Mortgages

FHA Mortgages and Student Loans Are a Risky Combination

FHA Mortgages and Student Loans Are a Risky Combination

First time home buyers have traditionally faced a variety of obstacles including the high cost of housing, stagnant wages, and the difficulty involved in saving for a down payment.   If that wasn’t bad enough, recent changes […]

The Zero Sum Game Of Lower Interest Rates And Why Mortgage Rates Will Rise

The Zero Sum Game Of Lower Interest Rates And Why Mortgage Rates Will Rise

The Federal Reserve has forced long term interest rates to historic lows in a desperate attempt to “stimulate” both the housing market and the economy in general.  The results have been mixed but the benefits of lower […]

Bank of America Refinance Offer Raises Questions On Wealth Accumulation

Bank of America Refinance Offer Raises Questions On Wealth Accumulation

A client of mine recently received a mortgage refinance offer by mail from Bank of America (BAC).  The offer showed that a savings of $2,225 per year was possible by refinancing to a new 30 year fixed […]

FHA Introduces New Minimum 580 Credit Score Requirement

The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers.  As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following […]

Can The Unemployed Afford A Mortgage Payment?

Can The Unemployed Afford A Mortgage Payment?

Government Determined To Keep Unwilling Homeowners In Homes The FDIC announced a new initiative to reduce foreclosures on home mortgage loans held by failed banks that were acquired by another institution.   This new FDIC program goes far […]

Artificial Mortgage Rates Drop To 4.75%

Artificial Mortgage Rates Drop To 4.75%

Fed Manipulation Of Mortgage Rates Continues Mortgage rates continue their downward trend with the perfect borrower now able to obtain a rate of 4.75% with a two point buy-down on a 30 year fixed rate mortgage.  As […]

Long Overdue Mortgage Regulations To Curb Lending Abuses

Feds React To Mortgage Lending Fiasco In a move that can only be described as better late than never, various new Federal laws that restrict certain lending practices become effective on or after October 1, 2009.  Other […]

“Liar Loans” – RIP – October 1, 2009

Liar Loans To Be Prohibited No income verification and stated income mortgage loans have been available to borrowers for many years.   As originally conceived, a no income verification loan was a sound product, offering highly qualified […]

Mortgage Refinances Drop 11% As Rates Remain Low

Refinances Decline as Rates Stabilize The latest weekly survey from the Mortgage Bankers Association showed a decrease of 6.3% in mortgage loan applications.   Application volume compared to the previous year increased by 16%. The interesting aspect of […]