Mortgage Blog
Wednesday, August 11, 2010 - 19:58
Whether you are buying a house or refinancing your existing mortgage, you will be better prepared to choose the right mortgage if you have an understanding of the expenses that you will incur.
There are two types of mortgage expenses when you get home loan. These include non-recurring expenses and recurring expenses.
First there are non-recurring expenses. These are costs that you will only pay when you first get your mortgage loan. Knowing what some of these costs are can help you compare loan offers and save you money on your next home loan.
Some of the most common non-recurring closing...
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Friday, August 6, 2010 - 20:53
Many borrowers still find themselves owing more on their homes than what they are worth. A recent announcement by Fannie Mae and Freddie Mac stated that they do not plan to forgive underwater debt. This means that homeowners expecting the United States Government forgive some of their upside down debt are out of luck. Even though this may seem as bad news there is a flip side in that it offers to bring stability to the bond market and reduce the fear in investors that fund mortgages. This also allows for greater stability in mortgage interest rates and helps stimulate the free flow of capital.
But...
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Thursday, July 22, 2010 - 20:07
Recent comments by Fed Chief Ben Bernanke didn't please Wall Street. He stated that there is currently no silver lining to our ailing economy. Amidst all the doom and gloom there has been some good news. For instance, the return of the Jumbo Mortgage. While most lenders still avoid them like the plague, they are becoming common enough where rates are realistic for most Jumbo Mortgage Borrowers.
Jumbo Mortgage Rates have been out of reach. A year ago a Jumbo Mortgage from what was then Countrywide , was at or near 9%. Eventually they weren't even being offered at all.
In the last six...
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Tuesday, July 20, 2010 - 21:39
Why Bring Cash to a Refinance?
A new trend is taking place in the mortgage industry where borrowers are not taking money out of their home but placing cash back in. In recent years borrowers were refinancing with every major rate drop to take cash out of their home equity, reduce mortgage payments or both. With the steady rise in mortgage foreclosures many property owners saw their equity quickly erode away. Now mortgage borrowers find that they are upside down on their mortgage and aren't able to refinance because they have no equity.
When you consider that most banks are paying between 1.2% and...
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Monday, July 19, 2010 - 19:02
Median Home Sales Prices Decline in California
According to Dataquick Information Systems median home sales dropped 2.9%. This is of course credited on the fact that home buyers were closing on homes purchases in spring that were fueled by tax credits for home buyers.
According to a report in the Los Angeles Times sales were still up almost 10% on a year over year comparison over 2009.
Its too early to predict the outcome of any current trend. However we can keep track of any trends in the next few month to see if there is a definitive...
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