tag:blogger.com,1999:blog-5024271502959170338Thu, 04 Mar 2010 14:40:23 +0000http://www.crhome.com/blog.htmnoreply@blogger.com (CRHOME.com)Blogger53125tag:blogger.com,1999:blog-5024271502959170338.post-1453603403337286902Thu, 04 Mar 2010 14:40:00 +00002010-03-04T06:40:23.647-08:00News from Freddie Mac says that it plans to stop buying and securitizing interest-only mortgage loans. They gave no explanation for the decision, but their January summary of operational activity indicated that delinquency on interest-only mortgages is running around twice the rate of fully amortized mortgages. For example, on interest-only fixed rate mortgage loans originated in 2006, 90 day http://www.crhome.com/2010/03/interest-only-mortgage-loan-news.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-7759913998294383921Fri, 26 Feb 2010 14:39:00 +00002010-02-26T06:39:10.729-08:00Based on Freddie Mac's weekly survey, mortgage rates rose this week, with the average rate on 30-year fixed mortgages climbing above 5%. Freddie Mac's chief economist said 30 year fixed mortgage rates followed long term bond yields higher as data about the real estate market's recovery remained uncertain. Demand for real estate, after showing signs of strength in earlier months, has dropped in http://www.crhome.com/2010/02/update-on-30-year-mortgage-rate-news.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-5528350756129081406Tue, 23 Feb 2010 14:13:00 +00002010-02-23T06:13:36.214-08:00After you sign documents for a mortgage refinance or home equity loan, you can still cancel the loan if you change your mind.  The law says that lenders must give 3 business days to cancel a mortgage, without any penalty. You have the right to rescind until midnight of the third business day, including Saturday, but not Sunday. When you sign mortgage loan documents, the lender gives you copies http://www.crhome.com/2010/02/mortgage-refinance-or-home-equity-loan.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-5460270046031285016Thu, 18 Feb 2010 21:37:00 +00002010-02-18T13:37:54.952-08:00Our government is supporting a basically insolvent mortgage banking system. Because of the relatively low number of home sales that have generated losses, the outstanding national mortgage debt has not changed much. The problem is that home values backing these mortgages have dropped substantially. Banks have been unloading toxic mortgages onto the government, who is supporting home prices withhttp://www.crhome.com/2010/02/mortgage-news-brief.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-1506320883886926323Fri, 12 Feb 2010 14:35:00 +00002010-02-12T06:35:09.065-08:00Some real estate buyers have found a way to reduce costs on the purchase of a home. With internet access buyers can be more active in researching and viewing homes for sale, which has the potential of savings thousands of dollars. Accessing real estate listings online, which used to be only available to agents, now gives home buyers the option to negotiate a cash rebate from their agent. Some http://www.crhome.com/2010/02/reducing-mortgage-closing-costs-when.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-5412249033473649142Thu, 04 Feb 2010 14:34:00 +00002010-02-04T06:34:25.163-08:00Review of Real Estate and Mortgage News According to UCLA economists,here is a forecast of the Orange County, CA housing market: * From 2011 to 2015, O.C. home prices will increase by 2.5% to 8.7% a year. The median home price, at $406,481 this year, is projected to top $500,000 by 2011 and to be above $600,000 in 2015. * Foreclosures are expected to rise again early this year, but http://www.crhome.com/2010/02/review-of-real-estate-mortgage-news-for.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-812848977781460363Tue, 02 Feb 2010 14:40:00 +00002010-02-02T06:40:35.017-08:00News about FHA says they are in the process of asking congress to raise the annual insurance fee on FHA mortgage loans. If granted, mortgage insurance rates for an FHA loan would increase from the current limit of .55% to a new limit of .85%. The rate change would raise monthly mortgage payments by about $25 for each $100,000 loan increment. Get Mortgage Rates and Informationhttp://www.crhome.com/2010/02/fha-mortgage-fees-may-increase.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-1631172097017804509Wed, 27 Jan 2010 14:32:00 +00002010-01-27T06:32:49.110-08:00Home mortgages are often sold to a loan servicing lender, who collects and processes payments because the original mortgage lender is only in the business of selling mortgages. A mortgage may be originated by a broker or lender who then sells it to the loan servicer, who then combines it with other mortgages and sends them to Fannie Mae or Freddie Mac, who then securitizes and sells them on thehttp://www.crhome.com/2010/01/why-are-mortgage-payments-made-to-other.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-6822476910252970765Mon, 25 Jan 2010 14:40:00 +00002010-01-25T06:40:33.145-08:00In order to help standardize the process of comparing mortgage rates and fees, lenders are required to quote the APR in addition to the mortgage note rate. The annual percentage rate will almost always be higher than the note rate of a mortgage because certain fees are included in the calculation. Mortgage fees usually included in the APR: • Loan processing fee • Document preparation fee •http://www.crhome.com/2010/01/note-rate-is-lower-than-apr-when-you.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-7686657313445841697Thu, 21 Jan 2010 14:40:00 +00002010-01-21T06:40:45.865-08:00Insurance for FHA mortgage loans now costs more. All borrowers must pay an upfront insurance premium in order to get an FHA loan. That fee was just increased from 1.75% of the mortgage loan amount to 2.25%. There is also a monthly payment required to maintain the insurance, which lawmakers are currently trying to increase as well. The reason for increase is to help FHA replenish dwindling cashhttp://www.crhome.com/2010/01/insurance-fees-go-up-for-fha-mortgage.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-8007303195211394564Mon, 18 Jan 2010 14:38:00 +00002010-01-18T06:38:43.776-08:00New rules have been implemented to help protect consumers against bait and switch mortgage quotes, which makes it easier to compare, but also makes it difficult for lenders to provide basic mortgage rate quotes to some uncommitted shoppers. To accommodate loan shoppers who do not provide complete information, some mortgage lenders are using worksheets or loan scenario forms that have no http://www.crhome.com/2010/01/simple-mortgage-quotes-vs-accurate.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-6587036009350248681Wed, 13 Jan 2010 14:27:00 +00002010-01-13T06:27:54.872-08:00News from the head of the Federal Reserve in Boston said he expects mortgage rates to rise by ½ to ¾ of a point in the coming months as a result of the end of a government support program. The chief executive of the Boston Fed, said in an interview that he expects mortgage rates to rise when the Fed MBS purchase program ends, or before, as the end approaches. He said. "You maybe would have http://www.crhome.com/2010/01/fed-news-forecasts-rise-in-mortgage.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-1836025762687786739Mon, 11 Jan 2010 14:37:00 +00002010-01-11T06:37:26.957-08:00If you are thinking about a mortgage refinance or a home equity loan, there are certain things to avoid before applying for a loan that could reduce your credit score, which can raise the mortgage rates that lenders are able to offer you. During the 60 Day Period Prior to a Mortgage Loan: • Don’t apply for any new credit cards before a getting mortgage • That includes not opening new accounts http://www.crhome.com/2010/01/keep-credit-scores-safe-before-mortgage.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-6487265207525770376Thu, 07 Jan 2010 14:29:00 +00002010-01-07T06:31:58.873-08:00The Federal Reserve is scheduled to complete its purchase of $1.25 trillion of mortgage-backed securities in March. The program has maintained low mortgage rates after the real estate bubble burst. The Fed’s balance sheet has more than doubled since the financial crisis, and bond investors, among others, fear too much money will eventually get into other sectors of the economy, which could fuel http://www.crhome.com/2010/01/balancing-mortgage-rates-real-estate.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-7794008453540924935Mon, 04 Jan 2010 14:37:00 +00002010-01-04T06:37:57.659-08:00Comparing mortgage rates and lender fees should now be more standardized with the news that HUD has changed the rules regulating lender disclosures of closing costs. Mortgage lenders must now disclose to borrowers a single origination fee on the Good Faith Estimate and the HUD-1 Settlement Statement, which includes all lender fees and compensation. Lenders are not allowed to increase their http://www.crhome.com/2010/01/mortgage-lenders-closing-cost.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-6823864628044620565Wed, 30 Dec 2009 14:42:00 +00002009-12-30T06:42:07.353-08:00Mortgage rates can change daily based on on economic information, so in order to get an accurate comparison, try to get mortgage quotes on the same day. The lender's rate sheets usually have pricing based on a lock period, which are offered in increments, such as, 30 or 45 days.  A lock guarantees the mortgage rate for a specific time. Longer lock periods may have higher mortgage rates. Comparehttp://www.crhome.com/2009/12/how-to-compare-mortgage-rates.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-735756114623421066Tue, 29 Dec 2009 14:31:00 +00002009-12-29T06:31:33.794-08:00Even with low mortgage rates, the number of mortgages in default continued to grow at the nation's banks in the third quarter as even prime borrowers increasingly fell behind on their mortgage payments. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks topped the one million mark, according to news released Monday by the Office of http://www.crhome.com/2009/12/us-mortgages-in-default-still-growing.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-4826848569665567591Mon, 28 Dec 2009 14:37:00 +00002009-12-28T06:37:19.593-08:00News from Freddie Mac shows average 30 year fixed mortgage rates rose above 5%, which is up from 4.94% last week. The last time the average mortgage rate was above 5% was the end of October 2009. Last year at this time, the 30 year fixed mortgage rate averaged 5.14%. The yields on Treasury debt have surged from declining investor demand, which caused an increase in mortgage rates and a decrease http://www.crhome.com/2009/12/change-in-mortgage-rates-affecting.htmlnoreply@blogger.com (CRHOME.com)1tag:blogger.com,1999:blog-5024271502959170338.post-8882684309498297549Sun, 27 Dec 2009 19:13:00 +00002009-12-27T15:03:59.721-08:00Southern California real estate gained in sales and price last month. 19,181 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November. Home sales have been stimulated by several factors: A federal tax credit for first-time buyers; investor activity; low mortgage rates; low down payment mortgages; distressed property deals. http://www.crhome.com/2009/12/southern-california-real-estate-sales.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-6536453343261353284Sat, 26 Dec 2009 19:58:00 +00002009-12-26T11:58:52.024-08:00You may have heard that the housing was getting better. News reports are saying existing home sales came in "above expectations." Those news reports are talking about resale homes, because new home sales dropped 11 percent to an annual pace of 355,000, lower than estimates from economists. Why the disparity? The increase in existing home sales is due in part to distressed home sales, meaning http://www.crhome.com/2009/12/foreclosure-home-sales-skew-housing.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-3568466658005429339Wed, 23 Dec 2009 18:11:00 +00002009-12-23T10:11:35.873-08:00FHA loans have gained a substantial share of the home purchase and refinance mortgage market because of flexible qualifying guidelines and low down payment options. Conventional home loans have been following more conservative underwriting guidelines, but there appears to be some changes in the works. For example, home loans up to 95% may be available in some areas to purchase a home, because http://www.crhome.com/2009/12/conventional-home-loans-starting-to.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-5120833401906738709Tue, 22 Dec 2009 14:38:00 +00002009-12-22T06:38:02.074-08:00Credit scores obviously have a big impact on mortgage rates and terms. What may be news to some people is that credit card balances can determine up to 30% of your credit score. In order to maintain good credit scores, your outstanding balances on credit cards should be less than 50% of your available credit, and preferably less than 30%. Also, it's a good idea to check your credit before http://www.crhome.com/2009/12/news-for-better-credit-scores-and.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-1199259914879936547Mon, 21 Dec 2009 03:16:00 +00002009-12-20T19:16:07.805-08:00After researching current information on home equity loans and second mortgages, I found mortgage lenders are still offering loans and credit lines up to 90%, and some even 100% of home value. Home equity loan rates are of course higher than conventional mortgage rates, especially for higher loan to values. Many of the home equity lenders are credit unions, which means you would have to qualify http://www.crhome.com/2009/12/home-equity-loans-still-available-even.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-4802117806490543180Thu, 17 Dec 2009 14:44:00 +00002009-12-17T06:44:31.713-08:00Some good news from the Federal Reserve indicating that mortgage rates will remain low. Economic activity is picking up and deterioration in the labor market is abating, the Federal Reserve noted yesterday as it kept mortgage rates low. The Federal Reserve said most of its lending programs would expire as scheduled because of “improvements in the functioning of financial markets.” The http://www.crhome.com/2009/12/fed-news-indicates-low-mortgage-rates.htmlnoreply@blogger.com (CRHOME.com)0tag:blogger.com,1999:blog-5024271502959170338.post-273680021162697585Tue, 15 Dec 2009 05:17:00 +00002009-12-14T21:28:23.733-08:00There's talk in mortgage news circles about an invisible factor that could affect home values. It's not the job market, mortgage rates, or strict lending requirements. It's too much debt, meaning that 25% or more of all homeowners with a mortgage have a balance higher than the current home value, based on a recent government report. These homeowners with "underwater mortgages" may have less http://www.crhome.com/2009/12/underwater-mortgages-affecting-home.htmlnoreply@blogger.com (CRHOME.com)0