Mortgage
Aug
A Simple Explanation of the Federal Reserve Statement: August 10, 2010 Edition
Brought to you by: www.thedailymortgagegazette.com Today, in its first meeting in 6 weeks, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged. The Fed Fund Rate remains at a historical low, within a prescribed target range of 0.000-0.250 percent. In its press release, the FOMC said that, since June, the [...]
Aug
What does it mean to Escrow Taxes and Insurance?
Brought to you by: www.thedailymortgagegazette.com The fiscal responsibility of a homeowner — in Modesto and everywhere else — extends beyond the mortgage’s basic principal and interest repayments. Homeowners are also responsible for the real estate taxes on the home and its insurance premiums, too. Failure to pay taxes can lead to foreclosure, and failure to [...]
Jul
Yes, you can still get a mortgage loan if you’re pregnant
Brought to you by: www.thedailymortgagegazette.com The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant“, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing. NBC’s The Today Show picked up the story as well, as shown [...]
Jul
What’s ahead for mortgage rates this week: July 19, 2010
Brought to you by: www.thedailymortgagegazette.com Mortgage markets improved for the 5th straight week last week as consumer confidence waned and inflation data tamed. Investors ignored the news that 19 of 23 reporting S&P 500 companies beat their respective earnings estimates and sold off on stocks. There’s concern about a potential economic slowdown for the months [...]
Jul
Mandatory Loan Fees can keep Borrowers from getting their absolute Lowest Rate
Brought to you by: www.thedailymortgagegazette.com Conforming mortgage rates may be posting all-time lows this week, but that doesn’t mean you’ll be eligible for them. You may have already called your loan officer and found this out the hard way. It’s because of a federally-mandated mortgage-pricing scheme known as “loan-level pricing adjustments”. In effect since April [...]
Jul
Should you refinance your ARM, or let it adjust lower?
Brought to you by: www.thedailymortgagegazette.com If your adjustable rate mortgage is due to adjust this year, don’t go rushing to replace it just yet. Your soon-to-adjust mortgage rate may actually go lower. It’s related to the math behind the ARM. Conventional, adjustable-rate mortgages share a common life cycle: There’s a “starter period” in which the [...]
Jul
Household finances: Which bills should I pay first?
Brought to you by: www.thedailymortgagegazette.com Morning television can be “light”, but as far as personal finance interviews go, this Suze Orman segment from The Today Show is loaded with practical financial planning advice. Titled “What Should You Do First?”, Ms. Orman addressed the real-life, money management conundrums households face, such as: Should I pay off [...]
Jul
June’s Jobs Report wasn’t as bad as the Headlines (and how you can take advantage)
Brought to you by: www.thedailymortgagegazette.com In June, for the first time since December 2009, the U.S. workforce shrank. According to the Bureau of Labor Statistics, the economy shed 125,000 jobs last month even as the Unemployment Rate dropped to 9.5 percent. The drop in the Unemployment Rate is being attributed to fewer Americans looking for [...]
Jul
What happens if Fannie Mae and Freddie Mac no longer exist?
Brought to you by: www.thedailymortgagegazette.com Real Estate Agents, keep your eye on this evolving conversation. Many believe that Fannie Mae and Freddie Mac are not long for this world in their current incarnation. There are 3 most likely scenarios being tossed around: 1. Privatizing, basically selling both Fannie Mae and Freddie Mac. 2. Privatizing them [...]
Jul
Is ‘Owning A Home’ An American Entiltlement or The American Dream?
Brought to you by: www.thedailymortgagegazette.com Is the American Dream…..still….’to own a home’? How long lasting will the negative memories of this housing crash last? Check out this CNBC video that does a great job of explaining the history (mostly political) of the idea that owning a home is part of ‘The American Dream’