Category: Mortgage

Lowest Mortgage Rates of Year Arrive

By Kevin Chiu The lowest mortgage rates of the year arrived in time for New Year’s, according to the Mortgage Bankers Association survey. However, despite the drop, mortgage refinances and mortgages for home purchases slipped for the week. The drop in applications was attributed to the traditional holiday slowdown caused by Christmas and New Years,… Continue reading Lowest Mortgage Rates of Year Arrive

Homeowner Insurance Guide

By Erika Stewart Home insurance is important to insure that property is protected in the event of emergencies like natural disasters, fires, and even over liability issues like a friend or visitor falling and hurting themselves. Having homeowner insurance protects not only the home but its occupants and their possessions. However, not all home insurance… Continue reading Homeowner Insurance Guide

Mortgage Refinances Double on Lower Rates in New Program

By Mike Colpitts Homeowners taking advantage of the new government backed refinancing initiative triggered a huge jump in refinancing applications as mortgage holders attempt to take advantage of near record low mortgage rates. The jump in refinances accounted for nearly double the volume of applications at some lenders. The Mortgage Bankers Association refinance index increased… Continue reading Mortgage Refinances Double on Lower Rates in New Program

Underwater Mortgages Drop Slightly

By Mike Colpitts Homeowners with underwater mortgages or those who owe more on their homes than their properties are currently worth dropped in the third quarter in the U.S., according to real estate data firm CoreLogic. The decline, however, was marginal falling to 10.7-million residential homeowners, which is 200,000 less than the second quarter of… Continue reading Underwater Mortgages Drop Slightly

Owner Financing Breaks Into Fashion

By Mike Colpitts Owner financing is making a comeback in the housing market as homeowners look for ways to sell their homes in the sluggish economy. Selling a home with an owner carrying the mortgage was hardly heard of during the housing boom, but it’s returned out of necessity as more owners explore alternative ways… Continue reading Owner Financing Breaks Into Fashion

Real Estate Investors Plead Guilty in Conspiracy

By Mike Colpitts Eight real estate investors have pleaded guilty for their roles in a criminal conspiracy at real estate foreclosure auctions. The charges against the investors carry up to 30 years in U.S. federal prison and $1-million in fines. The investors agreed to enter the guilty pleas after a federal investigation led to their… Continue reading Real Estate Investors Plead Guilty in Conspiracy

Homeowners Opt to Buy Appraisals

By Mike Colpitts Homeowners are buying independent appraisals as they prepare to place their homes on the market for sale in growing numbers, attempting to determine the real value of their homes. The move is growing momentum as transactions on existing home sales fail at increasing rates. One out of three sales contracted during the… Continue reading Homeowners Opt to Buy Appraisals

Jumbo Loan Limits Increased

By Kevin Chiu Jumbo loan limits, eliminated just two months ago have been increased by the Federal Housing Administration. The move raised loan limits to 125% of local median home prices to a maximum of $729,750. The FHA jumbo loan increase was approved by Congress, and is expected to be signed by President Barack Obama.… Continue reading Jumbo Loan Limits Increased

Mortgage Pace Slows Before Boom

By Mike Colpitts Despite the second lowest mortgage rates on record, refinances slowed to the slowest pace in weeks as consumers waited for new guidelines for home refinancing to be announced. Applications for refinancing slipped, driving home loan originations 10% lower, according to the Mortgage Bankers Association but are projected to boom this week. The… Continue reading Mortgage Pace Slows Before Boom