal Reserve and FOMC has hinted at “tapering” the Fed’s securities purchases by year-end in recent statements. The FOMC minutes released Wednesday further suggest that tapering based on strengthening economic trends is likely.
FOMC Members Express Mixed … (0 comments)

home loans: It’s Important To Follow These Specific Steps When Using Gift Funds For Your Down Payment - 08/21/13 01:08 AM
As lenders tighten mortgage guidelines for Isanti home buyers, minimum downpayment requirements are increasing.
Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 5 – 10 percent.
Incidentally, these guideline changes have led to an increase in the number of home buyers accepting cash gifts from family.
Gifts are allowed in most cases but the problem is, if you don’t accept the gift in a “lender-friendly” way, the mortgage underwriter could reject it, and negate it.
Three Steps To Success With Your Down Payment Gift Funds
You can’t just deposit a cash gift … (3 comments)

home loans: These Overlooked Issues Can Become Deal-Killers For Your Mortgage Application - 08/15/13 12:08 AM
A mortgage loan approval is never final until it’s funded. And that means after you’ve signed the final paperwork and the bank has wired funds to escrow.
Mortgages are made up of many moving parts, any of which might “go wrong” while your home loan is underway.
Some are in your control, like deciding to purchase new items on credit during the mortgage process, many more are not. These “not in your control” items are the ones that you may not be thinking of.
Just being aware of some potential pitfalls could help save your loan down the road, and your peace of … (0 comments)

home loans: How To Choose The Right Neighborhood When Buying A Home - 08/13/13 12:03 AM
The old real estate cliche’ about “location, location, location” is true, as the area of the city where your home is located will have an impact on its future value as well as your lifestyle.
So what factors should you consider when you are choosing which neighborhoods to house hunt within?
Proximity to Your Daily Needs
If you work downtown, living out in the suburbs means that you will be adding time for a commute onto your day.
While this might be worth the cheaper prices for properties out of the town center, it is something to consider when making your … (0 comments)