Learn Mortgage Home Loan Mortgages Condos Refinancing Mortgage Home Loans Hyperlocal News

Illinois January 2012 Home Sales are Strong

Scarsdale - Illinois home sales in January were the strongest for the month since 2007, according to data released Feb. 22 by the Illinois Association of Realtors.

Statewide home sales (including single-family homes and condominiums) in January 2012 totaled 6,435 homes sold, up 16.1 percent from 5,543 home sales in January 2011. The statewide median price in January was $122,500, down 9.3 percent from $135,000 in January 2011. The median is a typical market price where half the homes sold for more and half sold for less.

"Illinois January 2012 Home Sales are Strong"

Hipotecas Prestamos 08:59 AM

Las Vegas Nevada Sale of New and Resale Homes

Katonah - Monthly sales of new and resale homes in the Las Vegas area followed seasonal trends and declined last month but were still at their highest level for a January in five years according to the latest data released from DataQuick.

"Las Vegas Nevada Sale of New and Resale Homes"

Hipotecas Prestamos 08:56 AM

Obama Harp 2.0 Refinance Underwater Mortgages

Ossining NY Real Estate - Homeowners who are upside-down in their mortgages may now have a chance to refinance under a newly announced program.

Dubbed HARP 2.0, the refinance program is an expansion of HARP – Home Affordable Refinance Program – that was unveiled in 2009, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati and the author of the nationally recognized mortgage blog, TheMortgageReports.com.

In order to be eligible for the HARP refinance program, homeowners must meet three pre-qualifications: home loan must be paid on-time for the prior six months and at least 11 of the most recent 12 months; mortgage must have been sold to Freddie Mac or Fannie Mae before June 1, 2009; and the homeowner may not have used the HARP program before (only one HARP refinance is allowed per mortgage).

"Obama Harp 2.0 Refinance Underwater Mortgages"

Hipotecas Prestamos 02:09 PM

Obama Program for Underwater Mortgages

Ossining NY Real Estate - The Obama administration late Tuesday released details on how more struggling homeowners can refinance their mortgages, a plan getting mostly favorable reviews in South Florida.

Federal officials say they will revamp the Home Affordable Refinance Program by eliminating some appraisals and loosening underwriting requirements, making it easier for seriously "underwater" homeowners to get out of burdensome mortgages.

"Obama Program for Underwater Mortgages"

Hipotecas Prestamos 02:07 PM

New York Highend Real Estate

Ossining Real Estate - It’s been about four years since Brooke Astor, the doyenne of New York Society passed away at the age of 105.

Mrs. Astor was known as a great philanthropist and was a major donor to the New York arts scene. Her final years were marked by Alzheimer’s disease and a scandal around her son, Anthony D. Marshall and her attorney Francis X. Morrisey, both of whom have been convicted of grand larceny in the way they handled her estate. Mr. Marshall, now 86, is out on bail awaiting appeal of his conviction. The judge sentenced him to no less than 1 to 3 years in jail, a pretty long sentence at that age. It was great fodder for the New York Daily News and the New York Post while it was all unfolding.

"New York Highend Real Estate"

Hipotecas Prestamos 05:08 PM

Get 30 Year Fixed Mortgage Rates Below 4 Percent

Westchester NY Real Estate - "Interest rates are obviously not an impediment to housing. It's uncertainty about the economy, about jobs, about incomes," said Mark Vitner, senior economist at Wells Fargo. "It's not a question of affordability. It's simply a lack of wherewithal to buy a home or a lack of confidence to commit to buying one."

Many people are reluctant to take the risk in this market. High unemployment, scant pay raises and heavy debt loads are deterring many would-be buyers.

Others can't qualify for the historically low rates. Banks are insisting on higher credit scores. And many want first-time buyers to put down 20 percent. Few people have that much cash or home equity to satisfy the requirement.

"Considering how far mortgage rates have fallen, we'd expect to see more people refinancing and buying," said Celia Chen, director of housing economics at Moody's Analytics. "It's still the lack of jobs and the difficult credit environment that's pushing most people away."

Total mortgage applications fell more than 4 percent this week from the previous week, according to the Mortgage Bankers Association. Refinancing applications declined more than 5 percent.

Mike Fratantoni, the group's vice president of research and economics, said potential borrowers "largely remained on the sidelines" and were "unimpressed" by the lowest rates in decades.

Mortgage rates have tumbled because they tend to track the yield on the 10-year Treasury note. The yield has fallen in recent weeks, largely because investors are worried about the U.S. economy and the debt crisis in Europe. So they have shifted their money out of stocks and into the relative safety of Treasurys.

And they could fall even further now that the Federal Reserve has started shuffling its investment portfolio to try to lower long-term rates.

A drop in mortgage rates could provide some help to the economy if more people could refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

Consider a homeowner who owes $250,000 and is paying 5.09 percent on a 30-year fixed mortgage. That was the average rate being offered in January 2010. Refinancing the loan at 3.94 percent could save him or her more than $2,000 a year.

But many homeowners with good jobs and stable finances have already refinanced. Until recently, any rate below 5 percent was considered extraordinarily low. Just five years ago, the best rate for a 30-year fixed loan was around 6.5 percent; a decade ago, it was near 8 percent.

Most economists say rates would need to fall at least a full percentage point before it makes sense to refinance again. The reason is homeowners typically pay a few thousand dollars in closing costs when they refinance. And the low rates being offered don't include extra fees, known as points, which many borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year and 15-year rose to 0.8. The average fees for both the five-year and one-year adjustable-rate loans were 0.6 and 0.5, respectively.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage fell to 2.96 percent. The average for the one-year adjustable-rate mortgage ticked up to 2.95 percent.

"Get 30 Year Fixed Mortgage Rates Below 4 Percent"

Hipotecas Prestamos 01:31 PM

30 Year Fixed 4.01 - 15 Year Fixed 3.28 Interest Rate

Bergen County New Jersey Real Estate - Fixed mortgage rates have fallen to historic new lows for a fourth straight week and are likely to fall further.

The average on a 30-year fixed mortgage fell to 4.01 percent from 4.09 percent this week, Freddie Mac said Thursday. That's the lowest rate since the mortgage buyer began keeping records in 1971. The last time long-term rates were lower was in 1951, when most long-term home loans lasted just 20 or 25 years.

The average on a 15-year fixed mortgage, a popular refinancing option, ticked down to 3.28 percent. Economists say that's the lowest rate ever for the loan.

"30 Year Fixed 4.01 - 15 Year Fixed 3.28 Interest Rate"

Hipotecas Prestamos 06:45 PM

Emergency Homeowners Loan Program NY CT

Financial relief is available for some homeowners who are more than 90 days behind on their mortgage. Those who qualify can receive up to $50,000 through the new Emergency Homeowners' Loan Program.

Three housing agencies in Rockland, Westchester and Putnam are currently screening applicants for the federal program, which will provide more than $111.7 million to homeowners in New York state. The deadline to apply is 5 p.m. Friday.

To be eligible, you have to be at least 90 days behind on your mortgage payments and unemployed or under-employed due to the economy or a medical condition. Your mortgaged property must be your primary home and your current household income must be 15 percent less than it was in 2009 (in Rockland, the household income must be less than $122,400; in Westchester, it must be less than $126,000).

"Emergency Homeowners Loan Program NY CT"

Hipotecas Prestamos 03:03 AM

Emergency Mortgage Homeowner Loan Programs

If you’re a homeowner struggling to make mortgage payments because you are unemployed or underemployed, the federal government has just launched a program to help. The Emergency Homeowner Loan Program, or EHLP, will provide zero-interest loans of up to $50,000 to pay your mortgage, property tax and insurance bills for up to two years.

The program will essentially subsidize your mortgage payments, allowing you to pay just 31% of your income or $150, whichever is greater. EHLP will pay the balance. Homeowners can receive this help for up to 24 months, or until they run through the maximum EHLP loan amount of $50,000.

"Emergency Mortgage Homeowner Loan Programs"

Hipotecas Prestamos 03:06 AM

Beware of Mortgage Refinancing Blunders

"Newtown Real Estate" - When interest rates are low, plenty of homeowners rush to refinance before evaluating the true consequences of their actions. A mortgage refinance can benefit some homeowners, particularly if they intend to stay in their home for the long term or if they can significantly reduce their interest rate. Sometimes, though, a mortgage refinance can be the wrong move.

"Beware of Mortgage Refinancing Blunders"

Hipotecas Prestamos 01:15 PM

June 2011 Lower Mortgage Interest Rates

June 2011- Rates on fixed-rate mortgages declined for a seventh week in a row to new lows for the year amid concerns about weak economic and housing data, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

Low rates haven't done much to spur home purchases and there's been no rush to refinance, a separate survey by the Mortgage Bankers Association showed.

Freddie Mac's survey showed rates on 30-year fixed-rate mortgages averaged 4.55 percent with an average 0.6 point for the week ending June 2, down from 4.6 percent last week and 4.79 percent a year ago.

"June 2011 Lower Mortgage Interest Rates"

Hipotecas Prestamos 06:02 AM

New Soft Mortgage Interest Rates Marketing

Newtown Real Estate CT Sandy Hook Homes for Sale - Mortgage rates ease again to new 2011 low. Demand for purchase loans up slightly from year ago. Rates on fixed-rate mortgages dropped slightly this week, hitting new lows for the year, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

While lower rates often trigger applications for refinancing, purchase loan demand also picked up last week and was slightly stronger a year ago, a separate survey by the Mortgage Bankers Association showed.

"New Soft Mortgage Interest Rates Marketing"

Hipotecas Prestamos 11:21 PM

About Why Mortgage Fees are Rising

By Amy Hoak Chicago - Rising mortgage fees announced by Fannie Mae are beginning to affect costs for borrowers — even those with good credit scores.

In industry-speak, the fees are called “loan-level price adjustments” and new ones will go into effect April 1. The fees for conforming mortgages have been adjusted various times during the housing crisis, but this latest revision is an example of how even years into the housing downturn underwriting continues to tighten.

“It’s not so much that this is really tightening significantly, it’s that it’s getting tighter. It’s not getting easier,” said Cameron Findlay, chief economist for LendingTree, an online marketplace that connects consumers to lenders. “Consumers are looking for some relief, and what they’re getting is the opposite at this point. They’re getting ‘Sorry, there’s less that we can do for you than even a year ago.’”

"About Why Mortgage Fees are Rising"

Hipotecas Prestamos 11:34 PM

Americans Paying Down Their Mortgage Faster

A growing number of homeowners are choosing to pay down their mortgages at a faster rate -- even if it means a substantial jump in their monthly payments.

From January through June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term. About 9.4% did so in 2007.

"Americans Paying Down Their Mortgage Faster"

Hipotecas Prestamos 11:30 PM