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Articles tagged with: Mortgage Bankers

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[1 Jan 2012 | One Comment | 3,254 views]
Buyers willing, sellers hesitant

A few years ago, a friend of mine told me he was reluctant to buy a home because the housing market was bad.
He was worried about overpaying for a house – one that might decline in value to the point where he couldn’t resell it and come out ahead on the deal. My response to him was clear – had he rather wait until prices and interest rates were on the rise or get something when there was downward pressure on prices and rates were low?
He eventually decided to purchase …

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[10 Dec 2011 | 2 Comments | 7,799 views]
HARP 2 launches, Better Business Bureau warns of scams

It seems whenever a new government program is launched with the goal of helping consumers, scammers show up and start working to rip off people who are looking for financial relief.
For awhile, we had to endure a bunch of Internet chatter from scam artists promising to tap into stimulus money from the government and offer “personal bailouts” to consumers (for a fee, of course). We’ve seen bogus credit counseling schemes, mortgage refinancing scams and, well, just a number of things floated out there people wanting to take consumers’ hard earned …

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[12 Nov 2011 | 4 Comments | 5,666 views]
Commercial real estate on the rise

Here’s something that may or may not surprise some people – the demand for new commercial and multifamily units almost doubled in the third quarter.
According to the national Mortgage Bankers Association, commercial and multifamily residential loan applications were 98 percent higher in the third quarter this year compared to the same time last year. That increase was driven by gains throughout virtually all commercial real estate categories – a 406 percent increase in loans for hotel properties, a 164 percent increase in loans for retail properties, a 103 percent increase …

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[29 Oct 2011 | 4 Comments | 6,439 views]
HARP program extended in hopes of reaching more home owners

On. Oct. 24, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac announced changes to the Home Affordable Refinance Program (HARP) designed to reach more borrowers in trouble with their mortgages.
HARP is over two-years-old now and hasn’t been the lifesaver people hoped. According to Fannie Mae and Freddie Mac, the government sponsored enterprises have modified mortgages for about 9 million Americans over the past couple of years and around 10 percent – less than 1 million – people have gotten more affordable loans through HARP.
Apparently, the solution to the …

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[22 Oct 2011 | No Comment | 1,956 views]
Will 2013 be the year?

Economists have been making predictions for the past few years about when the United States might realistically see an economic recovery.
Those who follow projections for long enough can, fortunately, pick up on bits and pieces of data that – taken together – start to paint a realistic picture. Back in July, Federal Reserve Bank of St. Louis President James Bullard talked about a concept he called the “bubble economy.”
Bullard said, in essence, there are two economies to track – the fundamental economy which grows at 1.75 percent of our gross …

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[18 Oct 2011 | No Comment | 1,973 views]
Mortgage Bankers announce new phlianthropic venture

The national Mortgage Bankers Association – at its annual convention in early October in Chicago – announced it was rolling out a program to eventually help families struggling with making their house payments.
The model for the new initiative is Spare Key, a Minnesota-based charity that was started in 1997 to award mortgage grants to families with critically ill children. The idea, of course, is to cover the mortgages for those families for a time so they families can take off from work and do whatever else is necessary to spend …

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[10 Oct 2011 | One Comment | 2,707 views]
Yeah, but what about jobs?

For the past couple of years, we’ve heard about a housing market recovery, government programs designed to encourage a recovery, federal plans to help people avoid foreclosure, etc.
It’s worth mentioning, however, that low interest rates and dropping prices are great but falling unemployment rates would be even better. The truth of the matter is that people tend to not buy major things like houses if they’re not working. People without jobs tend to fall behind on their mortgages, too.
A lot of the economic news we’re inundated with tends to overlook …

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[11 Sep 2011 | 2 Comments | 4,221 views]
What is private mortgage insurance?

A lot of factors go into calculating a mortgage payment, but one over which a homebuyer has a lot of control is the amount paid toward private mortgage insurance (PMI).
What, exactly, is PMI?
Simply put, it is insurance which helps protect the lender should the buyer go into default. The idea is that money raised through PMI premiums will cover the lender’s losses should the institution have to take back a home and sell it.
Buyers can’t do a lot about how much they pay on interest and principal every month or, …

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[9 Sep 2011 | 2 Comments | 2,525 views]
What low interest rates really mean

We’ve heard it for the past couple of years – interest rates are near record lows, so you can save a pile of money if you buy a home now.
That sounds good, of course, but what does that actually mean to the average consumer? Let’s demonstrate how, exactly, those low interest rates can benefit home buyers. We’ll start with a mortgage for $150,000 and compare some interest rates.
Just a few years ago, an interest rate of 6.25 percent was considered quite low. That $150,000 mortgage – back then – would …

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[2 Jul 2011 | One Comment | 2,437 views]
Foreclosure counseling — it’s the law

The Columbus Dispatch in Ohio had a fascinating article in late June about home owners not responding to offers of pre-foreclosure counseling from lenders.
It seems that trend is common throughout the nation – banks will attempt to reach home owners and work out ways to keep their loans current prior to starting foreclosure actions and quite often don’t get a response. Both JP Morgan Chase & Co. and Wells Fargo have reported that getting in touch with home owners who are in default and visiting with them about counseling has …