Ben Bernanke Leaves Clues About The Future Of Mortgage Rates
On the 1-year anniversary of the Lehman Brothers collapse, Fed Chairman Ben Bernanke said Tuesday that the “recession is very likely over at this point”. His comments were supported by a Retail Sales report for August that was much better-than-expected. Equities improved on the day, mortgage markets worsened, and home affordability suffered. The days of [...]
Using 401(k) Funds For A Downpayment? First, Consider The Tax Implications.
As downpayment requirements increase, anecdotally, home buyers are tapping 401(k) plans for extra cash. Classified as a “hardship withdrawal”, loans against your retirement funds can be cheap and simple. There’s no credit check or approval process There’s only a small set of paperwork Money can be available in as little as a day But just [...]
What’s Ahead For Mortgage Rates This Week : September 14, 2009
Mortgage markets improved last week, briefly touching their best levels in 3 months. However, a rough Friday afternoon took away some of those gains. Mortgage rates touched their lowest levels of the week Friday morning before tacking on an eighth-percent or more over the last 90 minutes of trading. It’s the second straight week in [...]
Why An 800 Credit Score Doesn’t Really Matter
Since 2007, mortgage lenders have clamped down in many areas of underwriting, but none more so than in the area of credit scoring. Minimum FICO levels are up 120 points or more and conforming mortgage lenders now levy large fees on borrowers whose scores are below 740. Keeping your credit scores high is a worthwhile [...]
The Geographical Concentration Of Foreclosures
Once again, the country’s foreclosures are concentrated in just a few states. As reported by foreclosure-tracking company RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in August occurred in just four states: California : 25.76 percent Florida : 17.4 percent Michigan : 5.4 percent Nevada : 5.0 percent The rest of the “Top [...]
Simple Real Estate Definitions : Quitclaim Deed
By its most common definition, a quitclaim deed is a document by which one person passes legal and financial ownership of a home to another person. It’s also a way for an owner of a home to remove himself from the title to the property. Often misspelled as “quick claim deed” or “quit claim deed”, [...]
What’s Ahead For Mortgage Rates This Week : September 8, 2009
Mortgage markets improved slightly last week overall, but closed out the week much worse from the best levels of the week. On Wednesday, briefly, mortgage rates touched an 8-week low. Following that, mortgage rates began to climb and stayed on an upward trajectory clear through Friday’s closing. Rate shoppers suffered, realizing a 0.250 percent rise [...]
Why The Day Before Labor Day Weekend Is Tough On Home Affordability
Volume figures to be light on Wall Street today as traders get a head start on Labor Day weekend. It could make shopping for a mortgage a bona fide challenge. Expect rate volatility this morning and afternoon and, therefore, by extension, expect wild swings in the Home Affordability Index. As mortgage rates rise and fall, [...]
How To Increase Your Household Cashflow By $500 Monthly
There are two ways to boost your personal cash flow — increase your income or reduce your spending. The former can be a challenge but the latter doesn’t have to be. The headline of the above video — “Cut Your Spending By $500 Per Month” — is somewhat sensational but the advice given during the [...]
Why Home Prices Are Almost Certain To Rise This Fall
In what’s becoming a regular occurrence, housing data blew away economists expectations Tuesday. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 6th consecutive monthly gain in July. After a meteoric rise that started in January, the index is now at its highest levels in more than 2 years. [...]