Mortgage Rates January 28, 2009 FOMC Issue

“The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.” (FOMC PR) The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today.  It remains within a target range of 0.000-0.250 percent....

Mortgage Rates January 27, 2009

Mortgage Rates improved today after MBS posted a 28bp gain. (See Real Time Rates) After the lowest Consumer Confidence number since they started tracking it in 1967. The Fed started its 2-day meeting this morning. Whose listening and what are they going to say? They have already reduced the Fed Funds to...

Loan Modifications Are A Joke

Caveat emptor…  the majority of Loan Mod companies in existence are not legit.  I have not found one that can guarantee or promise a Mod.  They have no problem overloading individuals with statistics, such as 97% response rate.  Guess what, by calling your lender and talking to a customer service rep,...

8 Things You Should Know About Buying Foreclosure Homes

Image by respres via Flickr If you are planning on buying an foreclosure home it is imperative that you work with an Realtor that is well versed with foreclosure transactions. Each bank has their own set of guidelines and many to not acknowledge the Arizona Real Estate Purchase Contract so the more...

Acquisition Of A New Property – New Mortgage Guideline

Mortgage guidelines continue to change, add this to the New Mortgage Guidelines 2009 list. Lenders who sell their paper to Fannie Mae and Freddie Mac (the majority of Lenders) have implemented a new guideline for individuals who are prospective Mover Uppers and Investors. The three facets prospective buyers...