Before you talk to mortgage lenders you should learn about your choices. In any time of economic distress it will be harder than usual to acquire a new mortgage or to refinance. Demand and boom and burst was created by easy credit and aggressive home mortgage loan companies offering temporary low payments which go up, [...]
Over the course of a 30-year mortgage, you may end up paying more than twice the amount of your principal. The rest goes towards paying interest. That interest is money in the bank’s pocket, not in your bank account. Prepaying your mortgage is paying extra principal, especially during the early years of your loan, meaning [...]
A little research and diligence can show any potential investor how to buy a mortgage, as well as where to find mortgages to purchase. Find mortgages. * Prospective investors can advertise in local papers that they will purchase mortgages for cash. * Investors can also perform a public records search to find mortgage holders. Make [...]
Tweet As compared to conforming loans and jumbo mortgages, FHA-backed loans are great for a lot of reasons. FHA mortgages allow purchases with low downpayments; they allow refinances without appraisal; and FHA mortgage rates are often pretty low. One place where FHA mortgages fall short as compared to other loan types, however, is with respect [...]
Tweet Shopping for a mortgage? The next few months could cause you some heartburn. Mortgage Rates Unsteady, In Flux The Federal Reserve recently released the minutes from it most recent Federal Open Market Committee meeting. The Fed Minutes are detailed meeting notes from FOMC meetings, similar to the follow-up notes from a condo association meeting, [...]
Tweet The housing market is quietly building momentum, buoyed by mid-range home values and a growing group of buyers. If your plans for 2012 call for buying a home, the sooner you act, the better “deal” you may get. Click here to get a mortgage rate. First-Time Home Buyers Drive The Market Each month, the National [...]
Welcome to my blog. I’m glad you’re here. Get notified by email when I write something new on The Mortgage Reports. Click here for free email alerts or subscribe to the RSS feed in your browser. Tweet I contribute regular mortgage market commentary to HSH.com, a well-known financial market website. HSH is known for its [...]
Tweet Within weeks, new, required loan fees will make buying a home — and refinancing one — more expensive. Save money on your next FHA mortgage, or conventional one. Start your mortgage loan application today. Click here to get today’s mortgage rates. U.S. Payroll Tax Extension : Funded By New Mortgages In December 2010, the U.S. [...]
Tweet When a bank decides your monthly principal + interest mortgage payment, the payment is based on the principles of amortization (ah-mor-ti-ZAY-shun). With respect to fixed-rate mortgages — either conventional, FHA, USDA, VA, jumbo, or other – amortization is the process of paying a loan to $ 0 over time. Click here for a rate quote. Comparing Mortgage [...]
Tweet Want bigger tax deductions for 2011? Consider making your upcoming January 2012 mortgage payment a few days early. Work U.S. Tax Code To Your Benefit It’s late-December and you’ve likely received your lender’s January mortgage statement. Study it, and you’ll notice that the payment is broken into as many as 4 parts : Principal [...]
Tweet Buying new construction? Get moving. Emerging data hints at higher home prices in 2012. Click here for a free mortgage rate quote. Single-Family Housing Starts Keep Climbing The U.S. Census Bureau publishes a monthly Housing Starts report in which it tallies the number of new homes on which ground has been broken. The Housing [...]
Tweet Freddie Mac says that mortgage rates fell to a new all-time low this week. A deeper look at the report tells a different story, though, highlighting the need to be careful about what you read, and how you read it. Click here for today’s mortgage rates. Discount Points : Mucking Up The Survey Each [...]
Tweet Nearly 3 years ago, Fannie Mae rolled back a mortgage rule that prevented real estate investors from financing more than 4 properties at once. At the time, investors were limited to 4 properties financed, which included their primary residence. Today, according to standard mortgage guidelines, the maximum number of allowable, simultaneously financed properties is [...]
