Private mortgage insurance, or PMI as it is commonly known, is insurance that covers the lender in cases where they feel that not enough money is placed as a down payment, and they wish to cover the cost of the loan. A law enabling homeowners meeting certain criteria to deduct the cost of PMI, set […]
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The biggest thing in the news seems to be the fact that new home sales are way down - they have dropped to their lowest level in more than 12 years. According to a Census Bureau report issued Friday, in November new home sales fell to a seasonally adjusted annual rate of 647,000. Economists had […]
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America’s Mortgage Bankers’ Association is reporting a 7.6% slide in its application index through the week of December 21st. This is the most it has dropped since the end of last year. It is a good indicator of the current condition of the mortgage market.
Borrowing costs are considerably lower now than they were in September. […]
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There are still a few days left in the year, and many homeowners are rushing to borrow money against the equity they’ve built up in their houses. That’s because in 2008 the minimum credit score required for a loan, at least for Fannie Mae, is jumping up to 680. This is bad news for the […]
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Despite all the recent publicity about the mortgage market and its effect on the housing market, one tends to forget about the segment that is most affected by the crunch: home builders. The National Association of Home Builders is predicting that they will experience another “rough patch” through 2008.
The NAHB/Wells Fargo Housing Market index is […]
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I often times feel like the devil’s advocate for what I report on here at the Mortgage Mentor blog. I can guess that some people would accuse me of being a bit slanted in my way of looking at the current mortgage situation, and that I, as a self-proclaimed non-authority on the big business […]
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We have had the sub prime mess shoved down our throats for so long that it seemed a real relief to hear President Bush attempting to make a stand to help homeowners who were victims of the sub primes debacle. I have written on this a lot this year, and have been very interested in […]
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In a slow real estate market, sometimes it isn’t always about negotiating price. Don’t forget to put the screws to the seller when it comes to your closing costs! Depending on your area, closing costs can run approximately 2 to 3% of your purchase price. This can be a significant burden for many borrowers.
Conforming mortgage […]
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Are you one of the people who has been waiting to refinance your adjustable rate mortgage? If so, it’s probably time to stop waiting and take action. In spite of the Fed cutting rates a full point since the beginning of fall, interest rates are not dropping significantly – and no wonder, considering the past […]
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The Bush plan to help hurting homeowners has made strides in the landscape of the mortgage crisis, with approval of voluntary freezes on mortgages that qualify for the plan. From the guidelines, it appears not too many people will be able to do that. With an estimated 1.8 million sub prime mortgages ready to reset […]
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