January 19, 2011 (Shirley Allen) Wouldn’t it be great if you ran into some money and you could take that money and make a lump sum payment towards your mortgage and then have your mortgage reset according to the original interest rate and loan terms? Read more...
January 19, 2011 (Jeff Alan) Southern California home sales plummeted almost 13 percent in December from a year earlier as unemployment and tight credit cut demand, according to San Diego-based data firm DataQuick. The data was somewhat of a surprise as the Southern California market had recently been showing signs of stability and market improvement. [...]
January 19, 2011 (Chris Moore) Adjustable Rate Mortgages (ARMs) that had become the mortgage of choice during the housing boom has become virtually non-existent as a mortgage option today. In a report released by the Federal Reserve, the once mighty ARM which was the choice of 70 percent of all borrowers in 2004, now only [...]
January 18, 2011 (Shirley Allen) According to the results of a recent state by state study conducted by Mortgage Marvel, the national credit score average is 735. The study was conducted by analyzing over 340,000 first mortgage applications that also revealed that the state with the highest average was California, with the state of Mississippi [...]
January 18, 2011 (Jeff Alan) If you’re considering purchasing a home or refinancing a home in 2011, be prepared to pay higher mortgage fees, even if you have an excellent credit score and a large down payment. Things will be even worse for borrowers with lower credit scores and small down payments. Read more...
January 18, 2011 (Shirley Allen) JPMorgan Chase reported yesterday, they overcharged roughly 4,000 troops on their mortgages and improperly foreclosed on 14 of the families. The bank has admitted it had made the mistakes and is trying to correct the problem, and as a result, Chase said it will be sending roughly $2 million in [...]
January 17, 2011 (Chris Moore) Recent news reports have showcased the increasing occurrences of homeowners who “walk away” from their homes. Also know as “strategic defaults,” most of these homeowners are not behind on their payments or are financially distressed, but instead walk away from their homes because they owe far more on their home [...]
January 14, 2011 (Shirley Allen) As rates have risen, the number home buyers seeking a rate lock on their mortgage loan application has increased, but new rules and regulations are increasing the amount of time it takes to finish processing their loan, and borrowers are facing the prospect of higher mortgage rates or increased loan [...]
January 14, 2011 (Jeff Alan) According to the latest economic forecast from mortgage giant Freddie Mac, mortgage rates are expected to hit considerably higher levels in 2011 that what was predicted just a month ago. Following the unexpected rise in mortgage rates from mid-November through the December, Freddie Mac expects the mortgage rate on 30 [...]
