THE BEGINNING OF THE END OF LOW RATES?

Today’s Auction results reiterated yesterdays bleak results.  All this just days ahead of the end of the FED MBS Purchase Program.  In the last 24 Hours we have witnessed Mortgage Rates increase over .25% with repricing for the worse still trickling in. If the Auctions are producing this type of...

How To Refinance When Your Home Is Underwater

The Federal Housing Finance Agency has extended the government’s Home Affordable Refinance Program by 12 months. HARP’s new end date is June 30, 2011. Originally known as Making Home Affordable, HARP aims to help homeowners refinance their mortgage who may otherwise be ineligible because of...

What Is A Short Sale

A “Short Sale” is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff. By way of example, a Short Sale may be appropriate for a home seller whose mortgage balance is...

2010 FHA Loan Limits Released

FHA home loans are federal assistance mortgages made by lenders, and backed by the government. The FHA doesn’t make loans to homeowners — it insures loans made to homeowners by federally-qualified lenders. By all accounts, FHA home loans are surging in popularity. 2006, FHA insured 3.3% of...

Lower Rates Higher Guidelines

Fannie Mae raised the bar for mortgage applicants this past weekend.  Getting approved for a home loan just got harder. In its official announcement, Fannie Mae says the updates minimize long-term lending risks.  If that’s the case, this won’t be the last guideline change Fannie Mae makes...