Your Mortgage Approval Isn’t Final Until It’s Funded
A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today. MSN Money [...]
Foreclosure Activity Slows For The First Time In Several Years
The national foreclosure rate is finally falling. According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010. 2 percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped. To be sure, [...]
Relocate America’s Top 100 Places To Live (2010 Edition)
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not. According to Relocate America, the rankings highlight communities “moving in the right direction”, defined as having a combination of strong leadership, job opportunities, improving real [...]
Shopping For Mortgage Rates Is Part Research Skills, Part Luck
Shopping multiple lenders for a “good mortgage rate” can sometimes save you 1/8 percent on your rate and/or a few hundred dollars in fees. However, when it comes to getting the best mortgage rate, you’re going to more than good research skills. You’re going to need some luck. Mortgage rates are unpredictable, ever-changing, and rarely [...]
What’s Ahead For Mortgage Rates This Week : May 10, 2010
Mortgage markets improved to their best levels of 2010 last week, aided by events half a world away and ongoing safe haven buying. Greece’s debt problems continue to help mortgage rate shoppers around the country. Conventional mortgage rates dropped last week, ARMs falling more than fixed. FHA mortgage rates also improved. Global concern for the [...]
Markets Ignore The April Jobs Report And It’s Good News For Mortgage Rates
On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls report. More commonly called “the jobs report”, Non-Farm Payrolls is a major market mover. The number of working Americans is directly tied to the health of the economy which, in turn, drives the stock and bond markets. In general, when jobs [...]
1 In 8 Banks Tightened Prime Mortgage Standards Last Quarter
The Federal Reserve says that financial markets “remain supportive of economic growth“. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal [...]
March Pending Home Sales Point To Stronger Spring Market
The Pending Home Sales Index moved higher in March as home sales were spurred by low mortgage rates and an expiring tax credit. A “pending home” is a property that is under contract to sell, but not yet closed. March marks the second straight month in which the Pending Home Sales Index improved after a [...]
Fannie Mae Tightens Guidelines On ARMs And Interest Only Products
For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages. Fannie Mae made its official announcement April 30, 2010. The changes will roll out to home buyers [...]
What’s Ahead For Mortgage Rates This Week : May 3, 2010
Mortgage markets improved last week on tame inflation data, a benign statement from the Federal Reserve, and ongoing credit problems in Greece. The factors combined to drop conforming mortgage rates to their lowest levels in 6 weeks. It’s an unexpected development considering that mortgage rates were supposed to rise post March 31, 2010. That was [...]