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Mortgages

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VA Loan Volume Surges, Remains Safest Mortgage Option

The VA Loan Guaranty program had a big year in FY11, driven by a surge in refinance loans and a tighter lending climate that’s drawing renewed attention to this flexible, government-backed mortgage. The VA guaranteed nearly 360,000 loans last year, a 14-percent increase from FY10. Since FY07, the number of VA loan guaranties has surged […]

February 8th, 2012 | | 0 comments | Continued
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Why Obama Should Favor Mortgage Appraisals

President Obama inherited the worst financial crisis since Hoover and the Great Depression. It follows that getting the country back on track is no easy task and while his new housing plan includes much to support it also includes a provision to dump appraisals when they are most needed. Dump is really the right word. Fannie […]

February 6th, 2012 | | 2 comments | Continued
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Caution: Refinancing with Low Mortgage Rates May Not Work

I got a letter from my mortgage lender offering to refinance my home. I could lower my rate, said the letter, and I might save money. Actually, both claims are correct but the bigger issue is whether refinancing is actually worthwhile. According to the letter my mortgage rate would drop from 4.63 percent to 4.46 […]

January 30th, 2012 | | 0 comments | Continued
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Should Mortgage Robo-Signers Go To Jail?

John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face […]

January 23rd, 2012 | | 1 comment | Continued
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Do FHA Mortgage Borrowers Still Face Credit Score Layering?

More that a year has passed since HUD announced that it would investigate 22 lenders. The issue? Layering, the addition of requirements on top of FHA standards. “The investigations,” said HUD, “are in response to 22 complaints the National Community Reinvestment Coalition (NCRC) filed with HUD alleging that the loan activities of the mortgage originators […]

January 16th, 2012 | | 0 comments | Continued
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Mortgage Rates Sink, Hit Yearly Low

Mortgage rates are in the dumper. Freddie Mac is reporting that mortgage rates have hit their lowest levels since last November. The 30-year fixed-rate mortgage averaged 4.39 percent, its lowest level for 2011. Last year at this time, the 30-year FRM averaged 4.49 percent. The 15-year fixed and 5-year ARM set new historical record lows […]

August 4th, 2011 | | 0 comments | Continued
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Should FHA Mortgage Lenders Get 100% Protection?

There are two interesting FHA mortgage figures floating around that may surprise a lot of people: At the end of June, the FHA had 7,151,199 single-family mortgages outstanding and these loans represent had a balance of $994.6 billion. That means the trillion-dollar mark should be hit fairly soon, probably in the next month or so. […]

July 27th, 2011 | | 0 comments | Continued
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RealtyTrac — Foreclosure Filings Dive 29%. Is Housing Back?

If we go by the numbers there’s good news on the foreclosure front. Okay, there’s relatively good news on the foreclosure front. Er, well, foreclosure activity is “better” in the sense of current numbers but we should be awfully concerned with what the numbers do not say. RealtyTrac reports that foreclosure activity in the first […]

July 14th, 2011 | | 0 comments | Continued
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Buying from a Bunker: Service Members Can Secure Home Loans While Abroad

Military members live on the go. From domestic reshuffling to extended overseas deployments, service members and their families face frequent relocation. Hassles and headaches can easily follow. All that moving can take a toll on finances and credit health. But serving overseas doesn’t mean military members have to hold off on their pursuit of a […]

July 13th, 2011 | | 0 comments | Continued
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Why You DON’T Need 20% Down For A House

There’s been a lot of talk claiming that new mortgage rules will soon require borrowers to put down 20% down if they want to buy a home. Such talk is nonsense. The alleged culprit in this matter is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Having failed to prevent its passage, the lending […]

June 28th, 2011 | | 0 comments | Continued