Posts with tag Home loans

Freddie Mac is squeezing lenders tighter this spring, and that means higher fees will be passed on to homebuyers. The government-sponsored mortgage-finance company stated in a memo last week that it will raise upfront fees to lenders on riskier home loans, including those for homebuyers with lower credit ratings and... Continue Reading »

Five years ago, New Jersey homeowner Bill Allard bought a house with a 30-year fixed mortgage at a rate of 5.75 percent. But with mortgage rates now below 5 percent, he's wondering if he should refinance his loan. "I could get a lower rate and my monthly payments will be less, but will I come out ahead in the long run?"... Continue Reading »

If you missed them the first time, here's your second chance. Mortgage rates last week tied historic lows, with the average 30-year fixed-rate mortgage bottoming out at 4.32 percent. A week earlier, the average rate was 4.37 percent; a year ago, rates hovered around 4.94 percent. Yet the purchase application index only... Continue Reading »

It's time to find some patience because home sales aren't likely to rebound significantly this selling season, new mortgage data indicates. The Mortgage Bankers Association reported a 37 percent drop in applications for home loans last week compared to the same week in 2009. Even though the weekly survey -- an index... Continue Reading »

The government wants to get out of the mortgage business. But can they do it without bringing a halt to what is already a stalled housing market? This morning, industry leaders are discussing ways to reform Fannie Mae and Freddie Mac as part of the Conference on the Future of Housing Finance, which is being... Continue Reading »

If you're looking for a home, the best time to apply for financing is now, now, or now. After reaching record lows last week, mortgage rates dropped a hair lower, making it an optimum time to apply for new loan. The average rate for a 30-year fixed-rate loan fell to 4.57 percent this week, as compared to 4.58 percent last... Continue Reading »

Many homebuyers mistakenly arrive at closing unprepared for a laundry list of closing costs: major and minor fees that are a routine part of any home purchase. This can be because the lender increased fees on lender-controlled aspects of a transaction, or because a buyer chose a third party (appraiser, inspector,... Continue Reading »

Imagine coming home one day and finding your home emptied and the locks changed. That's exactly what's been happening across the country. Fortunately, there are ways to prevent it. So-called trash-outs are supposed to be done by contractors who are hired by loan servicers or banks to clean out a home after it has been... Continue Reading »

Bracing for higher mortgage rates? Well, relax. Looks like rates will rise much more slowly than anyone anticipated. Number crunchers now predict that interest rates for 30-year, fixed-rate home loans will average 5.6 percent in the fourth quarter of this year, according to Freddie Mac's latest Economic and Housing... Continue Reading »

Just when it looked like the housing market might be stabilizing, the numbers are taking a surprising turn for the worse. At least according to a brand new report from TransUnion, the credit reporting firm. "We had the feeling things were turning around," said the company's Veep of the financial services unit, FJ... Continue Reading »

Newspaper headlines are screaming about how the Federal Housing Administration is tightening requirements for the loans it backs. But it seems to me the real news is that, despite much speculation these past several months to the contrary, the FHA, for most borrowers, will continue asking for a minimum down payment of only... Continue Reading »

Home-shoppers might be forgiven for being nostalgic for the boom years, when credit flowed like water and anyone with a pulse could qualify for a home loan. These days, lenders have swung to the other extreme, denying credit to all but the very safest applicants. That's caused many people to shy away from applying. For the... Continue Reading »