Category: Mortgage Rates
Home Refinance Offers At Cheap Rates Could Cost You Big Bucks
Be careful of bankers or mortgage loan officers offering dirt-low interest rates to refinance a home that you have owned for many years. The deal might not be as good for you as it first appears. Keep in mind that the longer the you pay your mortgage the more money goes toward your principal and [...]
Mortgage Rates At Incredibly Low Levels
While mortgage rates can continue to decline, they are at such a low rate now that if it made sense for you and you could refinance, its time to pull the trigger. At 4.44 percent plus smaller closing fees, mortgages are at unheard of levels. The Wall Street Journal reports today that the record low [...]
Critics of Financial Reform Use Fannie Mae As A Distraction
John Carney’s op-ed piece in yesterday’s New York Times is a tour de force, a paean to nonsensical thinking. In, “Fannie Mae and Freddie Mac: Too Big Not to Fail <http://www.nytimes.com/2010/08/12/opinion/12carney.html?ref=contributors> ,” Carney ignores the Fannie and Freddie of the real world. Instead, he goes after the Fannie and Freddie that exist only in his [...]
First-Time Homebuyer Credit Purchases Extended To Sept. 30 For Closings
The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from [...]
Credit And Finance News Update For Week
Mortgage brokers and lenders will often caution borrowers against
charging up their credit cards or changing jobs before the closing
date on a home loan. Now that advice seems especially prudent.
On June 1, Fannie Mae, the government-sponsored company that
establishes the underwriting standards for most of the nation’s
mortgages, started requiring lenders to recheck a borrower’s
finances shortly before closing the loan. If a broker or lender finds
significant changes, the loan could be delayed, or in some cases,
denied. Industry executives say the change should not have a
drastic effect on borrowing, unless of course, the borrower is
prone to running up huge credit card bills.
Story by Bob Tedeschi for the New York Times.
Mortgage Rates At Record Low Thanks To Europe
Socialist Europe’s financial problems is providing a wonderful windfall for American’s seeking to buy a home or to refinance. As investors worry about Southern European countries abilities to repay their growing debt, they are flocking to America for safe haven, reducing our costs to borrow. Mortgage rates are now 5 percent or less here. But [...]
FHA All Day.Com Sued By State For Allegedly Fleecing Homeowners Facing Foreclosure
Attorney General Richard Blumenthal today announced he is suing FHA All Day.Com, Inc. for allegedly charging Connecticut homeowners tens of thousands of dollars and then failing to deliver on promises to help them avoid foreclosure.
Blumenthal sued the company in cooperation with Department of Consumer Protection (DCP) Commissioner Jerry Farrell, Jr. The lawsuit seeks restitution for consumers and civil penalties of up to $5,000 per violation of state consumer protection laws.
CtWatchdog’s Personal Finance Series: Tip 1 – Borrow NOW – Refinance Or Purchase A First Home
One thing I have learned that whenever I needed to borrow money it was always difficult and costly. But when I didn’t need the money, banks and credit card companies did their best to get me to borrow.
So if one combines that fact of life with the bet that interest rates and borrowing costs will more than likely rise in the next 12 to 36 months, you may want to think about borrowing money that you don’t need now.
One way to do it is to refinance your home if you are paying six percent or higher on your mortgage. It only makes sense to do that if you had your mortgage just for a few years, plan to live there at least five more years, and have more than 20 percent equity in your home.
Mortgage rates decline according to today’s Zillow report
www.zillow.com/Mortgage_Rates/. Report from Zillow.com The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.19 percent, down from 5.30 percent the week prior, according to the Zillow Mortgage Rate Monitor.
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