March 2008 - 24 posts found << < 1 2 > >>
|
It's all about past performance... Not all brokers are bad! |
| 3/26/2008 12:23:13 PM |
I'm not putting any flashy pictures or exotic text in this post I just want to point something out. I saw a news broadcast recently that focused on the lack of ethics within the "mortgage broker" community. the entire hour long broadcast talked about the economic turmoil that we are in and blamed mortgage brokers. The people (so called analysts) on the screen... Read More |
|
|
|
|
|
|
| |
|
|
Financial Institutions Pare Lending |
| 3/25/2008 2:24:16 PM |
| Many financial institutions in this nation are required to maintain "reserves" in order to hold onto certain credit ratings that are a requirement of doing business within the financial sector. The requirements vary depending the the type of business being conducted. Mortgage brokers for instance are required to hold a $100,000.00 bond in order to legally stay in... Read More |
|
|
|
|
|
|
|
|
|
|
Apply for a Low Rate Second Mortgage Loan |
| 3/25/2008 3:59:47 AM |
Today, more and more families are strapped for cash. As a result, the national consumer debt is approximately $3,000 per person. Getting into debt is easy. And sometimes, it's unavoidable. Fortunately, there is a practical way to eliminate high interest credit card debt and ultimately save your credit score. If you own a home, consider a second mortgage loan.
A second... Read More |
|
|
|
|
|
|
|
|
|
|
42,000 Mortgage Applications Mis-Stated Income -- No Stated Income Programs With an FHA Refinance |
| 3/18/2008 2:04:06 PM |
Today Interthinx released information that they have uncovered 42,000 mortgage applications worth $11 BILLION that contain "significant misrepresentations of the borrowers income" and were originated in the last 6 months of 2007.
“For the first time, the industry is getting a real-time look at the scope of mortgage fraud, and these numbers are staggering,” said... Read More |
|
|
|
|
|
|
| |
|
|
LLPA, and what this means for you... |
| 3/18/2008 8:17:59 AM |
| LLPA or "Loan Level Price Adjustments" are adjustments that Fannie Mae and Freddie Mac (or any lender for that matter) may levy against a borrower contingent upon certain conditions being met. What that means is that Fannie & Freddie can take the base rate that is determined by the current market conditions and add hits or upward adjustments to the interest... Read More |
|
|
|
|
|
|
| |
|
|
Second Mortgage Loan: Quick Tips |
| 3/18/2008 5:38:57 AM |
| Before applying for a second mortgage loan, each homeowner should evaluate their current finances and determine whether they can afford an additional monthly expense. A second mortgage can be extremely useful. Some borrowers use the money to get rid of debt, make home improvements, pay for college tuition, and so forth. Unfortunately, this loan will increase monthly... Read More |
|
|
|
|
|
|
| |
|
|
Questions about an MIP Refund? |
| 3/17/2008 8:41:06 PM |
It seems lately that I have been getting more than the usual amount of questions about people who had an FHA loan or who are currently in an FHA loan and are wondering about their Up Front Mortgage Insurance Premium (UFMIP) account and whether or not they are due an MIP Refund.
When someone asks me directly "am I due an MIP Refund from HUD?" My first response is... Read More |
|
|
|
|
|
|
| |
|
|
Proposed FHA Refinancing Plan Could Help One to Two Million Homeowners |
| 3/16/2008 11:56:26 PM |
House Financial Services Committee Chairman Barney Frank, D-Mass., has announced new legislation aimed at stemming the rise in mortgage foreclosures. The bill would let the Federal Housing Administration ensure and guarantee FHA refinanced mortgages that have been written down by lenders. The bill that Mr. Frank is planning to introduce would permit the FHA to provide up... Read More |
|
|
|
|
|
|
| |
|
|
Down Payment Assistance and Buying REO Property |
| 3/16/2008 4:34:53 AM |
If you are in the market for a new home, I recommend looking at buying an REO property. This is where some of the great deals are today. REO stands for Real Estate Owned -- and it is an industry term that means "The Bank Owns This House". This means that when you buy this property, you buy it from the bank, not another owner or builder.
Can you get an FHA loan... Read More |
|
|
|
|
|
|
| |
|
|
Are Down Payment Assistance (DPA) Programs Still Available? Yes! |
| 3/15/2008 5:09:19 PM |
Can someone still buy a home with nothing down? Yes.Just last week the Supreme Court overruled the US Department of Housing and Urban Development’s (HUD) decision from October 2007 making it illegal for home buyers to participate with any type of down payment assistance provided by the seller. More info here. What does this mean to potential home buyers? It means that if you... Read More |
|
|
|
|
|
|
| |
|
|
BAO made a great decision... |
| 3/13/2008 1:59:17 PM |
Regarding their recent decision to purchase Countrywide, America's largest home lender. There has been much speculation on the topic for good reason. Countywide is a very large financial insitution. If it were to collapse it would be a large chunk of the economy down with it. More than 7% of Cw's Loans are in default. Personally, I am satisfied with the arrangement. Not only... Read More |
|
|
|
|
|
|
| |
|
|
Government cash injection and the dangers ahead... |
| 3/12/2008 8:05:39 PM |
It started at the pump, not the mortgage shop...
And now it is headed toward your wallet and your savings. Ben Bernanke (FED Chairman) announced yesterday (03/11/2008) that our central bank in conjunction with several of the worlds central banks will be pooling together to inject 200 billion dollars into some of our nations struggling lenders in exchange for souring... Read More |
|
|
|
|
|
|
| |
|
|
The Number of MIP Refunds Owed To Homeowners Is Growing |
| 3/12/2008 9:39:47 AM |
Whenever someone gets an FHA loan, they are required to pay something called Up Front Mortgage Insurance Premium. This UFMIP is currently calculated to be 1.5% of the loan amount and is set into an escrow account and drawn down monthly for a set number of months until the account is depleted.
Depending on when someone took out an FHA loan and depending on when they... Read More |
|
|
|
|
|
|
| |
|
|
FHA Reform Coming Soon. FHA Reform Coming Soon! FHA Reform Coming Soon? Which is it? |
| 3/11/2008 9:18:25 PM |
According to CNNMoney, lawmakers are optimistic that they will be able to send a bill for FHA Reform to President Bush by April.
Really?
I wonder what it will include and what it won't include.
According to the article, possible changes include:
Permanently raise loan limits.
The economic stimulus bill passed in February temporarily increased the limit on loans eligible to be... Read More |
|
|
|
|
|
|
| |
|
|
mortgage crisises bailout |
| 3/11/2008 6:36:14 PM |
does the mortgage crisis demand a government bailout?
a year ago some experts thought not. but now is another day and they just might be thinking different. sad as the situation was for the homeowners.some thought that the problem would be on the ones who had gambled on risky loans with their eyes open.
but things have changed the mortgage crisis has changed it is now... Read More |
|
|
|
|
|
|
| |
|
|
Second Mortgage Loan: Spend Wisely |
| 3/11/2008 9:19:03 AM |
 A second mortgage loan or home equity loan can put fast cash in your pocket. Although homeowners apply for a second mortgage loan with a specific purpose in mind, it's easy to get sidetracked and spend the cash on frivolous merchandise. What's more, a home equity loan increases your current debt load. Thus, if you can't afford the extra monthly expense, you might be... Read More |
|
|
|
|
|
|
| |
|
|
Is a Reverse Mortage Loan For Me? |
| 3/10/2008 7:11:59 PM |
- all at once, in a single lump sum of cash;
- as a regular monthly cash advance;
- as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
- as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move... Read More |
|
|
|
|
|
|
| |
|
|
HUD Secretary: "FHA Is Back" |
| 3/9/2008 5:01:43 PM |
I came across a press release from HUD talking about how the recent increase in FHA loan limits will benefit quite a few people from California.
Some interesting excerpts from the release:
"The plan raises FHA's loan limits, enabling more families to qualify for a safe, affordable FHA mortgage. This is critical for California, where most families are currently priced out... Read More |
|
|
|
|
|
|
| |
|
|
The History of FHA |
| 3/8/2008 10:28:54 AM |
The Federal Housing Administration (FHA) is the largest insurer of mortgages in the world, insuring 34 million properties comprising single family homes, multi-family homes, manufactured homes, and other types of properties. In a nutshell, FHA insurance protects lenders against potential losses they may incur as a result of a borrower defaulting on the loan. This allows... Read More |
|
|
|
|
|
|
| |
|
|
FHA Secure Mortgage Program |
| 3/8/2008 10:24:59 AM |
If you’re one of the millions of Americans that has fallen behind on their mortgage, then you may be interested in learning a little more about the FHA Secure Loan Program. The FHA Secure Loan Program is an initiative by the Bush administration in direct response to the many homeowners who have fallen behind on their mortgage payments, and goes hand-in-hand with proposed... Read More |
|
|
|
|
|
|
| |
|
|
March 2008 - 24 posts found << < 1 2 > >>
|
