Mortgage Lender Home | News and Rates

They are low again, my brother says he is getting alot of people refinancing right now.  I’ll get him to post some more info!

U.S. mortgage rates unchanged Monday - BestInfo
Mon Mar 20, 2006 4:40 PM ET

NEW YORK, March 20 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 6-1/2 percent, according to BestInfo Inc.

If the mortgage market on Tuesday continues in its current direction, rates may decline.

The 30-year mortgage rate with one upfront point was unchanged at 6-1/4 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6 percent.

The Mortgage Point Monitor is provided exclusively to Reuters by BestInfo. The company, formerly BestRates Inc., is a Dover, Vermont-based provider of mortgage market analysis.

Real estate
Inflation fears ease, mortgage rates dip

March 17, 2006

MARTIN CRUTSINGER and JEANNINE AVERSA

ASSOCIATED PRESS

WASHINGTON — Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down slightly this week.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.34% this week, the second-highest level since mid-November.

This week’s rate was down slightly from a nationwide average of 6.37% last week, which had been the highest level since 30-year mortgages averaged 6.44% the week of Sept. 5, 2003.

“Market indicators this week seemed to point to less of a threat of inflation, and that allowed rates to drift lower,” said Frank Nothaft, chief economist at Freddie Mac.

He noted that while the government reported Thursday that construction of new homes and apartments dropped by 7.9% in February, that was a smaller decline than had been expected and followed an unusually strong January.

“This is a good sign that housing activity, although slowing from record levels set in the past few years, will continue to remain healthy this year,” Nothaft said.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.98% this week, down from 6% last week.

One-year adjustable-rate mortgages fell to 5.37%, down from 5.45% last week.

Rates on 5-year hybrid adjustable-rate mortgages dropped to 5.93%, down from 6.03% last week.

The mortgages rates do not include add-on fees known as points. The 1-year ARM carried an average fee of 0.8 point, while the other three mortgage categories carried nationwide average fees of 0.7 point.

A year ago, 30-year mortgages averaged 5.95%, 15-year mortgages stood at 5.47%, 1-year adjustable-rate mortgages were at 4.20% and 5-year hybrid adjustable-rate mortgages averaged 5.31%.

In other real estate news: Late mortgage payments climbed to a 2 1/2 -year high in the final quarter of 2005 as Gulf Coast homeowners struggled with fallout from the hurricanes, and lofty energy prices along with rising interest rates squeezed the budgets of others across the country.

The Mortgage Bankers Association, in its quarterly mortgage survey, reported Thursday that the percentage of mortgage payments that were 30 or more days past due for all loans tracked rose to 4.70% in the October-to-December quarter of last year.

That was up from the prior quarter’s 4.44% delinquency rate and was the highest since the second quarter of 2003.

The association’s survey covers 41.2 million loans.

One factor in the growth of late mortgage payments is the problems people faced in the communities devastated by last year’s hurricanes, which have pushed up delinquency rates in Louisiana and Mississippi, the association said.

But other factors also played a role.

“We have been expecting an uptick in delinquencies due to a number of factors: the seasoning of the loan portfolio, the increased share of the portfolio that are adjustable-rate mortgages and subprime mortgages, as well as the elevated level of energy prices and rising interest rates,” said Doug Duncan, the association’s chief economist.

Will state mortgage law invade privacy, discriminate?

By Jim Hagerty, Staff Writer

Law will be tested in Chicago market, and possibly expand to other areas within four years

A new lending law signed by Illinois Gov. Rod Blagojevich is on the horizon. House Bill 4050 was passed to aid those wishing to obtain home financing and avoid abusive lending tactics.

The law is scheduled to be enforced by July 2006, and has mortgage professionals reeling to keep the financial information of their clients private. Brokers are concerned, citing privacy as a principle on which the financial services industry was built.

Blagojevich and House Speaker Michael J. Madigan (D-Chicago) pushed the passage of the law. They say ample evidence exists that predatory lending practices by mortgage brokers are the cause of high rates of foreclosures in Illinois.

By implementing the new law, regulators aim to crack down on dishonest brokers by requiring mandatory credit counseling for applicants with properties in select Cook County ZIP codes. To enforce the legislation, the Illinois Department of Professional Regulation will be directed to establish and administer a database that will require mortgage brokers and title insurance companies to submit information about loan applicants, including consumer debt obligations and salary information. Once in the database, the information will be compared with credit counseling standards that have yet to be determined by the state. Loan applicants will then be notified if the Department feels the loans may be too risky, while all of their information will remain in the database.

Originally set to begin Jan. 1, the law has been delayed while the state does beta testing and finishes constructing the database. When enforcement begins, properties in ZIP codes 60620, 60621, 60623, 60628, 60629, 60632, 60636, 60638, 60643 and 60652 will serve as the pilot areas, which will determine if the law needs to expand its coverage to other areas of Illinois. An expansion of the law could happen in four years.

Although his company does not solicit a great deal of business from the Chicago markets, John Johnson, manager of Allied Mortgage in Rockford, suggested the state should stay out of such matters.

“This may create the inability of consumers to determine their own futures if the government gets involved in personal financial decisions,� Johnson said.

The privacy issue is only one in a possible series of red flags. In a letter to consumers, Blagojevich stated that foreclosure rates are climbing in the test areas. Most mortgage brokers disagree.

A study done by the Illinois Association of Mortgage Brokers (IAMB) shows foreclosure rates in those areas have dropped 65 percent since 2002, not to mention a large number of citizens residing in those ZIP codes are mostly African-American.

Marv Stockert, executive director of the IAMB, said the ZIP codes in question are composed of 58 percent African-Americans while the state percentage of African-Americans is 12.7.

“We are very concerned about the disparity of the racial makeup of the pilot ZIP codes, and how and why they were selected,� Stockert said.

Citing possible institutional racism, many mortgage originators operating in the test areas, such as Madeline Sanders, an African-American business owner, feel the government may be placing undue blame on African-American homeowners.

Sanders said: “The law is ridiculous. There is no other way to look at this other than the test areas to start this off are where mostly black people live and work. Blacks don’t get foreclosed on because we need credit counseling or because of predatory lending. We have the same issues as everyone else, but sometimes our resources are not the same as the majority of the population, and this is not helping.�

The new law also places title insurance companies and wholesale mortgage lenders at risk of having to avoid doing business in the HB-4050 areas. A borrower completing the mandatory credit counseling will be required to provide a title company with evidence the counseling has been completed. If that proof fails to be recorded with the mortgage and a real estate loan is made, the lender could not legally foreclose if the borrower defaults. Such an instance would shift the responsibility of repaying the loan from the homeowner to the title company.

So far, all Illinois title insurers are not willing to take that risk, which some say will force lenders to cease doing business with brokers who originate loans in the HB-4050 ZIP codes.

Illinois now joins 27 other states with strong reforms on predatory mortgage lending. States with the toughest laws, such as Massachusetts and New Jersey, have shown the largest decline in foreclosures and loans with excessive price tags. Illinois, however, is the only state that will require credit counseling to select loan applicants.

Whether HB-4050 will include Rockford has not been decided. Originally, 64 ZIP codes, including areas in and surrounding Rockford, were flagged, but the coverage was later scaled down to 10.

Why the UK housing market is still primed for a crash

What’s one of the first things you do when you move into a house you’ve just bought?

We’re not talking about paying the lawyer’s fees, or stamp duty, or any of the annoying administration like moving furniture or getting the phone connected. What’s the first thing you do to the house?

That’s right - you decorate. You buy furniture, you get carpets, you change the bathroom suite. Even in the nicest new home, it’s very rare not to find something you want to change.

So if the housing market is picking up again, why are home improvement retailers having such a hard time?

According to official retail sales data, the high street had a bleak January after the brief flurry of Christmas activity. Sales fell 1.3% on December, the most since December 2004. The average weekly sales value was unchanged on a year ago, the first time this has happened in the month of January since records began.

The decline was led by household goods, with sales falling 3% on the previous month. This was backed up by a trading update from Kingfisher. The home improvement retailer said sales excluding new stores at DIY chain B&Q had fallen 9% in the 13 weeks to January 28th. And apparently B&Q outperformed the market as a whole, stealing market share from rivals like MFI - so this isn’t a company-specific problem.

So why the downturn in the DIY market?

Well, there seem to be a couple of reasonable explanations. The first reason is that first-time buyers remain an endangered species in the housing market. The ones who do manage to buy somewhere have to borrow so much that they are hard-pushed to pay for any redecorating.

New figures from the Council of Mortgage Lenders show that the typical first-time buyer now has to borrow £103,000, on a salary of £33,000, to buy a house. They are also borrowing a typical 90% of the home’s value.

Worryingly, more and more are relying on future price increases to pay for their homes. During the fourth quarter of 2005, the percentage of first-time buyers using capital repayment mortgages fell to its lowest since 2000. One in four now use interest-only mortgages, with most of those not specifying how they will repay the capital once the mortgage period has ended.

That’s not the only risk they are taking to get on the property ladder. Official statistics show that the average salary in the UK sits around the £20,000 mark. This means that first-time buyers are either all extremely high achievers, or more likely, are relying on twin incomes to pay their mortgages.

It may seem counter-intuitive, but having two earners in a household can actually increase the risk of going bankrupt. It’s fine if one income is essentially for luxuries, or “wish-list” spending like private school fees, healthcare or annual holidays.

The problems arise when couples start to rely on both incomes for the basics, like heating bills, council tax and of course, paying the mortgage. That means it only takes one person being made redundant to land the household on the slippery road to repossession.

So with a backdrop like that, it’s not surprising that today’s first-time buyer might be reluctant to splash out on a new kitchen. Hence the troubles at MFI.

The other key point is that an increasing number of new purchases are driven by wannabe landlords - yes, even now, despite historically low yields. Buy-to-let investors accounted for one in ten new mortgages for house purchase last year, according to the CML. And by the end of 2005, the buy-to-let sector accounted for 8% of outstanding mortgage debt, the highest ever.

We’ve said it before, but investing in buy-to-let these days is simply wrong-headed. Even an industry body like the CML reckon prices will only grow by 2% this year - which means prices will be flat or fall after inflation.

That leaves a landlord hoping that the rental payments alone will be enough money to pay the mortgage and clear a profit. But even if everything runs smoothly, the potential returns are in the low single-digits at best, which seems like a lot of risk and effort for a minuscule reward. No wonder they can’t afford to decorate the places properly.

Of course, it’s not that surprising that buy-to-let is still popular. People tend to stick with investments that have done well historically, and it takes a lot to knock that tendency out of them. The buy-to-let investors who purchased in the second half of 2005 probably thought they were being smart, picking up some ‘bargains’ after a year-long slowdown in house prices. But then investors who bought into internet stocks just after the crash kicked off in March 2000 probably thought they were being smart too.

And the financial industry isn’t doing anything to discourage their folly. The hype around Sipps won’t have helped, even though Gordon Brown made a U-turn on putting residential property in them. But also, quite staggeringly, lenders have relaxed buy-to-let borrowing criteria. The typical lender will now allow borrowing of up to 85% of the property’s value, up from 80% in the first half of 2005. Similarly, rental cover of just 125% is now accepted, compared to 130% before.

Rampant speculation, irresponsible lending, stressed and squeezed first-time buyers - there’s nothing new about this year’s UK property market. Except that all the necessary conditions for an eventual crash have become even more firmly entrenched.

And just a date for your diaries - Gordon Brown will deliver the 2006 Budget on March 22nd. We’re sure you’re as excited as we are. But fear not, we’ll endure the inevitable flood of self-congratulatory pomp to bring you the edited highlights and a rundown of all the new stealth taxes we’ll be paying this year.

John Stepak

Quicken Loans, the Nation’s Largest Online Home Mortgage Lender, Signs Premier Sponsorship Agreement With HomePages.com
Quicken Loans Expands Relationship With HouseValues to Reach More Consumers and Support Direct-Lending Business

LIVONIA, MI — (MARKET WIRE) — 03/21/2006 — Quicken Loans, the nation’s largest online lender, announced today that it will partner with HouseValues Inc. (NASDAQ: SOLD) to become the premier advertising sponsor and content provider on the HomePages.com Mortgage Center. Quicken Loans is the first major lender to advertise in HouseValues’ consumer-facing Web portal in an effort to support its online lending business. Quicken Loans is already a client of HouseValues’ mortgage division, The Loan Page.

“HomePages.com is about helping home buyers and sellers nationwide find the tools and services they need for every real estate transaction,” said Ian Morris, chief executive officer of HouseValues Inc. “Quicken Loans has seen the value that we provide in terms of reaching qualified consumers, and we are excited about the opportunity to deepen our relationship with them as well as other industry-leading companies.”

“Powering the Mortgage Center on HomePages.com allows us to provide valuable home loan information and tools to consumers as they explore their housing options,” said Aaron Chestnut, director of online advertising at Quicken Loans. “Quicken Loans has simplified the mortgage process and makes it easy for consumers to understand the many mortgage options available to them. We look forward to expanding our relationship with HouseValues to discover new ways to benefit our business and our clients.”

The Mortgage Center launched on HomePages.com this month. The Quicken Loans agreement marks the expansion of HouseValues’ relationship with its lender partners to provide additional branding and business opportunities. HomePages.com currently works with other corporate sponsors and plans to create more opportunities for its lenders.

About Quicken Loans Inc.

Quicken Loans (www.quickenloans.com) is the nation’s largest online home mortgage lender and closed $16 billion in home loans in the 2005 calendar year. The Quickenloans.com website has been named a “Best of the Web” site by Forbes, Money and PC magazines. Founded in 1985, Quicken Loans employs more than 3,500 people and has been ranked in the top 15 of FORTUNE Magazine’s “100 Best Companies to Work for in America” list for three consecutive years. Computerworld magazine recently ranked the company #1 on its “100 Best Places to Work in Technology” list.

About HomePages

HomePagesâ„¢ (www.homepages.com) gives consumers a complete picture of where they want to live in a way they have never seen before. This lifestyle and neighborhood-centric site combines detailed neighborhood information (community demographics, crime stats, school details, parks and recreation, and local amenities and services) with searchable aerial imagery and integrated home listings to help consumers make the best decision about buying or selling a home. HomePages was developed by HouseValues Inc. (NASDAQ: SOLD), to provide consumers and real estate professionals with the information and tools they need for success throughout the home buying and selling process.

About HouseValues Inc.

Founded in 1999, HouseValues Inc. (NASDAQ: SOLD) provides consumers and real estate professionals with the information and tools they need for success throughout the home buying and selling process. The company’s flagship consumer products include HomePages.comâ„¢, a lifestyle and neighborhood-centric home buying and selling service; TheLoanPage.com, a service that provides current and prospective home owners with competitive mortgage and refinance quotes from leading lenders; HouseValues.com®, a service that provides home sellers with market valuations of their current home; and JustListed.comâ„¢, a service that alerts home buyers as soon as new homes hit the market that meet their criteria. Learn more at www.housevaluesinc.com.

Reasons To Refinance

When you have a clear objective in mind for refinancing your mortgage, you’re more likely to choose a loan that will help you meet your long- and short-term financial goals. Here are a few good reasons that homeowners refinance:
Refinance Tools
Debt Consolidation Calculator
Article - Using Home Equity to Consolidate Debt
Fixed or Adjustable Rate Calculator
Talk to a Refinance Expert!
Refinance to Convert an Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage

It’s important to consider what interest rates are doing. In the last year alone, the Federal Reserve has raised interest rates several times and is expected to keep raising rates in the near future. This means that, if you have an ARM, it may adjust to a rate that’s higher than a fixed-rate loan. It might be a good time to consider refinancing to a fixed-rate mortgage.

You must also think about the length of time you plan on being in your home. If you have an adjustable rate mortgage and will be in your home longer than the initial 3- or 5-year fixed period, it might be a smart move to convert to a fixed-rate loan.
Refinance to Convert a Fixed-Rate Mortgage to an Adjustable Rate Mortgage (ARM)

However, if you only plan on staying in your home for a few years, paying a higher interest rate for a 30-year fixed-rate mortgage may be costing you money. Consider refinancing to an Adjustable Rate Mortgage (ARM) instead, and pay a much lower amount each month.
Refinance to Lower Your Monthly Mortgage Payment

A percentage drop of just one half to three quarters of a percentage point can lower your mortgage payment. If you don’t refinance, you may be paying too much every month for your loan, and that’s never a good financial move.

There are three ways refinancing can lower your payment. The first is simply to refinance at a lower interest rate. You can also change the term on your mortgage to lower your payment. Switching from a 15- to a 30-year term can significantly lower your mortgage payment. But, if long-term savings is more appealing to you, refinancing from a 30-year to a 15-year mortgage can save you thousands of dollars over the life of your loan. The third way to lower your payment is by switching from a traditional mortgage with principal and interest payments to a mortgage program that allows interest only payments.
Refinance to Access Cash

Think of the equity in your home as a savings account that you could access through cash-out refinance. You may want to finance an important home improvement that will increase the value of your home, pay for college or pay off high interest credit card debt (read below). Whatever your reason, this may be the right option for you.
Refinance to Pay Off Credit Cards And Other Debt

The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars. Why? Credit card debt is compounded where the interest on a mortgage is simple, and often tax deductible. Using the equity in your home rather than credit cards to finance expensive purchases can save you money paid in interest in the long run. Be sure to consult your tax advisor.

Refinance Questions & Answers
Q. Should I refinance?

Sometimes it makes sense to refinance . Sometimes it does not. It depends greatly on your individual situation and what your financial goals are. For instance, you may want to lower your interest rate  and/or monthly payment, but you need to ask yourself some questions:
How long do you expect to be in your home?
How much equity  do you have in your home?
Are you willing to pay points  to get a lower rate?
Will having lower payments more than make up for the closing costs , fees and points if any?
Q. Should I refinance from an adjustable rate to a fixed rate?

Generally, it’s a good idea to get the lowest fixed rate possible, but you also have to consider your situation. If you’re in the first year of an adjustable rate mortgage  (ARM) and you plan on moving in three years, it probably doesn’t make sense for you to refinance. However, if the rate on your ARM is about to adjust and you think the rate will go up, then it may make sense to get a long-term fixed-rate mortgage , especially if you don’t plan on moving in the next seven years or so.
Q. Are interest rates higher for a cash-out refinance?

The interest rate you pay on a cash-out refinance  loan will generally be the same as what you pay on a mortgage where you don’t take cash out. There may be an incremental fee associated with a cash-out refinance loan depending on the specific loan you choose and the loan-to-value  ratio. Using the equity in your home to pay off other bills can be a smart thing. Consider taking some money out to pay off high-interest credit cards bills, auto loans and any other debts you have that have non-tax-deductible interest. Please consult your tax advisor to find out whether you may be able to deduct the interest on your new loan.
Q. When should I “lock in� an interest rate?

Nobody can predict what interest rates will do. But historically, rates go up much faster than they come down. So if you’re thinking about buying a home or refinancing your mortgage, lock in your rate now—you can always refinance later if rates drop again. Any near-future drop in interest rates may not be drastic enough to impact your monthly mortgage payment. Of course, every situation is different, so it’s important to consider all of your options.
Q. Should I pay points to get a lower rate?

Paying points may or may not be your best option, depending on what you’re doing. Points paid on a loan you’ve refinanced can be deducted from your taxes only in small increments—1/30th a year for a 30-year mortgage, for example. This means it could be several years before your lower rate makes up for the points you pay. However, if you’re buying a home, points paid are a tax-deductible expense for that year. Please consult your tax advisor.
Q. Are there really loans with no closing costs?

There are few loans that truly have no closing costs. Sometimes lenders may not charge application fees and agree to pay the appraisal  and title  fees, but they may increase the interest rate in return. Lenders can also roll the costs into the amount of your loan. So, because you’re not paying costs up front, it’s called a “no closing cost” loan. While slightly increasing your mortgage might be acceptable to you, keep in mind that it’s not really a cost-free loan.
Q. How long does it take to refinance?

With Quicken Loans, refinancing normally takes between two and four weeks, depending on a few things:
Do you have a recent home appraisal?
Are you in an area that appraisers can get to easily?
Are there plenty of other comparable homes in your neighborhood?

Usually, getting the home appraisal is what slows the process down the most. During refinancing booms, appraisers can be difficult to schedule. Also, having your paperwork ready helps to speed the process along much faster.
Q. How much money will I need to bring to the closing?

A general guideline is that you’ll need two percent of the home’s purchase price for prepaid interest  to cover the time between the date you close your loan and the date you make your first mortgage payment. Some states may also require pre-payment of property taxes . When refinancing however, your old mortgage will most likely have money in an escrow  account that can cover these costs. Some borrowers get short-term loans while their escrow transfers back to them, but most pay the money at the closing knowing they’ll get it back when their escrow is returned.
Q. How can I reduce my closing costs?

You may be able to eliminate some closing costs. For instance, your lender might be able to reuse your last home appraisal or your credit report if they’re recent enough. Another option may be to have your mortgage lender re-certify some documents (appraisal, title, etc.) for less than the cost of getting new ones.

FindArticles > Black Enterprise > May, 2003 > Article >

Refinance your mortgage now: there’s still time to take advantage of the lowest home mortgage rates in 30 years - Real Estate
Jeffrey Mckinney

ALWAYS THE BUSINESSMAN, CHARLES DAVID MOODY JR. OF Atlanta was motivated to find a way to use falling interest rates to boost disposable income. His decision: to refinance the remaining $450,000 on his 30-year, fixed-rate loan with a 7.25% interest rate through Atlanta’s Citizens Trust Bank. By refinancing to a 30-year, fixed-rate loan at 6.25%, the owner-operator of C.D. Moody Construction Co. Inc. (No. 92 on the BE INDUSTRIAL/ SERVICE 100 list with $30 million in sales) cut his monthly mortgage payment from $2,900 to about $2,200.

Moody plans to use the $8,400 he expects to save this year to expand his investments in stocks and help pay $25,000 in annual tuition costs for his 17-year-old son, Charles III, who plans to attend Morehouse College next year. Moody, 47, and his wife Karla, 46, a registered hospice nurse, are also saving to send their 16-year-old daughter, Karia, a high school sophomore, to college in another two years. “Refinancing has really helped us free up cash to pay toward tuition,” Moody says with a smile.

He cautions borrowers to make sure that they take any savings they realize from refinancing and turn it into an investment that will improve their financial outlook. “I wouldn’t take it and go buy a big-screen TV or some jewelry,” he says. “You want to use the savings on something that will bring you a good investment return or build value in an important asset.”

Moody is just one of a growing number of Americans who have jumped onto the refinancing bandwagon, a trend that is expected to continue throughout the year. Mark M. Zandi, Ph.D., chief economist and co-founder of Economy.com, says that more than $2.5 trillion in mortgages were refinanced over the last two years, and another $1.2 trillion in mortgages are expected to be refinanced in 2003, making up nearly 20% of all mortgage originations (refinances plus purchases) this year. The average rate on a 30-year, fixed-rate mortgage for the United States in 2003 is projected at 6.2%, according to the Mortgage Bankers Association of America. Millions of Americans have refinanced anywhere from one to three times since 2001, and Zandi suggests that there is still a fairly large pool of refinancing applicants in the marketplace. But experts say the refinancing stampede that hit record levels during the past two years will eventually slow.

Consumers who refinance stand to benefit in a number of ways. They can cut their interest rate, which reduces mortgage terms and interest expense and increases their overall cash flow. They can also take out built-up equity in their home to pay off outstanding debt, such as credit cards, or make home improvements to increase the overall value of their home.

When Lori Allen of Reeders, Pennsylvania, refinanced her home mortgage in January, it helped solve a number of cash flow problems. The 39-year-old financial assistant at Aventis Pharmaceuticals needed to pay off $4,500 in school, municipal, and property taxes that threatened to setback attempts to improve her damaged credit rating. Also, she wanted to delete other lingering bills that were squeezing her budget.

“It would have been hard for me to come up with $4,500 on my own,” says Allen, whose husband died of a brain aneurysm 10 years ago. “I’m a single parent in a one-income household, so had I not been able to refinance, it would’ve been hard for me to stay on top of my current bills. Now, I don’t have to play catch up.”

Allen refinanced the original $154,000 30-year, fixed-rate mortgage at 10.35% interest into a $175,000 20-year, fixed-rate mortgage at 8% interest. Although she signed the original loan agreement in 1999, she didn’t begin making payments until 2001 because the builder experienced significant delays constructing her home. Otis T. Harper II, senior mortgage officer for United National Mortgage Corp. in Easton, Pennsylvania, which issued the loan, says Allen’s refinance was more complicated than most. First, the refinanced loan amount jumped from $154,000 to $162,000 because Allen had to pay a substantial prepayment penalty for paying her initial loan back within 24 months. Harper then rolled the $4,500 in back taxes into the loan, added closing costs, and an additional $3,000 to pay off other personal bills.

Further complicating matters was Allen’s credit rating. “Her credit scores were kind of low,” says Harper, “so we offered her a mortgage credit program, which doesn’t take her credit card history into account. Instead, it looks at how you’ve paid your mortgage. If your mortgage history has no missed payments or payments that were 60 days late, we take that into account as to the kind of interest rate we can offer.”

Perhaps what helped make the loan most possible for Allen was that her house appreciated in value from $175,000 to $225,000. Allen estimates that shaving more than two percentage points off her loan and shortening the payback period from 30 years to 20 years will save her $168,154 over the life of the loan. To help keep her credit rating blemish-free, she has elected to have the $900 biweekly mortgage payments automatically deducted from her checking account Now, with the outstanding bills eliminated, her goal is to improve her credit rating over the next two years so that she can refinance again to a regular bank loan, which should carry an even lower interest rate than she has now.

“The best part of this experience is that [United National] worked to see which program worked best for me,” says Allen. With her bills paid up-to-date, she says she can now afford to chip in with her mother to send her daughter D’neah, 10, to Sylvan Learning Center for additional tutoring to improve her grades.

If you are considering refinancing your current home mortgage, there are many factors to review before taking action.

EXPLORE OPTIONS WHEN FINDING THE BEST RATE

When you contact your lender, instead of only asking about the current refinancing rate, ask if it offers a “mortgage modification” option. This option can be offered if the lender still holds your mortgage in its portfolio and hasn’t sold it to another lender. It provides the benefit of a lower interest rate and lower monthly payment without having to extend the mortgage’s term, says Greg McBride, a financial analyst at Bankrate.com, which tracks rates nationally.

For example, mortgage modification could allow a borrower who has paid three years into a 30-year, fixed-rate $150,000 mortgage to refinance the remaining 27 years, not the entire 30 years. By refinancing over 27 years instead of 30 years you reduce the interest rate and lower the payment. This really benefits borrowers who paid into the loan for a short time and want the amenities that refinancing brings but can’t afford the higher monthly payments of refinancing from a 30-year, fixed-rate mortgage to a 15-year, fixed-rate mortgage.

Another perk with this option is that borrowers can often avoid out-of-pocket expenses since lenders already have their origination documents. But borrowers should be aware that “[mortgage modification] is good if you don’t want to take extra cash out of the loan or tap into the equity,” McBride says. “It would not work for those wanting to take out equity or extra cash to pay off bills or make home improvements…then you’re looking at refinancing into a new loan.”

For conventional refinances, be sure to do comparison shopping among lenders to find the best terms. Visit several local lenders to determine which offer the most competitive rates. You can also check rates locally and nationally over the Internet by clicking on Bankrate.com, Mortgage Select.com, Mortgage.com, and Mortgagel01.com.

EXAMINE HOME REFINANCING COSTS

The old adage that says you should only refinance to a new rate that is at least two full percentage points below your current rate may no longer apply. Refinancing costs have come down considerably, courtesy of greater competition among lenders, more refinancing options for consumers, and new mortgage-financing technology. Consumers can often reap solid benefits from refinancing if the new rate is three-quarters of a percentage point below the current rate. Depending on your finances, experts say, consumers might want to finance out-of-pocket expenses into the new rate, thereby avoiding having to pay cash upfront to cover closing costs. In most cases, out-of-pocket costs, which include appraisals, home inspections, and legal fees, may equal about 2.5% of the mortgage amount, depending on where you live.

If you shop around, you can find many lenders that provide zero-cost financing to consumers, although they then charge a slightly higher interest rate on the loan. For example, a borrower refinancing a $150,000, 30-year, fixed-rate mortgage at 6% would have a monthly payment of about $899.33, with out-of-pocket expenses of roughly $3,000. But by increasing the rate by 0.25%, the lender could agree to pay 75% of the closing costs. That would leave the borrower with a monthly payment of $923.58, says McBride.

Perhaps the important thing to consider, if you’re planning on living in the home for a long period, might be to pay cash for out-of-pocket expenses to get a lower rate and monthly payment. That way you can enjoy the savings over a longer period of time. But if you only plan on living there for two-to-five years, it might make more sense to take the higher rate and payment by financing the closing costs into the loan. Financing those expenses into the mortgage might be particularly worthwhile if the refinanced loan is more than a full percentage point less than the current rate.

USE YOUR GOOD CREDIT FOR A BETTER RATE

Borrowers with good credit ratings have the most leverage to bargain for the best rates. Those with credit blemishes, including such obstacles as bankruptcy, can still refinance, but likely at higher rates. Some borrowers with bad credit have options that may allow them to refinance. For example, some lenders allow consumers to obtain home loans or refinance mortgages on the basis of assets rather than credit rating. But because of the increased credit risk, these borrowers should be prepared to pay higher rates.

DON’T GAMBLE THAT RATES WILL FALL FURTHER

There is still time to refinance if you haven’t already. U.S. consumers who have refinanced since 2001 have already reaped $274 billion in interest rate savings alone, says Zandi of Economy.com. But don’t delay. Mortgage rates could move higher in the second half of this year, when many economists predict the economy will improve.

Remember that lenders still have a huge backlog of refinancing traffic so the closing process could take longer. “You should do it now because you don’t want to be on the tail end of that backlog and roll the dice that rates won’t move higher,” says McBride.

Refining Resources

If you’re looking to refinance your current mortgage, Otis T. Harper II, senior mortgage officer for United National Mortgage Corp., says it’s best to take a proactive approach. “With mortgage rates so low, you can call any lender and it should have a number of products or programs that you can benefit from.”

There are a number of Websites that can help you find the best rates on refinancing in your area. They typically ask you to fill out an online questionnaire to help determine the type of loan that suits you. Then, within 24 to 48 hours, they promise to provide a list of lenders who are interested in refinancing your mortgage.

* Loanfight.com gives three rate quotes from lenders within 24 hours of filling out a questionnaire.

* Mortgageexpo.com receives quotes from a database of 800 lenders within 24 hours.

* VAresourcecenter.com specializes in veterans’ administration home loans.

* Lendingtree.com offers four rate quotes from top lending institutions, plus offers extensive information on mortgages.

A Consumer’s Guide to Mortgage Refinancings

This booklet was prepared in consultation with the following
organizations:

American Bankers Association
Appraisal Institute
Comptroller of the Currency
Consumer Federation of America
Credit Union National Association, Inc.
Federal Deposit Insurance Corporation
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Federal Reserve Board’s Consumer Advisory Council
Federal Trade Commission
Independent Bankers Association of America
Mortgage Bankers Association of America
Mortgage Insurance Companies of America
National Association of Federal Credit Unions
National Association of Home Builders
National Association of Realtors
National Credit Union Administration
Office of Special Adviser to the President for Consumer Affairs
Savings and Community Bankers of America
The Consumer Bankers Association
U.S. Department of Housing and Urban Development
Veterans Administration

The Federal Reserve Board and the Office of Thrift Supervision prepared
this booklet on refinancing your mortgage in response to a request from
the House Committee on Banking, Finance and Urban Affairs and in
consultation with many other agencies and trade and consumer groups. It
is designed to help consumers understand an important aspect of home
financing.

We believe a fully informed consumer is in the best position to make a
sound financial choice. If you are considering refinancing your home
loan, this booklet will provide useful basic information about
refinancing. It cannot provide all the answers you will need, but we
believe it is a good starting point.

A Consumer’s Guide to Mortgage Refinancings

If you are a homeowner who was lucky enough to buy when mortgage rates
were low, you may have no interest in refinancing your present loan. But
perhaps you bought your home when rates were higher. Or perhaps you have
an adjustable-rate loan and would like to obtain different terms.

Should you refinance? This brochure will answer some questions that may
help you decide. If you do refinance, the process will remind you of
what you went through in obtaining the original mortgage. That’s
because, in reality, refinancing a mortgage is simply taking out a new
mortgage. You will encounter many of the same procedures-and the same
types of costs-the second time around.

Would Refinancing Be Worth It?

Refinancing can be worthwhile, but it does not make good financial sense
for everyone. A general role of thumb is that refinancing becomes worth
your while if the current interest rate on your mortgage is at least 2
percentage points higher than the prevailing market rate. This figure is
generally accepted as the safe margin when balancing the costs of
refinancing a mortgage against the savings.

There are other considerations, too, such as how long you plan to stay
in the house. Most sources say that it takes at least three years to
realize fully the savings from a lower interest rate, given the costs of
the refinancing. (Depending on your loan amount and the particular
circumstances, however, you might choose to refinance a loan that is
only 1.5 percentage points higher than the current rate. You may even
find you could recoup the refinancing costs in a shorter time.)

Refinancing can be a good idea for homeowners who:

* want to get out of a high interest rate loan to take advantage of
lower rates. This is a good idea only if they intend to stay in the
house long enough to make the additional fees worthwhile.

* have an adjustable-rate mortgage (ARM) and want a fixed-rate loan
to have the certainty of knowing exactly what the mortgage payment
will be for the life of the loan.

* want to convert to an ARM with a lower interest rate or more
protective features (such as a better rate and payment caps) than
the ARM they currently have.

* want to build up equity more quickly by converting to a loan with a
shorter term.

* want to draw on the equity built up in their house to get cash for
a major purchase or for their children’s education.

If you decide that refinancing is not worth the costs, ask your lender
whether you may be able to obtain all or some of the new terms you want
by agreeing to a modification of your existing loan instead of a
refinancing.

Should You Refinance Your ARM?

In deciding whether to refinance an ARM you should consider these
questions:

* Is the next interest rate adjustment on your existing loan likely
to increase your monthly payments substantially? Will the new
interest rate be two or three percentage points higher than the
prevailing rates being offered for either fixed-rate loans or other
ARMs?

* If the current mortgage sets a cap on your monthly payments, are
those payments large enough to pay off your loan by the end of the
original term? Will refinancing to a new ARM or a fixed-rate loan
enable you to pay your loan in full by the end of the term?

What Are the Costs of Refinancing?

The fees described below are the charges that you are most likely to
encounter in a refinancing.

* Application Fee. This charge imposed by your lender covers the
initial costs of processing your loan request and checking your
credit report.

* Title Search and Title Insurance. This charge will cover the cost
of examining the public record to confirm ownership of the real
estate. It also covers the cost of a policy, usually issued by a
title insurance company, that insures the policy holder in a
specific amount for any loss caused by discrepancies in the title
to the property.

Be sure to ask the company carrying the present policy if it can
re-issue your policy at a re-issue rate. You could save up to 70
percent of what it would cost you for a new policy.

Because costs may vary significantly from area to area and from lender
to lender, the following are estimates only. Your actual closing costs
may be higher or lower than the ranges indicated below.

Application Fee                 $75      to     $300

Appraisal Fee                  $150      to     $400

Survey Costs                   $125      to     $300

Homeowner’s Hazard Insurance   $300      to     $600

Lender’s Attorney’s
Review Fees                $75      to     $200

Title Search and
Title Insurance           $450      to     $600

Home Inspection Fees           $175      to     $350

Loan Origination Fees               1% of loan

Mortgage Insurance             0.5%      to     1.0%

Points                           1%      to       3%

* Lender’s Attorney’s Review Fees. The lender will usually charge you
for fees paid to the lawyer or company that conducts the closing
for the lender. Settlements are conducted by lending institutions,
title insurance companies, escrow companies, real estate brokers,
and attorneys for the buyer and seller. In most situations, the
person conducting the settlement is providing a service to the
lender. You may also be required to pay for other legal services
relating to your loan which are provided to the lender. You may
want to retain your own attorney to represent you at all stages of
the transaction including settlement.

* Loan Origination Fees and Points. The origination fee is charged
for the lenders work in evaluating and preparing your mortgage
loan. Points are prepaid finance charges imposed by the lender at
closing to increase the lender’s yield beyond the stated interest
rate on the mortgage note. One point equals one percent of the loan
amount. For example, one point on a $75,000 loan would be $750. In
some cases, the points you pay can be financed by adding them to
the loan amount. The total number of points a lender charges will
depend on market conditions and the interest rate to be charged.

* Appraisal Fee. This fee pays for an appraisal which is a
supportable and defensible estimate or opinion of the value of the
property.

* Prepayment Penalty. A prepayment penalty on your present mortgage
could be the greatest deterrent to refinancing. The practice of
charging money for an early pay-off of the existing mortgage loan
varies by state, type of lender, and type of loan. Prepayment
penalties are forbidden on various loans including loans from
federally chartered credit unions, FHA and VA loans, and some other
home-purchase loans. The mortgage documents for your existing loan
will state if there is a penalty for prepayment. In some loans, you
may be charged interest for the full month in which you prepay your
loan.

* Miscellaneous. Depending on the type of loan you have and other
factors, another major expense you might face is the fee for a VA
loan guarantee, FHA mortgage insurance, or private mortgage
insurance. There are a few other closing costs in addition to
these.

In conclusion, a homeowner should plan on paying an average of 3 to 6
percent of the outstanding principal in refinancing costs, plus any
prepayment penalties and the costs of paying off any second mortgages
that may exist.

One way of saving on some of these costs is to check first with the
lender who holds your current mortgage. The lender may be willing to
waive some of them, especially if the work relating to the mortgage
closing is still current. This could include the fees for the title
search, surveys, inspections, and so on.

The information contained in this brochure is intended to help you ask
the right questions when considering a possible refinancing of your
loan. It is not a replacement for professional advice. Talk with
mortgage lenders, real estate agents, attorneys, and other advisors
about lending practices, mortgage instruments, and your own interests
before you commit to any specific loan.

Ask your lender or real estate agent for the following related
pamphlets:

* A Consumers Guide to Mortgage Settlement Costs

* A Consumer’s Guide to Mortgage Lock-Ins

* Consumer Handbook on Adjustable Rate Mortgages

SEPTEMBER 2004 MORTGAGE NEWS
Buy A New House or Sell Your Old House First - Chicken Or The Egg ?
Tuesday, 27 Sept 2004 21:41:43 EST
For the homeowner it can be a tough decision – buy a new house, or sell the old one first. Here are some solutions to the problem.

Mortgage Fraud In The News
Wednesday, 28 Sept 2004 10:48:09 EST
A quick overview of a growing problem and a look at two tactics of predatory lending. Aggressive sales techniques and home improvement scams.

Mortgage Fraud and Predatory Lending Practices
Friday, 30 Sept 2004 11:06:16 EST
Illegal activities aimed at your community bank or big nationwide lenders eventually and inevitably lead to higher loan costs and more restrictive lending practices.

OCTOBER 2004 MORTGAGE NEWS
Mortgage Fraud Part 2 - More Predatory Lending Practices
Tuesday, 5 Oct 2005 11:17:28 EST
Two more predatory lending techniques come under the microscope, pressure to refinance a low interest first mortgage, and that old favorite, bait and switch.

Not So Smooth A Move
Thursday Oct 6, 2004 01:35 AM EST
Freddy Mac and Fannie Mae are beginning to pay a price for “smoothing” revenues and expenses.

A New Take On The Company Store
Tuesday Oct 12, 2004 09:25 AM EST
Freddie Macs new in-house benefit may signal eventual help with your own “Workforce Housing” problems

New Home Buying Tips and Buyers Block
Thursday Oct 14, 2004 09:25 AM EST
Unable to pull the trigger and buy that house? You (or your customer) may be suffering from Buyers Block. Here is one case study and some tips.

More Trouble For Fannie Mae
Friday Oct 15, 2004 08:30 AM EST
The Justice Department has joined the Securities and Exchange Commission in investigating the Corporation’s accounting practices.

Mortgage Fraud Part 3 -Two More Predatory Lender Practices
Monday, 18 Oct 2004 11:46:12 EST
Two more predatory mortgage practices: pushing a borrower into an unaffordable loan, almost guaranteeing failure and steering a borrower to a more costly loan or unethical lender.

Understanding Real Estate Agency - Part One
Thursday Oct 21, 2004 04:20 PM EST
Does anyone understand dual agency, sellers buyers, or non-agency? A primer on the definitions, to be followed by some guidance about which to use, where to beware.

Greenspan, Freddie Mac Upbeat on Near Future of Real Estate
Friday Oct 22, 2004 3:15 PM EST
Both Alan Greenspan and Freddie Mac agree that the “housing bubble� is not going to burst with any real explosive force in the near future.

Another Workforce Housing Initiative
Monday Oct 25, 2004 11:20 AM EST
As the toll of commuting on workers, employers, and the environment moves onto the housing stage, local government and housing agencies are stepping forward. Portland Oregon has a good idea.

IRS Finalizes House Sale Regulations
Tuesday Oct 26, 2004 05:15 PM EST
The Internal Revenue Service has finalized the regulations for interpreting a portion of the Taxpayer Relief Act of 1997 dealing with the exclusion of primary home sales from capital gains taxes.

Dont Be “Pound Foolish� About Real Estate Commissions
Friday Oct 29, 2004 3:35 PM EST
Sometimes you need to look at more than the bottom line when trying to negotiate a deal. In real estate you might cut yourself out of the best service and results.

New Home Sales Still Sailing
Friday Oct 29, 2004 4:00 PM EST
September figures and in and they are up again.

NOVEMBER 2004 MORTGAGE NEWS
And Still More Predatory Lending Practices
Monday Nov 1, 2004 8:00 AM EST
We conclude the series with three more common tactics of predatory lenders.

Smart Commute
Monday Nov 1, 2004 10:25 AM EST
Two more metropolitan areas has been selected by Fannie Mae to participate in a program to encourage home ownership in areas served by mass transit.

Understanding Real Estate Agency - Part Two
Thursday Nov 4, 2004 04:20 PM EST
… continued from Part 1.

National Association of Realtors® Holds Annual Conference
Tuesday Nov 9, 2004 10:20 AM EST
A horde of 25,000 Realtors held their annual convention in Orlando Florida. They flexed their political muscle and projected a bright future for residential and commercial real estate.

Freddie Mac Kicks Off Home Buying Awareness Program
Tuesday Nov 9, 2004 2:45 AM EST
With minority home ownership lagging behind, Freddie Mac has launched a new program in Miami to set the record on home buying straight.

Freddie Mac Notes Increase in Cash Out Refinancing
Wednesday Nov 10, 2004 9:220 AM EST
Homeowners resume pattern of tapping into home equity. Whatever the reason of it, it is pumping megabucks into the economy.

Choosing A Real Estate Agent - Top Producer or Hungry Rookie?
Thursday Nov 11, 2004 11:15 AM EST
You should ask yourself a few questions before you start interviewing prospective real estate agents

Freddie Mac Bumps Up 2004 and 2005 Projections
Monday Nov 15, 2004 09:25 AM EST
Freddie Mac is even more bullish this month than it was last month, and has slightly increased its 2004 and 2005 projections.

A Good Offense
Tuesday Nov 16, 2004 11:30 AM EST
Fannie Mae has a critical report due today and (coincidentally) is issuing press releases about its good works.

Big Whoops At NBC
Wednesday Nov 17, 2004 08:05 AM EST
The Peacock Network may have just learned to check its “contributors’� credentials at the door after Realtor flap.

Fannie Mae Misses 10 Q Filing Deadline
Thursday Nov 18, 2004 11:30 AM EST
The Corporation missed a deadline and more than just stockholders may ultimately be affected.

Congress Increases VA Loan Guarantee
Friday Nov 19, 2004 01:40 PM EST
Congress is sending President Bush legislation to increase the guarantee offered to veterans under the Department of Veterans Affairs home loan program. The new loan amounts will make the program a realistic option for vets in high cost housing areas.

Ohio Is First State To Sue Fannie Mae
Tuesday Nov 23, 2004 11:30 AM EST
Fannie Mae, again. The lawsuits are just beginning. In football they call it piling on.

Congressional Leader Requests Info On Real Estate Information Technology
Tuesday Nov 23, 2004 03:10 PM EST
Congressman Oxley writes a letter to GAO, and inquiring minds want to know why.

Apparently Oxley Not Just Curious
Wednesday Nov 24, 2004 09:00 AM EST
Apparently something is afoot in Michael Oxley’s office. Might real estate be the next area for federal oversight?

ForSaleByOwner.com Beats Back Ban
Wednesday Nov 24, 2004 11:10 AM EST
Clearly the Internet is going to be the next battleground as real estate agents seek to limit the growth of properties For Sale by Owner.

New Home Sales Take An Unexpected Jump
Tuesday Nov 30, 2004 04:35 PM EST
October new home sales take an unexpected leap and September figures are revised upwards.

DECEMBER 2004 MORTGAGE NEWS
The Hardest Part Of Buying A House Might Be The Forms
Wednesday Dec 1, 2004 10:28 AM EST
If you are sitting down to make an offer, you may wonder whatever happened to the paperless society.

Free Credit Report Availabilty Begins Slow National Rollout
Wed, 7 Sep 2005 16:40:13 EST
Thanks to a new federal law, consumers can now get a free reading on their credit up to three times per year.

Fannie Mae Raises Conforming Loan Limit
Thursday Dec 1, 2004 4:15 PM EST
An annual event – Fannie Mae raises the loan limit on conforming mortgage loans.

Fannie Mae Gets Slapped Again
Thursday Dec 2, 2004 12:24 PM EST
Fannie Mae gets slapped again…and again. Now the words criminal and turkey are being bandied about.

One Day Old Credit Report Law Is Fueling Fraud
Friday Dec 3, 2004 10:33 AM EST
Not even a day after it begins, and crooks are already trying to profit from the new free credit report benefit.

Same-House Values Continue Climb
Tuesday Dec 7, 2004 4:03 PM EST
The Office of Federal Housing Enterprise Oversight has issued its third quarter report on same-house values. Unlike most economic reports, this one is almost fun to read.

Freddie Issues Monthly Economic Outlook, UCLA Not Sure It Agrees
Friday Dec 10, 2004 10:50 AM EST
Freddie Mac and UCLA economists don’t exactly agree on the degree, but both see a slowing in the housing market on the short term horizon.

Buyers Now Represented By Agents In A Majority of Real Estate Transactions
Friday Dec 10, 2004 2:57 PM EST
Over half of real estate buyers are now represented by their own agents.

Buying A Condo Is Not Like Buying A House
Monday Dec 13, 2004 9:15 AM EST
Condos can offer early entry to homeownership or a welcome lifestyle for those seeking to kick back and relax. but there are a lot of issues that are unique to this type of purchase.

Buying A Condo: Make Sure You Cover All Contingencies
Monday Dec 13, 2004 3:33 PM EST
Making an offer on a condominium involves a lot of contingencies that don’t apply to a single family home. Make sure each is included in your offer and that documents are adequately reviewed.

What Does A Good Real Estate Agent Do To Earn The Big Bucks ?
Friday Dec 17, 2004 11:35 AM EST
A seller has the right to certain expectations when he hires a real estate agent. The best agents may make you wonder why you ever questioned that commission.

Fannie Mae Advised To Restate Earnings
Friday Dec 17, 2004 3:37 PM EST
SEC has announced it would like Fannie Mae to take a second look at its earning statement. The effects of this on the mortgage industry may be far reaching.

Mortgage Rates - Freddie Mac Issues Weekly Mortgage Survey
Fri, 6 Jan 2006 14:33:47 EST
Mortgage rates show very little change from the previous week.

Fannie Mae Scandal Topples Two Execs
Wednesday Dec 22, 2004 5:00 PM EST
The CEO and CFO of Fannie Mae were forced to resign Tuesday by the Corporation’s Board of Directors.

Mortgage Rates Up Slightly
Mon, 22 Aug 2005 16:34:01 EST
Rates, fees, and points remained relatively stable…

Fannie Mae Continues To Dominate Industry News
Wednesday Dec 29, 2004 11:07 AM EST
Former top executives leave Fannie Mae with full pockets while the mortgage giant scrambles to meet capital requirements.

JANUARY 2005 MORTGAGE NEWS
Agent Expectations Part II
Monday Jan 3, 2005 10:34 AM EST
Here are a few more things you should expect from a real estate agent in return for that average 5.2% commission, along with a few things you have no right to expect.

Don’t Let The Figures Throw You, Look For Trends
Tuesday Jan 4, 2005 9:36 AM EST
If all the real estate and mortgage reports seem contradictory, just remember the old adage about proving anything with statistics. Overall they make sense if you look for patterns rather than paying strict attention to the numbers.

Fannie Starts the Long Process of “Digging Out.�
Tuesday Jan 4, 2005 9:44 AM EST
In its first move to put a debilitating scandal behind it, Fannie Mae offers a huge bunch of preferred stock to private investors.

Its National Radon Action Month
Wednesday Jan 5, 2005 9:00 AM EST
Many people know nothing about radon, and it is a potential killer. Observe National Radon Action Month by learning something about this naturally occurring gas, and by testing your home.

Mortgage Rates Rise For Second Straight Week
Tuesday Jan 4, 2005 9:08 AM EST
Freddie Mac issues weekly interest rate report. While rates are up, the changes are marginal.

Freddie Mac Issues Annual Adjustable Rate Mortgage Survey
Friday Jan 7, 2005 4:57 PM EST
Freddie Mac issues 21st annual survey of adjustable rate mortgages. In spite of lender discounts, savings and popularity are declining.

Alaska Eliminates Dual Agency
Friday Jan 7, 2005 5:11 PM EST
Effective January 1, real estate offices can no longer provide dual agency in Alaska.

Fannie Mae Appoints New Independent Auditor
Friday Jan 7, 2005 5:18 PM EST
Fannie Mae has appointed Deloitte & Touche, LLP as its new auditor.

FHA Raises Mortgage Limits
Friday Jan 7, 2005 5:20 PM EST
The U.S. Federal Housing Administration has raised its maximum insurable mortgage limits by 7.8 percent for 2004.

Mortgage Applications Down During Holiday Week
Friday Jan 7, 2005 5:21 PM EST
Mortgage applications decline over the holidays.

Weekly Freddie Mac Rate Report Adds New Category
Tuesday Jan 11, 2005 9:55 AM EST
Freddie Mac has released its weekly mortgage rate report for the week ended January 6 and is now reporting on rates and points for the 5/1 adjustable.

Housing To Have A Splendid Year
Wednesday Jan 12, 2005 5:41 PM EST
Freddie Mac’s end of year monthly report sees only a very gradual slowing in all aspects of the mortgage industry.

Two New Housing Initiatives Aimed At Minority Community
Wednesday Jan 12, 2005 5:45 PM EST
Both Freddie Mac and Fannie Mae have announced new very unique initiatives to increase minority homeownership.

The Real Estate Agents Bill of Rights
Monday Jan 17, 2005 2:49 PM EST
A contract is a reciprocal agreement and a seller has a few obligations to his agent. Therefore we present a short Agents Bill of Rights.

Mortgage Rates Dip Slightly
Monday Jan 17, 2005 2:57 PM EST
Mortgage rates dip slightly for week ending Jan 13.

Fannie Mae Test Drives 40 Year Mortgages
Wednesday Jan 19, 2005 8:50 AM EST
Fannie Mae’s pilot program for 40 year mortgages may prove that what goes around comes around – even if it is not such a good idea.

Fannie Mae Slashes Quarterly Dividend
Wednesday Jan 19, 2005 9:30 AM EST
Fannie Mae took what will be a very unpopular route on its journey to solvency on Tuesday, slashing the dividend on its common stock by 50%.

Stripping Makes It To The Big Time
Friday Jan 21, 2005 4:30 PM EST
Home equity liquidation, a fancy name for refinancing every cent of value out of your home, is beginning to attract the attention of regulators and the public.

Mortgage Rates Down For 3rd Straight Week
Tuesday Jan 25, 2005 2:20 PM EST
Weekly mortgage rates report.

Home Sales Continue To Climb While Affordability Declines
Thursday Jan 27, 2005 1:31 PM EST
The National Association of Realtors confirms that houses sold at a record pace in 2004.

FEBRUARY 2005 MORTGAGE NEWS
Clean Up That Offer To Purchase
Tuesday Feb 1, 2005 1:13 PM EST
A clean offer to purchase is more likely to meet with success than one that is cluttered with contingencies.

Mortgage Rates Down For 4th Straight Week
Tuesday Feb 1, 2005 1:32 PM EST
Mortgage Rates Fall Again.

Clean Up That Offer To Purchase - Part II
Thursday Feb 3, 2005 10:10 AM EST
There are still more ways to clean up an offer. The bottom line is not to give up those important contingencies, but find a way to make them work for everyone involved.

Home Purchase Contingencies III
Wed, 9 Feb 2005 11:09 EST
Enhance Your Offer Or Torpedo It? There Are Choices To Be Made.

Mortgage Study - Americans Will Carry Mortgage Into Golden Years
Wed, 9 Feb 2005 11:15 EST
Harvard study shows that housing values, equity, and especially housing debt are increasing regardless of homeowner age.

Freddie Mac Chief Economist Releases February Outlook
Fri, 11 Feb 2005 10:22 EST
Freddie Mac Economic and Housing Market Outlook continues optimistic in spite or maybe because of the Fed’s continuing moves to tighten credit.

Mortgage Rates Fall Again
Friday Feb 11, 2005 11:16 AM EST
Mortgage Rates Are Down Again.

Mortgage Rates May Be Down… Or Up ?
Wednesday Feb 16, 2005 4:05 PM EST
Mortgage Rates Fall According To Freddie Mac.

Survey Shows Record Home Price Apprectiation - But Not Everywhere
Wed, 16 Feb 2005 16:08 EST
A record number of metropolitan areas hit the jackpot in house price appreciation in 2004. But the big gains were not shared by all.

Understanding Your Credit Score
Mon, 21 Feb 2005 10:06 EST
Knowing your credit score and how it is calculated is increasingly important when going for that big loan.

Understanding Your Credit Score - Part 2
Tue, 22 Feb 2005 14:56 EST
Whether credit scoring works for you or again’ you, it is probably here to stay. Understand what it does for and to you, and improve that score whenever you can.

Greenspan Asks Again For Limits On Government Sponsored Enterprises Portfolios
Fri, 28 Oct 2005 11:21:41 EST
Federal Reserve Board Chairman Alan Greenspan still wants Freddie and Fannie reigned in. With all that has happened in the last year, his words may carry new weight.

Mortgage Rates Shift Direction For The First Time In 2005
Thu, 24 Feb 2005 10:24 EST
Mortgage rates for the first time in 2005.

How Does Your Credit Report Look In The Scheme Of Things?
Thu, 24 Feb 2005 10:28 EST
FairIsaac Corporation, the credit scoring company, has painted a picture of the American credit consumer. Apparently we are far more responsible than anyone thought.

Eminent Domain - Your Home Is Your Castle !
Wed, 16 Mar 2005 14:32:58 EST
An eminent domain case makes it to the Supreme Court. While the Court may be months away from a decision, public protests and the resulting media coverage is turning the spotlight on a 225 year-old-process with a 50-year-old twist.

MARCH 2005 MORTGAGE NEWS
Mortgage Rates Up For Second Week
Wed, 2 Mar 2005 14:55:03 EST
Both Freddie Mac and the Mortgage Bankers Association (MBA) recorded increases in interest rates for the weeks ended February 24 and February 25 respectively.

Housing Bubble? Home Price Decelaration Noted By OFHEO
Wed, 2 Mar 2005 15:09:40 EST
The housing bubble is bursting, the sky is falling, or maybe it’s just an adjustment from some semi-crazy third quarter numbers. OFHEOs year end report on same house price appreciation is out.

Title Insurance - The Other Insurance On Your Settlement Statement
Mon, 7 Mar 2005 10:41:34 EST
That other insurance on the settlement statement protects your lender. But for short money you can protect the title of your home from all sorts of possibilities.

Mortgage Phishing - The Grand Art of Hooking a Sucker
Mon, 7 Mar 2005 17:28:56 EST
Mortgage Phishing - The Grand Art of Hooking a Sucker

Second Homes - Vacation Homes and Investment Property Now 1/3 of Market
Tue, 8 Mar 2005 11:39:01 EST
Second homes constitute a much larger part of the housing market than anyone expected. Investors, apparently, have never been considered as a major piece of that market.

Mortgage Rates Even More Mixed Than Usual
Thu, 10 Mar 2005 09:36:57 EST
Mortgage Rates Even More Mixed Than Usual

Limited Service Real Estate Offices (Flat Fee MLS and FSBO Websites) Provoking Backlash
Mon, 14 Mar 2005 11:25:52 EST
Limited Service Real Estate Offices draw fire over services such as For Sale By Owner Websites and Flat Fee MLS Listings.

Real Estate Market - Freddie Mac Housing Outlook
Mon, 14 Mar 2005 11:39:24 EST
Freddie issues its monthly Economic Outlook report adding another voice to the chorus predicting changes, but gradual ones, to home sales and interest rates.

Home Appraisal 101 - What is Inside Your Appraisal?
Wed, 16 Mar 2005 15:01:10 EST
You paid for an appraisal when you purchased your home, now learn what inside your home appraisal

Mortgage Rates Up For Week Ended March 10
Wed, 16 Mar 2005 15:36:21 EST
Mortgage Rates Up For Week Ended March 10.

Residential Mortgage Foreclosure and Delinquent Payments Decline
Fri, 18 Mar 2005 10:23:45 EST
New Mortgage Bankers Association survey shows decreases, in some cases dramatic ones, in the rate of late mortgage payments and pending foreclosures.

Appraisal 101 - How a Appraiser Attaches Home Value
Fri, 25 Mar 2005 11:21:01 EST
An appraisal is more a mathematical exercise than a judgment. Work through, with us, an example of how an appraiser ultimately attaches a value to a property.

Mortgage Rates Reach A Seven Month High
Thu, 24 Mar 2005 09:12:27 EST
Mortgage Rates Continue To Rise

Fannie Mae Misses Year-End Report Deadline
Mon, 28 Mar 2005 09:25:17 EST
Fannie misses SEC deadline while OFHEO official hints at more restrictions.

Virginia Addresses Eminent Domain
Mon, 28 Mar 2005 09:29:35 EST
Virginia passes law to redress eminent domain pain - sort of.

Title Insurance and Homebuilders - An Unholy Alliance?
Tue, 29 Mar 2005 12:55:36 EST
Title insurance - or at least the marketing of it is now under investigation. Every sector from title insurers to real estate brokers is getting a close look from officials in nearly a dozen states so far.

Congressman Oxley Weighs In On Real Estate Industry
Wed, 30 Mar 2005 10:42:04 EST
Congressional Reps Oxley and Frank ask GAO to weigh in on competition in the real estate industry. One can’t help but wonder why.

Mortgage Rates Nearing One Year High
Thu, 31 Mar 2005 09:39:10 EST
Mortgage rates at highest level since July 2004.

APRIL 2005 MORTGAGE NEWS
Ameriquest Mortgage Faces Widespread Questions About Lending Practices
Fri, 1 Apr 2005 16:06:07 EST
The Super Bowl ad was pretty funny, but regulators in 25 states are not laughing at allegations about Ameriquest Mortgage lending practices.

February New Home Sales Still At Historic Highs
Fri, 1 Apr 2005 16:14:44 EST
HUD and the Census Department report the market for new homes continues strong.

Affinity Programs: With Some, Charity Begins At Home
Wed, 6 Apr 2005 10:22:46 EST
Long a way to painlessly support a favorite cause, affinity programs can now put money in your own pocket when buying or selling, even financing a home.

Mortgage Rates Up, Down, Take Your Pick
Wed, 6 Apr 2005 15:27:03 EST
Freddie Mac and the Mortgage Banker’s Association could hardly have disagreed more over the direction mortgage rates took for the week ending March 31 and April 1 respectively.

Mortgage Lender Fraud - Consumers Not the Only Victims
Mon, 11 Apr 2005 15:05:48 EST
Homeowners are not the only victims of mortgage fraud. Banks, mortgage companies and Government Sponsored Enterprises, i.e. Freddie and Fannie, suffer huge loses too.

Mortgage Rates Hold Under Six Percent
Wed, 13 Apr 2005 15:16:37 EST
Weekly Mortgage Rates Survey - Freddie Mac and Mortgage Bankers Association

Time To Talk About Those Free Credit Reports Again
Wed, 13 Apr 2005 15:32:27 EST
Another region of the country is now eligible for free credit reports and the need to review your own becomes ever more apparent.

Freddie Mac Continues To See A Jolly Good Year For Real Estate
Fri, 15 Apr 2005 15:56:35 EST
Monthly Freddie Mac Economic Outlook continues to see home sales, housing starts, and interest rates favorable for the real estate industry.

Housing Starts Take a Tumble According To HUD and US Census Bureau
Wed, 20 Apr 2005 10:08:27 EST
HUD and the Census Bureau issue what may be sobering news about housing starts.

Mortgage Rates Continue Recent Decline
Wed, 20 Apr 2005 17:11:00 EST
Mortgage Rates Continue Recent Decline

Fannie Mae Holds Dividend At Reduced Q1 Rate
Thu, 21 Apr 2005 09:59:42 EST
The fortunes of Fannie Mae stockholders are not looking up, but CEOs of both Freddie Mac and Fannie Mae fight on.

Appraisal Fraud: A Need To Sort Out The Victims From The Perps?
Mon, 25 Apr 2005 15:27:05 EST
Appraisers have taken the lead in asking for relief from pressures that some say may be leading to a full-scale appraisal fraud scandal.

mortgage rates rise
Mon, 25 Apr 2005 15:57:29 EST
Mortgage Rates Continue Recent Decline

Think Tank Report Paints Picture of Mortgage Appraisal Fraud
Fri, 27 May 2005 09:14:40 EST
Demos, a private research firm, has issued a stunning report on mortgage appraisal fraud; the reasons behind it, the ramifications, and some possible remedies. Part two of a multi-part series.

Mortgage Rates Down and Home Sales Up - Who Says Boring Is Bad?
Wed, 27 Apr 2005 14:46:22 EST
Mortgage Rates Down and Home Sales Up for week ending April 22, 2005.

MAY 2005 MORTGAGE NEWS
Report Suggests Remedies for Appraisal Fraud
Mon, 2 May 2005 15:52:07 EST
In this final look at the Demos report on appraisal fraud, there are some suggestions for addressing the problem.

HUD Pushes Mortgage Lenders To Avoid Foreclosure Losses
Tue, 3 May 2005 15:08:17 EST
HUD announces programs that both reward and punish lenders when dealing with defaults on FHA insured mortgages.

Mortgage Rates Decline For Fourth Consecutive Week
Wed, 4 May 2005 16:24:11 EST
Mortgage Interest Rates Fall For the Fourth Consecutive Week.

Studies Question Housing Costs, Conditions, Ownership
Tue, 10 May 2005 13:48:29 EST
Homeownership is no longer out of the reach of most Americans. Is this perhaps not a really good thing? Two recent studies point out some pitfalls.

Appraisers Speak Out On Pressure, Fraud, and Reform
Wed, 11 May 2005 17:49:56 EST
Appraisers and others weigh in on the pressure they are under and their possibly tenuous legal situation, and some suggestions for reform.

Weekly Mortgage Rates Mixed But Mortgage Origination Remains High
Wed, 11 May 2005 18:03:54 EST
Mortgage Rates Weekly Summary.

Construction, Home Sales, Prices - Everything Will Be Up But Mortgage Rates
Thu, 12 May 2005 15:21:11 EST
The April Economic and Housing Outlook by Freddie Mac is full of good news for nearly everyone connected with the housing industry.

Housing Bubble To Bust? FDIC Certainly Hopes Not
Tue, 17 May 2005 12:17:28 EST
FDIC has now issued two recent reports to say the housing boom won’t go bust because, well gosh, it hardly ever has.

Weekly Mortgage Rates Mixed
Wed, 18 May 2005 17:31:52 EST
Mortgage Rates Mixed

Fannie Mae Misses Another Financial Deadline
Thu, 19 May 2005 10:55:34 EST
Fannie Mae filed its second consecutive form 12b-25 form with Securities and Exchange Commission (SEC).

Risk Management Guide For Home Equity Loans Issued By Bank Regulators
Fri, 20 May 2005 15:03:07 EST
The nations chief financial regulators have issued new guidelines to banks and credit unions warning of risk factors in home equity lending.

Greenspan Renews Attack on Freddie Mac, Fannie Mae
Fri, 20 May 2005 15:22:59 EST
Federal Reserve Chairman Alan Greenspan has spoken out again to urge Congress to rein in the size of the GSE’s, Fannie Mae and Freddie Mac, mortgage portfolios.

National Association of Realtors Fighting Fires On Several Fronts
Fri, 27 May 2005 15:06:57 EST
The National Association of Realtors is suffering from a few occasions of disquiet coming from political areas where it may never have expected such problems.

Most Mortgage Rates Down Again; Looking Good vs. 2004 Levels
Wed, 25 May 2005 17:17:14 EST
Weekly Mortgage Rates Summary Report

Two Monthly Reports Show No Lag in Home Sales
Thu, 26 May 2005 11:18:42 EST
Both NAR and the Commerce and Housing and Urban Development Department agree that the housing market shows no sign of slowing.

(Correction) - National Association of Realtors Fighting Fires on Several Fronts
Fri, 27 May 2005 15:12:50 EST
Correction

Home Staging - Still A Relevant Tactic in Lots of Places
Tue, 31 May 2005 15:14:44 EST
Not every market belongs to the sellers. Sometimes it takes a lot of work to make a house competitive. That is where home staging comes in.

JUNE 2005 MORTGAGE NEWS
Home Loan Mortgage Rates Continue To Drop
Wed, 1 Jun 2005 15:27:29 EST
Weekly mortgage rates report.

Southern U.S. Now Eligible For Free Credit Reports
Wed, 1 Jun 2005 15:18:21 EST
The South is now eligible for free credit reports. If you follow the news you know that tracking your credit is even more critical now than it was two months ago when we last covered this story.

Mortgage Servicing Rights: Traded Like Baseball Cards?
Mon, 6 Jun 2005 15:18:05 EST
Your mortgage might be sold but the rights to service it are more likely to be transferred at some time during the life of the loan. What does this mean and should you be concerned?

Making Money Is Not The Best Reason To Own A House
Mon, 6 Jun 2005 15:47:14 EST
Growing group of volunteers are working to provide severely wounded American troops with the best kind of house - their own.

Mortgage Rates Mixed But General Trend Still Downward
Wed, 8 Jun 2005 15:37:12 EST
Weekly mortgage rates report.

Fannie Mae Authorizes Purchase of 40 Year Mortgage Loans
Thu, 9 Jun 2005 16:49:31 EST
A new Fannie Mae initiative opens secondary market to 40-year loans.

Freddie Mac Issues June Economic Prognostication
Fri, 10 Jun 2005 17:06:22 EST
Freddie Macs monthly economic report emphasizes the good, the bad, and the who knows?

Become A Real Estate Agent During The Housing Boom and Get Rich Quick? Think Again.
Wed, 17 Aug 2005 14:45:23 EST
Every boom real estate market brings a boom in newly minted agents. A few words of caution from a somewhat weary veteran.

As Population Ages, Reverse Mortgages May Finally Catch On
Mon, 20 Jun 2005 10:31:51 EST
Expect reverse mortgages to grow as Boomers age. They are still pretty unique, but can solve some serious senior issues.

Mortgage Rates Reach 2005 Low
Wed, 15 Jun 2005 15:18:49 EST
Weekly Mortgage Rates Summary Report

FHA, Freddie Move To Protect Troops From Identity Theft - Foreclosure
Fri, 17 Jun 2005 11:52:04 EST
Freddie Mac and FHA announce two small changes that could make a difference for armed forces service men and women.

Reverse Mortgage Revisited
Mon, 20 Jun 2005 10:57:59 EST
Correction to previously posted story on reverse mortgages.

Mortgage Rates Up Across The Board
Wed, 22 Jun 2005 16:32:03 EST
Weekly Mortgage Rates Summary Report

Bankers and Real Estate Agents Continue Turf Battle
Wed, 22 Jun 2005 17:00:19 EST
The perennial banking v. real estate battle promises to be an interesting spectator sport this year.

Supreme Court Upholds Expanded Concept of Eminent Domain
Fri, 24 Jun 2005 14:22:04 EST
Supreme Court widens concept of public purpose in decision on the Right of Eminent Domain.

Mortgage Foreclosures and Delinquent Payments Decline
Fri, 24 Jun 2005 16:31:16 EST
While most mortgages are being paid on time there is a real difference in the performance of prime and sub prime loans.

Mortgage Rates Down But Directionless Overall
Wed, 29 Jun 2005 15:21:48 EST
Weekly mortgage rates report.

Harvard Finds Homes Less Affordable But Housing Bubble Unlikely To Burst
Tue, 19 Jul 2005 15:49:31 EST
Harvards Joint Center on Housing finds little to fuel fears of a bursting bubble but lots of disheartening information about housing affordability.

JULY 2005 MORTGAGE NEWS
Mortgage Short Sale - An Exit Strategy or an Investment Opportunity?
Tue, 2 Aug 2005 11:22:44 EST
A short sale is only one of several options available to lenders when a loan defaults. It might be, however, the least painful to everyone concerned.

Mortgage Rates Mixed, But Refinancing Is Not Going Away
Wed, 6 Jul 2005 17:37:50 EST
Weekly mortgage rates report.

Freddie Mac Report Shows Strong Housing Data
Mon, 11 Jul 2005 16:28:13 EST
The housing sector is continuing to be a major driver of the U.S. Economy according to a very optimistic July report issued by Freddie Mac.

Amortization Game - Fun For the Financially Obsessed
Mon, 11 Jul 2005 17:54:07 EST
Your own personal amortization table may inspire you to use your mortgage as a savings account.

Mortgage Activity Down Slightly As Mortgage Rates Rise
Thu, 14 Jul 2005 10:11:29 EST
Weekly mortgage rates report.

Option Mortgage - Intriguing New Product Or Ticking Timb Bomb?
Tue, 19 Jul 2005 14:44:10 EST
Option style mortgage offers plenty of choices to borrowers. Initial affordability is a lure but beware what may be on the hook.

New Study Puts Real Numbers On Mortgage Risk
Tue, 19 Jul 2005 15:28:37 EST
University of Virginia study comes to an obvious conclusion about risk and interest rates but does provide some new ways of measuring risk factors.

Mortgage Rates - Has The Worm Turned?
Wed, 20 Jul 2005 16:11:47 EST
Weekly mortgage rates report.

High End Home Owners Are Driving Home Improvements
Thu, 21 Jul 2005 14:00:11 EST
Americans are spending big bucks to maintain and improve their homes. Still, high income owners are doing the most to improve their position in the housing market.

Buying A House To Sell A House
Fri, 22 Jul 2005 16:13:40 EST
Before buyers buy they should look at the house through the eyes of the market they will have to please in five or ten years.

Eminent Domain Ruling Spurs Flurry Of Legislation
Mon, 25 Jul 2005 17:18:24 EST
The Supreme Court June decision in Kelo v. New London is driving a hopper-full of legislation on both the state and federal level.

Average Mortgage Rates Continue To Rise
Wed, 27 Jul 2005 14:08:56 EST
Weekly mortgage rates report.

Housing Starts, Home Sales Continue at a Record Pace
Fri, 5 Aug 2005 17:09:25 EST
Records for home prices and sales activity continue to fall although there are a few weak spots since last months reports.

AUGUST 2005 MORTGAGE NEWS
Foreclosure Happens, But There Are Solutions
Tue, 2 Aug 2005 14:49:38 EST
Foreclosure is the last thing a homeowner thinks about when giving a mortgage. But it happens. We will discuss the process and some solutions to a desperate situation.

Stop Foreclosure By Confronting It Head-On
Tue, 2 Aug 2005 16:56:29 EST
Delinquency rates are low and foreclosure is not something most people worry about, but stuff happens and it is good to know the options and alternatives.

Mortgage Rates Maintain Upward Climb
Wed, 3 Aug 2005 14:48:30 EST
Weekly mortgage rates report.

Refinancing May Be Pumping Billions Into Economy
Fri, 5 Aug 2005 18:20:26 EST
Americans continue to pull equity out of their homes, presumably helping to drive the U.S. economy.

Piggybacks Arouse Interest - And Concern
Mon, 19 Dec 2005 17:56:09 EST
Private mortgage insurance companies are beginning to feel the pinch of piggyback or blended mortgages.

Mortgage Rates Up, Applications Down Last Week
Wed, 10 Aug 2005 17:26:42 EST
Weekly mortgage rates report.

Study Finds Housing Increasingly Unaffordable
Thu, 11 Aug 2005 17:16:05 EST
According to the National Housing Conference, wages are clearly not keeping up with the cost of housing. So where are lower paid workers, many essential to their communities, supposed to lay their heads?

Freddie Mac Issues August Economic Outlook Report
Mon, 15 Aug 2005 11:48:23 EST
Freddie Macs August report carries cautions about what could happen, but basically continues to project only gradual changes in rates, sales, and home prices.

Fannie Mae Fails To File Quarterly Report - Again
Mon, 15 Aug 2005 14:41:27 EST
Fannie Mae continues to struggle with its massive accounting reinstatement and the New York Stock Exchange is getting restless.

Mortgage Rates Up For Week While Activity Continues To Slow
Thu, 18 Aug 2005 14:40:34 EST
Weekly mortgage rates report.

In Trouble With Your Mortgage? Call Your Lender - Now!
Fri, 19 Aug 2005 17:26:59 EST
There is never a shortage of sharks waiting to take advantage of the troubled. If you are having problems with your mortgage payments, please listen to us, not them.

Are Mortgage Pre-Approvals All They Are Trumped Up To Be?
Mon, 22 Aug 2005 17:19:27 EST
Do mortgage pre-approvals really a guarantee a smooth transaction? We would like to hear a yes or no from our readers.

Extreme Makeover Home Edition Teams Up With Homes For Our Troops
Sun, 25 Sep 2005 19:43:05 EST
An update on a bunch of volunteers who are making a difference for wounded Iraq War vets - one house at a time.

Mortgage Rates Reverse Previous Six-Week Climb
Wed, 24 Aug 2005 15:54:35 EST
Weekly mortgage rates report.

Hurricane Katrina Victims Get Relief From Fannie and Freddie
Wed, 31 Aug 2005 13:45:48 EST
Fannie Mae and Freddie Mac put a small candle in the window for hurricane victims.

Mortgage Rates Down For Second Week
Wed, 31 Aug 2005 15:33:14 EST
Weekly mortgage rates report.

SEPTEMBER 2005 MORTGAGE NEWS
Greenspan Warns Than Housing Prices Will Simmer Down
Thu, 1 Sep 2005 11:36:49 EST
Chairman Greenspan warns again that housing prices will cool and take parts of the economy along.

Mortgage Rates Fall For Third Week In A Row
Wed, 7 Sep 2005 15:37:26 EST
Weekly mortgage rates report.

Free Credit Reports For All - But Watch Your Step
Thu, 8 Sep 2005 10:03:50 EST
Now everyone can get a free credit report - just watch your typing fingers.

Private Mortgage Insurance - Facts From The Source
Thu, 8 Sep 2005 13:36:38 EST
After a bit of a paper chase we finally get some officials answers about how PMI works.

Another Report on Spiraling Housing Prices
Tue, 25 Oct 2005 10:11:54 EST
Freddie Mac quarterly report on housing prices show continued growth propelled by dropping interest rates in the second quarter.

Time To Review Your Homeowners and Flood Insurance Coverage
Fri, 16 Sep 2005 10:51:26 EST
Katrina, not to mention Charley, Ivan, western brush fires, and California mud slides should be prompting you to check your insurance coverage.

Freddie Mac September Outlook - Its All About Katrina
Thu, 15 Sep 2005 11:19:51 EST
Freddie Mac sheds some light on the effects of Hurricane Katrina on the housing market and economy.

Freddie Mac and MBA Mortgage Rates Survey Directionless
Thu, 15 Sep 2005 11:27:16 EST
Weekly mortgage rates report.

So Should You Pay PMI or Take Out a Piggyback Mortgage?
Mon, 19 Sep 2005 15:18:14 EST
Piggy backs make more financial sense at present than private mortgage insurance, but that can change with interest rates and/or pending legislation.

Mortgage Rates Up Across the Board
Wed, 21 Sep 2005 18:19:46 EST
Weekly Mortgage Summary Report.

HUD and Commerce Say Housing Starts Drop Slightly
Thu, 22 Sep 2005 16:54:33 EST
Housing starts are reported off in the last month, but the single family market still shows that builders continue to be optimistic.

Read Those Homeowner and Flood Insurance Policies Before It Is Too Late
Tue, 27 Sep 2005 14:10:50 EST
Actual cash value versus replacement costs; deductibles, and valued policies are only a few of the things you need to know as an informed consumer of homeowner and flood insurance.

Mortgage Rates and Home Sales Both Up In Recent Reports
Wed, 28 Sep 2005 22:09:07 EST
Mortgage rates rose, home sales and prices were also higher. But are mortgage applications the canary in the coal mine?

OCTOBER 2005 MORTGAGE NEWS
So You Want To Build A House
Tue, 4 Oct 2005 17:26:44 EST
Building a home is an adventure but, with enough information and some innovative new housing options, perhaps one with a happy ending.

ARMs Narrow Yield Curve in Latest Mortgage Rates Survey
Wed, 12 Oct 2005 14:38:44 EST
Weekly Mortgage Survey - Week Ending September 28, 2005

Realtors Under Fire From DOJ, GAO, And That is Just the Beginning
Mon, 10 Oct 2005 13:20:04 EST
Seems like a lot of people are targeting the National Association of Realtors. The Department of Justice heads the list.

Manufactured Housing And Homes-In-A-Box are Viable Routes To Home Ownership
Mon, 10 Oct 2005 13:05:07 EST
While traditional one-stud-at-a-time construction remains the norm, a potential build-it-myselfer would do well to check out options to make those dreams come true.

Congress Is Also On The Case - NARs Troubles, Continued
Wed, 12 Oct 2005 12:31:48 EST
A Government Accountability Office Report suggests reputation and service may be more relevant to creating competition in the real estate than commissions.

Fixed Mortgage Rates Nudge 6 Percent For First Time Since Spring
Wed, 12 Oct 2005 14:40:39 EST
Weekly Mortgage Survey - Week Ending October 6, 2005

Freddie Mac Anticipates Huge Hurricane Related Losses
Wed, 12 Oct 2005 15:31:24 EST
Freddie Mac has tallied up its losses to Rita and Katrina and they will be substantial.

Rita Joins Katrina As Topic of Freddie Mac Monthly Reports
Mon, 17 Oct 2005 14:17:54 EST
Although acknowledging hurricanes impact, Freddie Mac still sees a rosy housing picture.

Mortgage Rates Top 6 Percent
Tue, 8 Nov 2005 15:38:18 EST
Weekly Mortgage Survey - Week Ending October 13, 2005

Are Real Estate Commissions at the Root of NAR Problems?
Fri, 21 Oct 2005 11:59:10 EST
Are commissions the reason for the recent attacks on the National Association of Realtors and on agents. Hmmmm - there does seem to be a pattern.

Modular Homes and Prefab Housing Can Save Time and Money
Fri, 21 Oct 2005 12:55:34 EST
Modular and panelized construction using a variety of methods and materials offer time and cost saving alternatives for homeowners. Even IKEA is getting into the act.

Home Mortgage Deduction Under Attack By Presidential Panel
Mon, 7 Nov 2005 15:02:02 EST
Homeowners may lose a cherished tax deduction if a presidential panel gets its way. But history says it is unlikely to happen.

NAR Sees Soft Landing as Housing Bubble Transitions To Expansion
Wed, 26 Oct 2005 14:43:30 EST
NAR report sees an ultimate soft landing as bubble begins to soften and fallout from Katrina benefits portions of the sales market.

The 30 Fixed Mortgage Rates Now Firmly Over 6 Percent
Tue, 8 Nov 2005 15:40:15 EST
Weekly Mortgage Survey - Week Ending October 20, 2005

Lopsided House Vote Seeks To Regulate Freddie Mac and Fannie Mae
Fri, 28 Oct 2005 11:41:39 EST
The House of Representatives has approved new oversight for Freddie Mac and Fannie Mae. Senate approval appears a long way off.