Archive for December, 2007
Small Help for Homeowners
Dec 30th, 2007 @ 4:24 PM by Alden SmithPrivate 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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New Home Sales Way Down
Dec 29th, 2007 @ 7:01 PM by Alden SmithThe 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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Mortgage Applications Hit An All Time Low
Dec 28th, 2007 @ 4:30 PM by Alden SmithAmerica’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 […]
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Minimum Credit Score Rising; Lenders Recommend Home Equity Loans
Dec 27th, 2007 @ 6:20 AM by MortgageMentorThere 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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New Home Starts Remain Low
Dec 25th, 2007 @ 7:23 AM by MortgageMentorDespite 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 […]
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Hedge Funds And The Sub Prime Mortgage Market
Dec 23rd, 2007 @ 4:27 PM by Alden SmithI 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 of […]
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And The Winner Is…
Dec 21st, 2007 @ 3:32 PM by Alden SmithWe 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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Seller-Paid Closing Costs
Dec 19th, 2007 @ 11:00 AM by MortgageMentorIn 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 […]
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Mortgage Rates Rise Slightly
Dec 18th, 2007 @ 9:22 AM by MortgageMentorAre 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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More On The Bailout
Dec 16th, 2007 @ 6:23 PM by Alden SmithThe 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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