All Blog Posts Tagged 'mortgage' (11)

What Do They Do FHA loan options make it easier to qualify for a home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants. Typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. Loan Loss is Below Govt Mandate Its capital reserves have fallen below the thr… Continue

30-year fixed-rate mortgage: Averaged 4.87 percent with an average 0.7 point for the week ending October 8, 2009, down from last week when it averaged 4.94 percent. Last year at this time, the 30-year FRM averaged 5.94 percent. The last time the 30-year FRM was lower was the week ending May 21, 2009, when it averaged 4.82 percent. The 15-year fixed-rate mortgage: Averaged 4.33 percent with an average 0.7 point , down from last week when it averaged 4.36 percent. A year ago at this… Continue

Weekly Mortgage Market Update; Mortgage Bankers Association for the week of October 7, 2009 Market Composite Index: (loan application volume) i increased 16.4 percent on a seasonally adjusted basis from one week earlier. Refinance Index: Increased 18.2 percent from the previous week, following the third consecutive week where the 30-year fixed mortgage rate was below 5 percent, and is at its highest level since mid-May. Conventional Purchase Index: Increased 13.2 percent from one week earlier… Continue

Tuesday, 08/11/2009 @ 6:00 p.m CST. Northwoods National Bank, 1255 Lincoln Street, Rhinelander, Wisconsin, 54501 Northwoods National Bank is holding a seminar for first-time homebuyers. If you have not owned a primary residence in the past three years, go see what financing options are available to you. If you are considering buying a home, but are hesitant, go see what Northwoods can do for you. Special programs are available to qualified borrowers with limited down payment. Now is the time f… Continue

Arizona is apparently revoking some homeowners’ foreclosure protections. Take a look: "One of the reasons it’s so easy to walk away from the debt you owe on a home is that the lenders in many states are precluded from coming after you for any loss that they suffer when they foreclose and resell the home. It’s called anti-deficiency protection and to a lot of peoples’ surprise the Arizona legislature revoked the protection for certain buyers. "The new law stipulates that anyone that doesn’t occ… Continue

Self-employment is becoming increasingly popular. Statistics show that more and more people are choosing to be self-employed in recent times. Being self-employed has its benefits, but it also comes with its own problems. Let us suppose that you are self employed and want to buy a home. Keeping in mind that self-employed individuals do not generally have a fixed source of income, you may find that lenders are unwilling to cut a mortgage deal with you. After all, a lender who does business with y… Continue

My wife and I purchased a property for $230,000 in August last year. We now owe a little over $172,000, which means that we have paid off around $58,000 of principle in just under 9 months. I think that this is a record to be proud of since millions (?) of people have gone the other way and headed into foreclosure. The question that I asked was; "If the traditional way of paying off a mortgage is producing a foreclosure mess, why follow it? Surely, there must be a better way to get ahead?" The… Continue

Currently, individuals cannot have their mortgage debt forgiven on a primary mortgage through bankruptcy, though there are certain cases, such as in the case of a second or third mortgage, where you can have some of your overall debt forgiven to help you catch up with your primary mortgage and save your home - at a cost. Your credit could be badly damaged for up to seven years. Particularly interesting is that according to the Herald's article, Obama's election during the current foreclosure cr… Continue

I thought the following information would be useful in your search for a lending institution. The following article lays out five helpful suggestions you can apply to your own search for a lender. The viewpoint is particularly interesting because it comes from the perspective of an agent, who would be intimately familiar with lending. By taking the preemptive approach outlined here-in, you might make the buying process easier on yourself. For example, the second tip advises you to work… Continue

A recent bill passed by Congress and supported by the President will give first-time home buyers a tax credit of up to $7,500. Unlike the recent tax credit mailed to American taxpayers last Spring, property tax payers will have to pay this credit back over the next 15 years. To qualify for the full credit amount, buyers must not have made a primary residence purchase between April 8, 2005 and April 8, 2008, must have made a primary residence purchase after April 8, 2008 which costs no less than… Continue

A majority of Americans have lost confidence in mortgage lenders and banks as a result of the credit crisis, according to a new survey by Housing Predictor. The poll indicates that the majority of those surveyed have lost trust in the nation's banks and mortgage lenders. Mortgage companies and lenders went on a free-wheeling lending spree for years making mortgages to even those at the highest risk of not re-paying triggering the subprime crisis. The free wheeling days of mortgage lending ende… Continue