The number of American homeowners in negative equity — or “underwater,” owing more on their mortgages than their homes are worth — continues to fall. Read more
As a consumer, you’re used to being the one with the power to judge the products and services you purchase and the companies that offer them. Read more
Lenders are more confident about the direction of home prices than at any time in the last three years, according to a quarterly survey conducted for decision-management firm FICO by the Professional Risk Managers’ International Association. Read more
When it comes time to finance the purchase of your new home, picking the right loan product can make it easier to get qualified and save you a significant amount of money over the course of the loan term. Read more
There you are, humming along nicely, when all of a sudden the finance and insurance manager at a local car dealership tells you he pulled all three of your credit reports from the same credit reporting agency.
Wait a minute: Three credit reports from one agency?
Of course, this makes zero sense, and your knee-jerk reaction might be to wonder if you’ve been a victim of identity theft. Don’t worry, fraud probably isn’t the problem. Read more
By Kirk Haverkamp
Originally by MortgageLoan.com on
ARMs can be a very smart choice for homebuyers who are not planning to stay in the home more than a few years. Think about it — if you’re planning to sell the home within seven years, as many homeowners do, what difference does it make if you have a seven-year ARM? Why not take advantage of the lower rate and pocket the difference? Read more
Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.
The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales. Read more
According to the National Association of Realtors, a whopping 33% of all contracts were cancelled in January, 2012. This is up from just 9% in January 2011. NAR says one of the primary reasons for these elevated levels of cancellations is due to low appraisals.
Looking to sell your home or do a refi? Then you may need to boost your appraisal.
While it’s technically the appraiser’s job is to derive a base for your home’s value based on the recent sales prices of homes that are comparable to yours — comparable in terms of location, size, condition, and age (in this order) — you need to do your due diligence as well. Get about 6 comps ahead of time. Start your research on Zillow. Read more
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. Read more
NEW YORK (CNNMoney) — Mortgage rates hit yet another record low this week amid ongoing economic concerns both at home and in Europe.
The average rate for a 30-year, fixed-rate loan fell to 4.09% this week, its lowest level in 60 years, according to mortgage giant Freddie Mac. Last week, the 30-year fixed averaged 4.12%. The average rate for a 15-year fixed mortgage — a popular option among those who wish to refinance — sunk to 3.30%, down from 3.33% last week, Freddie reported.
“Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week,” said Frank Nothaft, vice president and chief economist, Freddie Mac in a statement.
The low rates have done little to boost the beleaguered housing market, however. While mortgage applications increased 6.3% last week, only 23% of applicants intended to use the loan to buy a home, according to a weekly mortgage survey from the Mortgage Bankers Association. The remainder of applicants were homeowners seeking to refinance existing, higher-rate mortgages.