The sales of new U.S. single family homes fell only slightly in November in the wake of higher mortgage rates. Meanwhile, prices on new homes continued to rise, signaling to national housing market experts that the market truly is weathering higher mortgage rates, according to a recent news article. National Housing Market Showing Resilience, Experts […]
On October 25, 2011 President Obama announced a plan to ease eligibility rules for home owners who want to refinance and take advantage of ultra-low mortgage rates to lower their mortgage payments. The administration hopes that by broadening its requirements for the Home Affordable Program that about 1 million home owners will now be able […]
These quick tips will help increase your overall credit score.. First, never cancel a credit card that is more than two years old. Having a “seasoned” account – one that is more than two years old is a big plus for you. Next, consider increasing your maximum allowable credit limit. In other words, if you have a […]
One common question a buyer will always ask us is “should I pay points on my home loan?” The answer is “it depends on a few factors.” The reason why you pay points on a loan is to get a lower interest rate. A point on a mortgage is equal to 1% of the loan amount. Therefore, if you are receiving a loan of $200,000 […]
It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If […]
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Mortgage Bankers Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. Some companies don’t sell directly to those major investors, but […]
In the “olden” days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds laying around and considered you a good credit risk, they would lend you the money from their own funds. It doesn’t generally work like that anymore. Most of […]
Each week, Bankrate.com surveys experts to gauge which way interest rates are headed on mortgages. Check out their predictions. www.bankrate.com
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