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Recent Mortgage Articles

Posted on September 19   By Peter Andrew
Serial refinancing is becoming something of a trend among savvy homeowners these days -- and with good reason. With interest rates plummeting to record lows earlier in 2012, homeowners who refinanced even a year or two ago are likely paying more each month than they need to. So it's no surprise that serial refinancing is gaining popularity when the alternative is equivalent to shoveling dollar bills into a furnace. Current mortgage rates irresistible In its August 24 article on the subject, The .... Read More...
Posted on August 26   By Michele Lerner
One of the benefits of having an FHA loan is the opportunity to refinance with the FHA Streamline Refinance program. In April 2011, the FHA loosened its guidelines and made it much easier for borrowers with an existing FHA-insured loan to refinance. Then, in 2012, the FHA made refinancing even more attractive for some FHA borrowers by lowering the mortgage insurance rates. Benefits of the FHA Streamline Refinance program: Appraisals are not required. Since you do not need an appraisal, you can .... Read More...
Posted on August 08   By Michele Lerner
Q: I'm trying to compare an FHA loan with a conventional loan for a home purchase. I have 5 percent for a down payment, so either way I'll have to pay mortgage insurance. My question is: Which mortgage insurance is easier to get rid of faster, FHA mortgage insurance or private mortgage insurance? There are many ways to compare an FHA loan and a conventional mortgage, including the interest rates, fees and down payment requirements. You are smart to look into the mortgage insurance angle, because.... Read More...
Posted on June 29   By Michele Lerner
Question: I currently have a mortgage balance of $207,000 with a conventional loan. My house is valued at about $225,000. I was unemployed for about six months last year so I had to run up some credit card balances and my credit score dropped to about 670. Is there a chance I can qualify for refinancing? Answer:  As you are obviously aware, mortgage lenders have pretty strict guidelines for loan qualifications. On a refinance, a lender will look at your home equity, credit history, job history, .... Read More...
Posted on February 26   By MLP Blog
  WASHINGTON — Fannie Mae and Freddie Mac have made progress toward correcting financial weaknesses, but tight government supervision is needed as the mortgage giants emerge from accounting scandals, a federal regulator said Thursday. James B. Lockhart, director of the Office of Federal Housing Enterprise Oversight, also disclosed that Fannie Mae, which just last month announced a restatement of $6.3 billion in profit for 2001 through mid-2004, had a loss in the third quarter of 2006. He d.... Read More...
Posted on February 26   By MLP Blog
The Oregon Department of Consumer and Business Services on Thursday announced changes to its regulations of the mortgage lending industry. The state agency said the changes - which include adopting new rules and guidelines and increasing education and enforcement efforts - are in response to consumer and industry concerns. The agency's Division of Finance and Corporate Securities adopted new rules, effective Thursday, that implement more stringent education requirements for mortgage professional.... Read More...
Posted on February 21  
WASHINGTON – Is a blowout taking shape in the impaired-credit mortgage market? Could lax underwriting standards during the housing boom years — no verification of applicants' incomes or assets, low or no down payments, and big mortgages to people already saddled with heavy consumer debts — finally be coming home to roost? The omens are unmistakable. Delinquencies in the $1.3 trillion impaired-credit mortgage market hit 12.6 percent in the latest quarter, up from 11.7 percent. D.... Read More...
Posted on February 21   By MLP Blog
There's a grim new twist to the wave of foreclosures ripping through Boston's poorest neighborhoods. It's called the "rescue scam." Hundreds of home and condo owners in Dorchester, Roxbury, Mattapan and Hyde Park are faced with losing their homes to foreclosure after signing on with high-interest-rate lenders. Now, a cottage industry of shady small-time speculators has sprung up to target these struggling homeowners, neighborhood activists report. One popular tactic: persuading a beleaguered hom.... Read More...
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