"Mortgage and Loan Information"

A Whole Different Kind of Mortgage Broker

2009-06-02T14:39:00.000-07:00

A Whole Different Kind of Mortgage Broker by Craig Romero www.wisemortgageinfo.com There's a different kind of mortgage broker on the block, and they're giving conventional mortgage brokers a run for their money. With today's current economy, consumers have to be as budget conscious as ever, and it's showing in every consumer decision they make - including shopping for a mortgage.Gone are the

Mortgage rates moving back up

2009-05-15T07:08:00.000-07:00

Mortgage rates moving back upProcrastinators beware: Mortgage rates are beginning to rebound from record lows as the U.S. economy shows more and more signs of stabilizing.“Rates are still low, but they’ve moved up from the super-low point they hit a few weeks back,” said Greg McBride of market-tracker Bankrate.com.Average conforming-loan rates shot up a quarter-point in just two days last week,

Mortgages Over 5% Mean Fed Purchases as Bonds Slump

2009-05-14T07:03:00.000-07:00

Mortgages Over 5% Mean Fed Purchases as Bonds SlumpThe world’s biggest investors are increasing bets that Federal Reserve Chairman Ben S. Bernanke will boost purchases of Treasuries as the steepest losses on government debt since 1994 send mortgage rates above 5 percent.The slump in Treasuries the past seven weeks pushed yields on longer-maturity bonds up by more than half a percentage point and

State, bank settle mortgage issue

2009-05-13T07:02:00.000-07:00

State, bank settle mortgage issueHomeowners with subprime mortgages that are now owned or serviced by Goldman Sachs may get some relief under a deal the investment bank made to avoid a lawsuit from the state."Many of these loans were unfair, they were destined to fail at their inception," state Attorney General Martha M. Coakley said during a conference phone call Monday afternoon."Then they were

Mortgage rates mixed in April

2009-05-12T07:09:00.001-07:00

Mortgage rates mixed in AprilLenders raised interest rates on 2-year fixed rate mortgages in April, but the cost of tracker and variable rate deals fell slightly, Bank of England data showed on Tuesday.The cost of taking out a home loan remained well above the central bank's official 0.5 percent interest rate, reflecting the still-high price of credit on wholesale markets.The Bank said monthly

U.S. Projects Aid Tally for Mortgage Giants

2009-05-12T07:01:00.000-07:00

U.S. Projects Aid Tally for Mortgage Giants The Obama administration has clarified what it expects the takeover of Fannie Mae and Freddie Mac to cost taxpayers: $171.1 billion.Budget details released by the administration yesterday project that the companies are likely to need $92.2 billion more to cover losses on mortgage-related investments. The administration didn't give a timetable for this

Cash Advance Loans: Loan Sharks In Disguise?

2009-05-09T12:44:00.000-07:00

Cash Advance Loans: Loan Sharks In Disguise?Author: David BerkyYou have seen them on the corner and in the poorer parts oftown with names like "Quick Cash", "Quick Loan", "PaydayLoans", "Car Title Loans". They are starting to sproutup all over the country and will soon rival Starbucks forsheer number of locations.They are the new trend in predatory lending practices butstill manage to fly under

Mortgage Rates Sink Again

2009-04-23T16:50:00.000-07:00

Mortgage Rates Sink AgainLong-term mortgage interest rates fell in the latest week, according to Freddie Mac, one of the nation’s largest mortgage companies, remaining close to historic lows.“Mortgage rates on fixed-rate loans and some ARM products eased this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The housing industry is starting to exhibit some positive signs

Canadian Banks Avoided Mortgage Meltdown

2009-04-22T12:49:00.000-07:00

Canadian Banks Avoided Mortgage MeltdownTwo more U.S. banks were taken over by the government overnight. And while a number of this country's biggest banks reported improving conditions this week, some of their accounting methods have been questioned.One place where none of this banking drama is taking place is Canada, as CBS Evening News weekend anchor Jeff Glor reports.Ed Clark is a plainspoken

Average 30-year mortgage rate below 5% for fifth straight week

2009-04-21T16:47:00.000-07:00

Average 30-year mortgage rate below 5% for fifth straight week By Alan Zibel, AP Real Estate WriterWASHINGTON — Rates on 30-year mortgages dipped this week after rising a week earlier and remain just above record lows.Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82% this week, from an average of 4.87% last week. Rates have been

Six Lenders Join Mortgage Program

2009-04-20T04:46:00.000-07:00

Six Lenders Join Mortgage ProgramThe Treasury Department said yesterday that it has signed contracts with six major mortgage lenders to participate in the Obama administration's $75 billion foreclosure prevention effort.Together, the lenders could be eligible for up to nearly $10 billion in incentive payments for helping troubled borrowers save their homes by agreeing to lower the payments to

Should I cancel private mortgage insurance to reduce mortgage payments?

2009-04-19T16:45:00.000-07:00

Should I cancel private mortgage insurance to reduce mortgage payments?What is Private Mortgage Insurance (PMI)?When a mortgage borrower (mortgagee) puts less than a 20% down payment on a house, PMI insurance is usually required by the mortgage lender (mortgagor). During the last ten years, at least, mortgagors have been giving loans to the mid-risk and the very-risky borrowers. These individuals

State warns of new mortgage fraud scheme

2009-04-19T07:58:00.000-07:00

State warns of new mortgage fraud schemeIndiana's attorney general is warning about a mortgage fraud scheme in which criminals exploit a loophole in state law to transfer the ownership of properties.Attorney General Greg Zoeller said the thieves aren't interested in the property they steal, but in using their "ownership" of a property to obtain a fraudulent loan. Once they get the money, they

Do You Qualify for Federal Mortgage Assistance Programs?

2009-04-18T17:12:00.000-07:00

Do You Qualify for Federal Mortgage Assistance Programs?Q: How can I find out whether I will qualify for help with my mortgage under the Obama administration's plan?AThe administration's housing plan provides two types of assistance that are designed to help make mortgages more affordable for up to 9 million homeowners: refinancing and loan modification.Special refinancing program. Many

Mortgage rates up from record lows

2009-04-17T17:11:00.000-07:00

Mortgage rates up from record lowsRates on 30-year mortgages inched higher last week after two straight weeks of record lows, but still remained at attractive levels for borrowers looking to refinance their home loans.Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.87 percent last week from an average of 4.78 percent the previous week. That was the lowest in

Banker: Don't wait for mortgage rates to keep dropping

2009-04-16T05:10:00.000-07:00

Banker: Don't wait for mortgage rates to keep dropping The last time mortgage rates took a nose dive almost five years ago, Carl Walls refinanced his home and never looked back, even when rates fell a little more a few months later.The president of Florida Citizens Bank in Ocala made the move even though it wasn't his bank making the refinance offer.But Walls said that didn't matter to him. The

Meltdown 101: Is there a downside to mortgage aid?

2009-04-15T17:08:00.000-07:00

Meltdown 101: Is there a downside to mortgage aid? It's welcome relief for homeowners struggling with mortgage payments.The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans lower monthly payments and avoid foreclosure. So what strings are attached?You might be concerned about the impact to your credit report or the tax implications,

The worst mortgages

2009-04-14T05:06:00.000-07:00

The worst mortgagesThe menu of subprime mortgages that helped lead thousands of Marylanders into foreclosure is infamous. There were the loans with attractive introductory rates that left homeowners to put off until tomorrow the bigger payments that would eventually overwhelm them, and the no-money-down mortgages with the "too good to be true" veneer. The 800 Maryland lawyers who have volunteered

Before you refinance mortgage, take these steps

2009-04-13T17:03:00.000-07:00

Before you refinance mortgage, take these stepsWith mortgage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup

Advantages to Choosing 30 Year Fixed Rate Mortgage Loans

2009-04-13T16:05:00.000-07:00

Advantages to Choosing 30 Year Fixed Rate Mortgage LoansIs a 30 year fixed rate mortgage loan right for you? What is the advantage of a 30 year fixed rate mortgage? 30 year fixed rate mortgages offer security even if you plan to sell or refinance your home after a few years. Watch this Expert Real Estate Tips segment and learn all the advantages of a 30 year fixed rate mortgage loan.

Regulators ‘Working Hard’ to Cut Mortgage Rates, Lockhart Says

2009-03-16T06:34:00.000-07:00

Regulators ‘Working Hard’ to Cut Mortgage Rates, Lockhart Says Federal Housing Finance Agency Director James Lockhart, who oversees mortgage-finance companies Fannie Mae and Freddie Mac, said he is “working hard” with other federal regulators to push home-loan interest rates down.“Treasury’s actions to strengthen confidence in Fannie Mae and Freddie Mac will continue to support lower mortgage

FHA To Tighten Standards for Cash-Out Refinancing

2009-03-15T06:32:00.000-07:00

FHA To Tighten Standards for Cash-Out RefinancingThe Federal Housing Administration plans to make it tougher for borrowers to refinance a loan and take out cash as the agency tries to "limit its exposure to undue risk," according to a letter that went out to lenders this week.The decision comes at a time when defaults are rising in the FHA's flagship home-loan-insurance program, especially among

Michigan loan officer registration is low

2009-03-14T06:31:00.000-07:00

Michigan loan officer registration is lowThe April 1 deadline to register with the state as a mortgage loan officer is fast approaching, and yet just more than 400 people have become registered to write mortgage loans in Michigan.Mona Pappas, a mortgage broker with Sistar Mortgage Co. in Shelby Township, started the registration process by taking the examination in December. She said the state

NAACP alleges Wells Fargo, HSBC mortgage bias

2009-03-13T18:30:00.000-07:00

NAACP alleges Wells Fargo, HSBC mortgage biasThe NAACP sued mortgage and banking units of Wells Fargo & Co (WFC.N) and HSBC Holdings Plc(HSBA.L) on Friday, accusing them of charging excessive rates to African-Americans who took out subprime mortgages.According to complaints filed with the U.S. district court in Los Angeles, the National Association for the Advancement of Colored People said Wells

1 in 8 Georgia homeowners delinquent, in foreclosure

2009-03-07T06:19:00.000-08:00

1 in 8 Georgia homeowners delinquent, in foreclosureThe home mortgage crisis is gathering steam across Georgia as the state’s economic woes deepen.One in eight Georgia homeowners were either behind on their payments or in foreclosure in the fourth quarter, according to a survey released Thursday by the Mortgage Bankers Association. The 223,000 Georgia homeowners delinquent or in foreclosure