Last week’s economic news was dominated by events in Cyprus and the Federal Open Market Committee (FOMC) meeting on Wednesday.
Mortgage rates fell last Monday as investors became concerned over news that a Cyprus bank bailout was in the works.
Federal Reserve Holding Course With Mortgage Backed Security Purchases
The FOMC met on Wednesday and in a press release after the meeting, noted that no immediate changes to the present economic easing program would be made.
The Fed officers will …
Read the rest of this entry...
It is important to get in the habit to review your credit report each year. Protect yourself knowing what is in your credit profile from each of the 3 bureaus - Work on making sure the information is accurate before you need a credit card, car loan or mortgage. Great habit - do this the same time every year after you file your taxes -
There are a lot of sites that tease a free credit report, and then require …
Read the rest of this entry...
If you are considering buying a new home and planning on an FHA loan then please take note. On April 1, 2013 the following U.S. Department of Housing and Administration rules go into effect:
- On most FHA loans the annual premium will increase by 0.10% or $100 per year for each $100,000 in loan amount.
- For loans greater than $625,000 with a term longer than 15 years, the increase will be 0.05%, or $50 per year for each $100,000 in
…
Read the rest of this entry...
Interest rates have been at historic rates for so long some people seem to believe they will be low forever. I don’t think so. Obviously the country’s recovery from a recession is progressing and as it does, interest rates will begin to rise.
I’m not the only one who thinks so. The Mortgage Bankers Association (MBA), a national entity which represents the real estate finance industry, has a forecast for interest rates in 2013 and 2014. According to the MBA, …
Read the rest of this entry...
If you are struggling to meet your mortgage payments and have even missed a few there may be a bit of good news. For those home buyers who financed through Freddie Mac and Fanny Mae beginning December 17 and December 19, respectively, the two mortgage giants will suspend all bank repossessions. On January 2, 2013, evictions will resume. The Bank of America also said it will halt foreclosure evictions, both of the loans it owns and for those it services …
Read the rest of this entry...
I have written so often about what to do and what not to do when applying for a mortgage loan. Just recently I was visiting with one of our CBSHOME Mortgage lenders and noticed a sheet of paper taped to her door titled, 10 Commandments When Applying for a Mortgage Loan.
Although I can’t give credit to the creator of commandments, the lender gave me permission to share them with you.
- Thou shall not change jobs or become
…
Read the rest of this entry...
We are currently living in a unique time for real estate. Interest rates are incredibly low and houses are priced lower than they’ve been for several years. The National Association of Realtors has research that shows a great number of today’s renters have the income-to-debt ratio that would allow them to buy a home.
What about you? Are you frozen in place by the fear you may not qualify for a mortgage? I suspect this superior environment for purchasing a …
Read the rest of this entry...
There are all kinds of articles written about how to reduce credit card debt. There is always one proposing some slick way to camouflage a lot of debt. Believe me, the underwriters will spot tricks. Your best bet is to determine what motivates you and stick with it until your debt is under control.
I’ve said it before and I’ll say it again. The time has never been better to buy a home. Unfortunately, the number one reason people can’t …
Read the rest of this entry...
“It’s not far, if you know the way.” Maybe it is an obvious statement but there are some definite steps that will improve your success in buying a home in today’s market.
- Know you credit score – the best mortgage rates are available to borrowers with the highest scores. Unless you know what your credit score is at all three major bureaus, you don’t really know what rate you’ll have to pay.
- Clean up your credit – it is estimated
…
Read the rest of this entry...
It all seems perfectly reasonable: one person is not satisfied with what he can earn currently in the market and another wants to find the most attractive mortgage to purchase their home. It can be a good match but the IRS has specific rules that govern the transaction.
The loan must be done in a business-like manner with a written note specifying the loan amount, interest rate, term and collateral. IRS requires that the mortgage be a recorded lien in …
Read the rest of this entry...
