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Financing and Mortgage

Foreclosed Housing Inventories to Peak Next Year

July 3, 2009

Foreclosed housing inventories will reach their highest levels in the third and fourth quarter next year, according to Michelle Meyer, a top economist at New York-based Barclays Capital.

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Foreclosure Report: Mortgage Applications Soar in February

February 19, 2009

The number of homebuyers applying for mortgage loans rose in February as fixed rates fell below 5 percent, according to the Mortgage Bankers Association. Among these mortgage applicants could be current mortgage borrowers who want to refinance their loans to avoid foreclosure. The MBA reported its mortgage application index increased by more than 45 percent to 875.3 during the week ended February 13.

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Mortgage Rates for Qualified Borrowers Only

September 22, 2008

With the government taking over Fannie Mae and Freddie Mac, the rate for 30-year fixed mortgages dropped to 5.79 percent from 6.26 percent. Such low rate may spurn borrowers to buy real estate properties. Unfortunately, they will need to make a 20 percent down payment aside from a 740 or more credit score.

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Foreclosure Buying: The Importance of Mortgage Pre-Approval

August 13, 2008

With market conditions clearly favoring buyers over sellers, it is not surprising that you would like to take a share of the pie and purchase a foreclosure property for its good return potential. However, it is important for you to get pre-approved for a mortgage loan first before you start shopping for one of these distressed properties

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Falling Victim to Mortgage Fraud

June 27, 2008

Buyers of real estate properties, even foreclosure homes, should be cautious about mortgage fraud. Falling victim to one can prove to be a painful experience, both financially and emotionally. As the saying goes, prevention is always better than the cure. Even if you are dealing with a supposedly-reputable mortgage provider, you should still be able to protect yourself from fraud.

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New Florida Law Protects Against Mortgage Fraud

June 25, 2008

For the month of May, Florida posted the 4th highest foreclosure rate in the nation, with one out of 228 homes entering some stage of foreclosure. Considering this, it is not surprising that the local government is doing everything in its power to stem the rising tide o foreclosure.

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Poll Revealed 50% of Mortgaged Americans Worried about Foreclosure

June 16, 2008

In a recent poll commissioned by the American Bar Association, it was discovered that about 50 percent of Americans who currently have a mortgage are having concerns about staying in their homes and avoiding foreclosure.

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Retirement funds turn into Mortgage Payments

April 29, 2008

According to retirement plan administrators nationwide, homeowners are cashing out their 401(k) accounts citing hardship as the reason for the withdrawals. The number one hardship being revealed by this group of individuals is to stop foreclosures. Traditionally, people could take loans from their 401(k). However, loans just won’t keep their homes from appearing on foreclosure listings. Foreclosure homes are devastating to the economy and to the public, as everyone suffers.

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Mortgage Rates for 30- and 15-Year Rise

April 16, 2008

The mortgage industry received yet another bad news when rates for the 15- and 30-year mortgages rose to 5.42% and 5.88% respectively, for the week ending last April 3. Considering the problems in the housing market, the increase in the mortgage rates is a severe blow especially for buyers who are already having a hard time getting approved for financing.

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Fed Indicts Mortgage Fraud Perpetrators

March 28, 2008

In Sacramento, Federal prosecutors have discovered mortgage fraud activities that have resulted to 100 homeowners losing almost $13M in equity. The said scheme is being conducted by a group of locals led by Charles Head.

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