Wrap Around Equity Slide Down Discount Mortgage Programs
Two Pennsylvania laws enacted in the wake of a $29 million mortgage fraud scheme will bar state-licensed mortgage brokers and loan originators from being the sole recipients of information from lenders, and penalize companies that retaliate against whistle-blowing employees.
"Wrap Around Equity Slide Down Discount Mortgage Programs"
Hipotecas Prestamos 09:09 PM
About Plain Vanilla Mortgages
The Obama administration today released details of plans to combat "the worst abuses in mortgage markets" by creating a new Consumer Financial Protection Agency to safeguard consumers from deceptive practices and provide them with concise information for comparing mortgages and other loans.
"About Plain Vanilla Mortgages"
Hipotecas Prestamos 09:08 PM
Tips Choosing Refinancing Mortgage Interest Rates
Refinance Mortgage Home Loan - When it comes to choosing a mortgage, getting a good rate is just the tip of the iceberg. To ensure smooth sailing, you have to be aware of all the other features that may lie below the surface.
The features of a mortgage should fit a homebuyer’s personal goals, both now and down the road. Borrowers need to understand what they’re signing up for a mortgage is the largest debt most consumers will ever take on.
"Tips Choosing Refinancing Mortgage Interest Rates"
Hipotecas Prestamos 03:07 PM
Mortgage Aid Program to Avoid Foreclosures
Credit card Debt - How To Improve FICO Credit Score
The Obama administration expanded its $50 billion mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a foreclosure if they don't qualify for other assistance.
The new initiatives are expected to streamline the process of selling a home that is worth less than the mortgage, or transfer ownership of a home to the lender. Both options will still ding the homeowner's credit score, but less than a foreclosure.
"Mortgage Aid Program to Avoid Foreclosures"
Hipotecas Prestamos 10:26 AM
Mortgage Applications April 2009
Real Estate Tips - The Home Foreclosure Crisis
Types of Short Sales Real Estate Transactions - Mortgage Volume Down 8.6% Last Week - Mortgage applications were down last week, with the Mortgage Bankers Association index off 8.6 percent to 895.6 on a seasonally adjusted basis from 979.7 the previous week.
On an unadjusted basis, the index decreased 8.1 percent compared with the previous week, but was up 28.4 percent compared with the same week a year ago.
Refinancing demand has trended down from its mid-April peak, while purchase mortgage demand has increased modestly in recent weeks, even after accounting for normal seasonal increases this time of the year.
The Refinance Index decreased 11.2 percent to 4588.6 from 5169.3 the previous week and the seasonally adjusted Purchase Index increased 0.5 percent to 265.7 from 264.3 one week earlier.
Average mortgage rates showed a slight decrease:
* 30-year fixed-rate mortgages decreased to 4.76 percent from 4.79 percent;
* 15-year fixed-rate mortgages decreased to 4.50 percent from 4.57 percent;
* 1-year ARMs increased to 6.41 percent from 6.36 percent.
Hipotecas Prestamos 02:06 PM
Tax Credit used for Down Payment
Learn About Real Estate Market - Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Hipotecas Prestamos 06:34 PM
Bank of America Home Loans US Locations
Learn About Real Estate Market - Bank of America introduced its Bank of America Home Loans brand at locations nationwide and unveiled new tools through which homebuyers and homeowners will find greater clarity in the home finance process.
The Clarity CommitmentTM, a single, one-page loan summary clearly presents to borrowers their interest rate, terms and other details of the loan in plain language. The Bank of America Home Loan Guide is an interactive website that arms customers with personalized information to prepare for homeownership and make informed home-buying and refinance decisions. HOPE Homeowner Program
"Bank of America Home Loans US Locations"
Hipotecas Prestamos 05:47 PM
American Homeowners Negative Equity 2009
Learn About Real Estate Market - Home values in the United States fell again in the first quarter, posting a year-over-year decline of 14.2% to a Zillow Home Value Index of $182,378, according to the first quarter Zillow Real Estate Market Reports, which encompass 161 metropolitan areas and cover the value changes in all homes, not just homes that have recently sold. Declining home values left one fifth (21.9%) of all American homeowners with negative equity by the end of the first quarter. By comparison, 17.6% of all homeowners owed more on their mortgage than their property was worth in the fourth quarter of 2008, and one in seven (14.3%) was underwater in the third quarter of 2008.
"American Homeowners Negative Equity 2009"
Hipotecas Prestamos 05:35 PM
Mortgages and Home Loan Interest Rate
Mortgage Related Closing Costs - Mortgage rates fell slightly this week and appear to be settling into a range near historically low levels, according to a national survey released Thursday.
Bankrate.com, an online aggregator of various types of interest rates, said 30-year fixed mortgages averaged 5.18% this week, down from 5.2% the week before. Rates on 15-year fixed mortgages fell to 4.72% from 4.75%.
The average jumbo 30-year fixed rate fell to 6.69%. Adjustable rate mortgages were mixed. The average 1-year ARM rose to 5.28%, while 5/1 ARMs sank to 5.12%.
Mortgage rates remain at historic lows. In the nearly 24-year history of Bankrate's weekly rate survey, the 30-year fixed has been lower just once -- two weeks ago, when it averaged 5.13%.
Still, rates have held relatively steady over the past few weeks as lenders respond to a surge in mortgage applications, particularly refinancing activity. That has helped offset ongoing sings of weakness in the economy, which would normally push rates lower, according to Bankrate.
"The ailing economy and inundated lenders are the two factors that will likely keep mortgage rates rangebound in the weeks to come," Bankrate said in a report.
Bankrate's national weekly mortgage survey is based on data provided by the top 10 banks and thrifts in the top 10 markets.
Hipotecas Prestamos 02:35 PM
Mortgages and Home Loan Interest Rates
October 21 2008 - Mortgage loan applications during the week ending Oct. 17 2008 fell a seasonally adjusted 16.6% from a week earlier, even as interest rates on fixed-rate loans came down some from recent highs, the Mortgage Bankers Association said.
"Mortgages and Home Loan Interest Rates"
Hipotecas Prestamos 12:00 AM
Low Mortgage Interest Rates
December 19 2008 Low Mortgage Interest Rates - In response to the Federal Reserve's cut in the federal funds rate to near zero, Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent during the week ended Dec. 18--down from 5.47 percent last week and the lowest since the survey's inception in 1971.
Interest on 15-year fixed loans slipped to 4.92 percent from 5.20 percent.
Meanwhile, the five-year hybrid adjustable mortgage rate dropped to 5.6 percent from 5.82 percent; and the one-year ARM dipped to 4.94 percent from 5.09 percent.
A year ago, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and the one-year ARM at 5.51 percent.
Hipotecas Prestamos 12:59 PM
Mortgage Bankers Association 2009 Forecasts
About Mortgage and Home Loans - The United States appears to be in a recession that could drive unemployment up to 7.7% by the end of 2009, but keep interest rates on 30year fixed-rate mortgages around 6%, the Mortgage Bankers Association forecasts.
"Mortgage Bankers Association 2009 Forecasts"
Hipotecas Prestamos 02:46 PM
WaMu becomes biggest bank to fail in US history
"WaMu becomes biggest bank to fail in US history "
Hipotecas Prestamos 09:15 AM
Residential Mortgage Home Loan Refinancing
June 5 2008 - Mortgage applications declined for the second week in a row, falling 15.3 percent on a seasonally adjusted basis to 502.3 from 593.3 the previous week, according to the Mortgage Bankers Association’s weekly survey.
On an unadjusted basis, the index decreased 24.2 percent compared with the previous week and was down 20.3 compared with the same week last year. Most of the decline was in applications to refinance with the refinance index decreasing 25.7 percent. The purchase index decreased 5.4 percent.
Mortgage rates continued their upward path.
* 30-year fixed-rate mortgages increased to 6.17 percent from 5.96 percent;
* 15-year fixed-rate mortgages increased to 5.7 percent from 5.49 percent;
* 1-year ARMs decreased to 6.8 percent from 6.92.
Hipotecas Prestamos 01:17 PM
