Category: Mortgage

Mortgages Drop, Despite Decline in Rates

Applications for home mortgages dropped 6.5% for the week, despite a decline in mortgage interest rates, according to the Mortgage Bankers Association. The drop came as a result of fewer homeowners and potential new home buyers applied for mortgages as the U.S. economy deals with a series of challenges, including long term concerns over higher… Continue reading Mortgages Drop, Despite Decline in Rates

Maine Robo-Signing Cases Thrown Out

By Kevin Chiu A federal judge in Maine has thrown out two of three charges against GMAC Mortgage in a highly publicized robo-signing foreclosure lawsuit that could set a precedent for similar actions. U.S. District Judge Brock Hornby dismissed claims from homeowners seeking financial damages from GMAC for improper foreclosures as a result of foreclosure… Continue reading Maine Robo-Signing Cases Thrown Out

Mortgage Rates Drop Amid Middle-East Turmoil

By Kevin Chiu Mortgage rates dropped for the second week in a row as violence breaking out in the Middle–East troubled financial markets, according to Freddie Mac. Rates on fixed rate loans and adjustable mortgages all fell below last weeks levels. The interest rate on a 30-year fixed rate mortgage averaged 4.95% with 0.6 point… Continue reading Mortgage Rates Drop Amid Middle-East Turmoil

Victims of a Reverse Mortgage

By Sandy Jolley In Her Own Words This story is about my parents, Patricia and Richard Hickerson who were sold a reverse mortgage that was not needed or appropriate for their circumstances. It’s a tragic story of deceit, fraud and purposefully targeting vulnerable seniors to deprive them of their property, retirement, dignity and quality of… Continue reading Victims of a Reverse Mortgage

Record Low Mortgage Rates Remain Steady

By Mike Colpitts Hitting their all-time record lows for three straight weeks, mortgage rates remain steadily low as lenders keep rates at their lowest levels in  U.S.  history. The majority of Americans expect rates to see no change over the next year, according to Fannie Mae. The average rate on a fixed 30-year mortgage was… Continue reading Record Low Mortgage Rates Remain Steady

The Truth Behind Reverse Mortgages

By Kim Olson We’ve all seen the advertisements on reverse mortgages: “Get money now, pay all of your bills, stay in your home as long as you want to, and never make another mortgage payment!” That sounds good, doesn’t it? However, although these can be good for older homeowners, they may have drawbacks that will… Continue reading The Truth Behind Reverse Mortgages

Refinances Lead Mortgage Rise as Rates Drop

Pushed by higher interest rates over the last month, mortgage applications saw a rise from a week ago as home purchases and refinancing shot upward. Refinances led the increase in volume by 17.8%, while purchase money applications rose a seasonally adjusted 5.1%, according to the Mortgage Bankers Association. The combined market composite index for mortgages… Continue reading Refinances Lead Mortgage Rise as Rates Drop

Mortgage Rate Drops to Magic 5%

By Mike Colpitts Mortgage rates moved in the right direction for home buyers this week as rates showed a drop in all categories, breaking a month long increase in rates, according to Freddie Mac. A 30-year fixed rate mortgage declined to 5.0%, a slim 0.05 decrease from last week, which represents a magic number for… Continue reading Mortgage Rate Drops to Magic 5%

Regulator Confirms Banks Broke Laws in Robo-Signing

By Kevin Chiu Banking regulators are in the process of determining how mortgage servicing companies and banks will suffer for breaking laws in the foreclosure robo-signing scandal, according to the head of the U.S. Office of the Comptroller of Currency. The charges have been a financial and public relations catastrophe for banks and mortgage companies… Continue reading Regulator Confirms Banks Broke Laws in Robo-Signing