Mortgages

What were mortgage rates in 1990s?

Mortgages

A little perspective on the historically low mortgage rates we’ve been enjoying throughout most of the 2000s. (click on the chart to enlarge it) del.icio.us Tags: Phoenix Real Estate,mortgage rates Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as [...]

21 April 2010 Read the full article →

What’s a mortgage rate lock?

Glossary Posts

Courtesy of a finance blog I read regularly, Dan Green at The Mortgage Reports. He explains mortgage rate locks better, and quicker than anyone I’ve ever encountered. A Rate Lock Commitment is a bank’s promise to honor a specific mortgage rate for a specific period of time.  It’s a contract, of sorts, in which the [...]

13 April 2010 Read the full article →

Like disability insurance for your home

Mortgages

Just heard about this today. Flagstar, in a sign of the times, has paired up with MI company Genworth to offer a low-down payment mortgage benefit designed to cover a home buyer’s mortgage payments if he or she becomes involuntarily unemployed. “Job Loss Protection” covers a borrower’s mortgage payment (principal, interest, taxes and insurance) of [...]

9 April 2010 Read the full article →

90 Day Fix and Flip Rule

Buyer Help

You know how fix and flipping works in a cynical world, right? Basically. . . . investors buy a craptacular house at foreclosure auction or elsewhere and do no substantive repairs. They slap a thick coat of paint on everything and install cheap new carpet, then resell it as “Remodeled!” with a seriously  jacked up [...]

1 April 2010 Read the full article →

Does Fannnie or Freddie own your mortgage?

In The News

(image courtesy of StockExchange user ImMrChris) Does Fannie Mae or Freddie Mac own your home mortgage loan? Why should you care? If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a loan refinance program under the federal government’s Making Home Affordable (HAMP) program.  Only loans owned or [...]

25 March 2010 Read the full article →

Oh I’m SURE I Can Get a Mortgage!

Mortgages

I often lack words to describe to my clients exactly how mind-bogglingly fast the world of mortgage lending is changing lately. Home buyers not only need good credit, a steady income, and piles of documentation to back all that up.. . . . .   you need to be aware that loan guidelines change near-daily. Yep. [...]

5 March 2010 Read the full article →

More on the new GFE

Mortgages

This is a pile-on to Chris’ recent post explaining the new Good Faith Estimate form . . . .  I just received an email from a Loan Officer (“LO”) friend reviewing some rule clarifications issued by HUD after a February 18, 2010 meeting with a bunch of FHA mortgage investors. LO Question: “When are consumers [...]

2 March 2010 Read the full article →

Lenders Behaving Madly

Buyer Help

An illustration of just how ridiculous lender requirements have become, direct from an email written by a loan officer and sent to loan specialist Rob Chrisman: “Rob – The following is an actual underwriting condition from a large wholesale lender which is known for having the best wholesale pricing for conforming loans. (As background, the [...]

27 February 2010 Read the full article →

New GFE and HUD-1 Settlement Statement “help” buyers?

Mortgages

The Federal Department of Housing and Urban Development (HUD) announced changes to the Real Estate Settlement Procedures Act (RESPA) last fall, with 2 of the more noticeable changes going into effect on January 1st, 2010. The changes were made in an effort to better inform and protect the consumer (borrower).  I like what they tried [...]

22 February 2010 Read the full article →

Mortgage Rates to Rise in Spring

Buyer Help

I was going to try to write a witty, engaging piece about how mortgage rates are expected to rise in the coming few weeks and months. But being witty about money is hard. Instead, I’ve blatantly stolen this tidbit from the wonderful Kris Berg’s San Diego Home Blog (via Phoenix’s own wonderful blogging Realtor Jonathan [...]

12 January 2010 Read the full article →

Is That Condo FHA Approved?

Buyer Help

Buyers using an FHA mortgage who are shopping for condos (or patio homes, or townhomes) need to be aware there’s a list of FHA-approved communities. If the community is not on the FHA-approved list, your FHA mortgage money might not be good there. Bookmark this website and check for FHA-approved status before you fall in [...]

7 January 2010 Read the full article →