mortgage

What To Expect From The Fed Today And How It May Impact Mortgage Rates

January 28, 2009

The Federal Open Market Committee adjourns from its 2-day meeting today.

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Move-Up Homebuyers Face New Lending Challenges This Spring

January 23, 2009

When a homeowner sells his home and decides to buy a new one, there are 3 basic options for the residence — sell it, keep it, or rent it. Unfortunately, no matter which path they choose, move-up homebuyers in need of a new conforming mortgage will find qualifying for a home loan to be more difficult this season than in the past

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How Prepaid Items Can Make Your “Closing Costs” Look Inflated

December 14, 2008

When buying a home, you pay for more than just physical property at the closing table.  You also pay a series of charges.  Commonly, homebuyers lump all of these charges under the heading of “closing costs”. That’s a miscategorization. Many changes on a HUD-1 Settlement Statement are specifically not closing costs. They are more appropriately […]

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Simple Real Estate Definitions : Refinance

December 12, 2008

A mortgage is a contract between a bank and borrower, defining the terms by which a home loan must be repaid. The paperwork, signed by both parties, includes provisions for things like: The interest rate The length of the loan The amount of money to be borrowed But, like all loans, a mortgage loan can be paid off at any time.

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Conforming Fixed Rate Mortgages Are Now Priced Better Than Comparable ARMs

December 11, 2008

It’s the age-old question for home buyers in need of a mortgage: Which is better: Fixed or ARM? Historically, the answer has hinged on a homebuyer’s desire to meet one of two mutually-exclusive mortgage financing goals: Get low mortgage payments for better cash flow Get long-term payment stability for better budget planning But because of government intervention and lingering questions about the economy, fixed-rate mortgages are now pricing cheaper than their adjustable-rate counterparts.

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Get Extra Tax Deductions In 2008 — Pay Your Mortgage A Few Days Early

December 10, 2008

For most Americans, mortgage interest paid on a home loan is tax-deductible in the year in which it was paid. With advance planning, therefore, homeowners can increase their 2008 tax deductions and limit their tax liability on April 15

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What It Means When More Than Half Of The Delinquent Homeowners Go Delinquent Again

December 9, 2008

Earlier this year and under pressure from the government, mortgage lenders made more than 200,000 loan modifications to delinquent homeowners. The modifications came in one of three forms, or a combination: Interest rate reduction Loan term extension Principal forgiveness But despite the modifications, as of October 1, more than half of the homeowners that received assistance were already two months behind on their modified monthly payments.

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Mortgage Markets In Review : December 8, 2008

December 8, 2008

In a week in which mortgage markets struggled to find direction, mortgage rates edged higher overall. The weekly increase was the first since mid-November and it may signal higher rates as we head into 2009. The week’s most talked-about story hit the wires Friday.

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How November’s 533,000 Jobs Lost Is Helping Mortgage Rates Improve

December 5, 2008

According to the government, American businesses are cutting staff at an accelerated pace, most recently paring 533,000 jobs this past November. It’s the largest one-month decline since December 1974 and raises the year-to-date job losses to 1.9 million workers. However, there is a silver lining in the data for all Americans — both employed and […]

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1 Penny = 1 Billon Dollars

December 4, 2008

The global recession has caused significant demand destruction of all commodities around the world. Arguably the hardest hit has been crude oil, down significantly from it’s peak. With the fall in crude oil prices, distillate prices have come down as well.

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1 Penny = 1 Billion Dollars

December 4, 2008

The global recession has caused significant demand destruction of all commodities around the world. Arguably the hardest hit has been crude oil, down significantly from it’s peak. With the fall in crude oil prices, distillate prices have come down as well. Most nobably for all of out here in radio land, GASOLINE!! I can’t speak […]

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How 78 Consecutive Days Of Falling Gas Prices Helps Sell Real Estate

December 4, 2008

For the 78th consecutive day, gas prices fell nationwide yesterday. At $1.81 per gallon, the average price at the pump is less than half what it was at its peak in July. And although gas prices vary by locale, the cost of a fill-up is worthy of national news. The main reason why national gas […]

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The Truth About Those "4.500 Percent Mortgage Rates" You Keep Hearing About

December 4, 2008

Business television is abuzz this morning with talk of “four-point-five percent mortgage rates”; the clip above ran on NBC Today. The news stems from a leaked story that the U.S. Treasury will intervene in the mortgage market, lowering rates a full percentage point below their current levels

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You Locked In A Low Mortgage Rate — Now You’ve Got To Close On It

December 3, 2008

Each Wednesday, the Mortgage Bankers Association releases its Weekly Applications Survey, a detailed look at new mortgage applications submitted over the previous 7 days. This week’s report will reveal what most of us already know — plunging mortgage rates created a flood of mortgage activity. If you’re among the many Americans taking advantage of today’s […]

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Looking Back And Looking Ahead : December 1, 2008

December 1, 2008

Government action fueled a mortgage market rally last week, leading mortgage rates lower for the second consecutive week. Despite soft housing numbers and evidence of a slowing economy, mortgage rate shoppers found reason to celebrate: Citigroup was “rescued” Wall Street liked the new economic team The government pledged $600 billion to buy investment-grade mortgage bonds […]

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"Franksgiving" And Other Black Friday Facts

November 28, 2008

The day after Thanksgiving is a busy shopping day nationwide and, this year, analysts are paying extra attention to sales figures. Dubbed “Black Friday” in reference to red ink representing loss and black ink representing gain, today’s start to the Holiday Shopping season is believed to be the day that retailer balance sheets finally cross over to profitability

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Mortgage Rates Fell But Be Careful Of History Repeating Itself

November 26, 2008

Like everything else on Wall Street, mortgage markets are based on supply and demand. When demand outweighs supply, mortgage rates fall. So, Tuesday, when the government unexpectedly announced a $500 billion budget for buying mortgage debt from Fannie Mae and Freddie Mac, the demand side of the mortgage market ballooned. The surprise demand helped push […]

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Existing Home Sales Are Relatively Unchanged Going On 14 Months Now

November 25, 2008

In real estate, the term existing home refers to a “used” property; one that can’t be classified as new construction. The number of existing homes sold each month is tracked by the National Association of REALTORS. The report is often used as a gauge for the health of the real estate market nationwide. In October, […]

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Looking Back And Looking Ahead : November 24, 2008

November 25, 2008

As the stock market retraced to its 1997 level, mortgage markets improved last week — but not by much. Mortgage rates closed out the week slightly lower, but the week wasn’t without fireworks. Calls of deflation grew louder The automakers left Washington without a bailout Citigroup’s stock price fell to the equivalent of its ATM […]

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Deflation And What It Means To Americans

November 24, 2008

Business television and newspapers have made deflation a hot topic this week and, since Monday, Google has tracked 13,000 mentions of it. Deflation is a recurring cycle in which the prices of goods and services fall. Isolated to one industry or sector, falling prices is the natural result of competition. For example, when DVD players […]

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