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Tag: ‘refinancing’

Lower “Jumbo” Loan Limits Coming Soon

Posted Jul 17 2011 by in Credit Related, Financing, Mortgage and Loans, News, Recent Changes with 0 Comments

People buying homes in the country’s most expensive housing markets likely will face pricier mortgages starting in the fall.That’s when the current conforming mortgage limits are scheduled to expire, with limits for the most expensive markets falling to $625,500 from $729,750 in the contiguous U.S. On Friday, however, two lawmakers introduced a bill in the …

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Mortgage rates near levels not seen since the 1950s

Posted Jun 14 2011 by in Buying, Financing, Mortgage and Loans, Recent Changes with 0 Comments

Three decades ago, Michael and Marlene Tallant would have loved to have mortgage interest rates that are available now — below 5 percent. Instead, when they purchased their first home in Dormont for $70,000, they had to work with a rate of about 16 percent. “We had a figure that we could afford, and since …

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New Lending Guidelines Effective June 1, 2011 (or sooner)

Posted Mar 19 2011 by in Credit Related, Financing, Mortgage and Loans, Recent Changes with 0 Comments

Fannie Mae has implemented a new policy that is very important. Since most lenders use FNMA’s guidelines this is an important change to be aware of. As of June 1, lenders are responsible for certifying the borrower’s monthly obligations have not increased from the time of the initial credit report through the closing date. This …

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Suze Orman Vs. Warren Buffett: Whose Real Estate Advice Should You Follow?

Posted Mar 17 2011 by in Buying, Consumer Behavior, Financing, Market Update with 0 Comments

You know Suze Orman – she delivers hardcore financial gut checks to everyday Americans on a regular basis. In her latest book, The Money Class, she also recently delivered a pretty striking declaration: that the American Dream – which, for many, includes home ownership and upward economic mobility – is as dead as a doornail. …

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Mortgage Purchase Activity at Highest of Year

Posted Mar 9 2011 by in Credit Related, Financing, Market Update, Mortgage and Loans with 0 Comments

Mortgage applications for purchases rose to their highest level of the year last week, the Mortgage Bankers Association reports. Purchase applications for mortgages increased 12.5 percent from one week earlier, and on an unadjusted basis, purchase application activity is the highest since last May.“ An improving job market is beginning to pave the way for …

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FHA to increase mortgage insurance premiums a quarter of a point in 60 days

Posted Feb 15 2011 by in Financing, Mortgage and Loans with 0 Comments

The Federal Housing Administration is increasing its annual mortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed by the agency. The hike is in response to a congressional mandate that gave the FHA permission to increase premiums and keep its insurance fund liquid. The higher premiums also were outlined …

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