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The Actual Cost of Getting a Mortgage

By:: Peter King - MortgageLoan.com | September 30, 2009

What will your mortgage or refinance actually cost you? Many borrowers focus only on the interest rate, because that's the main thing that determines what you're going to pay. Unfortunately, they too often ignore a wide range of other factors that will affect what the overall cost of your mortgage will be.

Gross Domestic Product Revised Slightly Upward

By:: Kirk Haverkamp - MortgageLoan.com | September 30, 2009

The U.S. gross domestic product shrunk at an annual rate of 0.7 percent in the second quarter of the year, far slower than in the preceding quarter and less than previous estimates had predicted.

Home Prices Up, But Consumers Pessimistic

By:: Kara Johnson - MortgageLoan.com | September 29, 2009

U.S. home prices rose for the third straight month in July, according to a leading index, but the good news comes against a background of more recent data showing continued trouble for the economy.

Myths and Misconceptions About Credit Scores

By:: Kirk Haverkamp - MortgageLoan.com | September 28, 2009

If you're planning to apply for a mortgage, either to purchase a home or refinance your existing home loan, you're probably concerned about your credit score. While a good credit score is important, a lot of people worry about it needlessly. That's partly because they don't understand how credit scores work - and there's a lot of bad information out there about what does and does not affect your score.

State Mortgage Agences May Get $35 Billion Assistance

By:: Kara Johnson - MortgageLoan.com | September 28, 2009

The U.S. Treasury will provide up to $35 billion over the next three years to state housing agencies to support low- and moderate income mortgages, according to new reports.

Advice for First-Time Homebuyers

By:: Peter King - MortgageLoan.com | September 26, 2009

Thinking about buying your first home? There's a lot of good reasons to do so right now - bargain prices, low mortgage interest rates and that $8,000 first-time homebuyer tax credit. But for the first-time homebuyer, it can be intimidating.

New Home Sales Up; Existing Home Sales Down

By:: Kirk Haverkamp - MortgageLoan.com | September 25, 2009

Sales of newly constructed single-family homes rose for the fifth month in a row in August, according to figures released today by the U.S. Census Bureau and Department of Housing and Urban Development (HUD).

Fed to Ease Out of Efforts to Keep Rates Low

By:: Kirk Haverkamp - MortgageLoan.com | September 24, 2009

Seeking to avoid a big jump in interest rates, the Federal Reserve has voted to stretch out its program to buy mortgage-backed securities and other debt to ease the impact on credit markets.

Tighter Rules for FHA Streamline Refinance

By:: Kirk Haverkamp - MortgageLoan.com | September 24, 2009

Thinking about refinancing an FHA loan, using that oh-so-easy FHA Streamline Refinance? Better act fast.

As of Jan. 1, the FHA is making some major changes to the highly popular Streamline Refinance and may of them won't be in the borrower's favor. In fact, they'll make qualifying for the loan significantly more difficult.

Mortgage Rates Back Below 5 Percent

By:: Kara Johnson - MortgageLoan.com | September 23, 2009

Interest rates on 30-year mortgages fell below the 5 percent barrier last week for the first time since May, prompting a surge in homeowners seeking to refinance their mortgages, according to the weekly rate survey from the Mortgage Bankers Association.

125 Percent Refinance May Present Challenges

By:: Peter King - MortgageLoan.com | September 23, 2009

For homeowners who are "underwater" on their mortgages, the 125 percent refinance option offered under the administration's Making Home Affordable Program may seem like a dream come true. But making that dream a reality could turn out to be a challenge.

FHFA Reports Slight Gain in Home Prices

By:: Peter King - MortgageLoan.com | September 22, 2009

U.S. housing prices rose 0.3 percent in July, somewhat weaker than analysts had expected, according to figures released today by the Federal Housing Finance Agency (FHFA).

Investing in a fixer-upper

By:: Peter King - MortgageLoan.com | September 21, 2009

The current housing market offers some great opportunities for those interested in buying a fixer-upper. The combination of low housing prices and mortgage rates, plus depressed demand for skilled labor and building materials, makes it an attractive time for buying a fixer-upper if you have the time, money and inclination to take one on.

FHA to Tigthen Credit, Appraisal Rules

By:: Kara Johnson - MortgageLoan.com | September 21, 2009

The Federal Housing Administration has announced that it will require higher credit scores and tighten credit requirements in general for both lenders and borrowers, effective January 1.

It's about to get more difficult to obtain an FHA home mortgage. Just how much isn't yet clear.

Secondary Mortgage vs.Home Equity Line of Credit

By:: Kirk Haverkamp - MortgageLoan.com | September 19, 2009

What's the difference between a second mortgage and a home equity line of credit (HELOC)? Both offer ways to tap into, or borrow against, the equity in your home. But there are some significant differences.

15-Year Mortgage Interest Rates Hit Record Low

By:: Kirk Haverkamp - MortgageLoan.com | September 18, 2009

Fifteen-year mortgage rates hit their lowest level in at least 18 years last week, dropping to an average 4.47 percent and 0.6 points, megalender Freddie Mac announced Thursday.

10 Mistakes to Avoid When Refinancing a Mortgage

By:: Kara Johnson - MortgageLoan.com | September 17, 2009

With mortgage interest rates as low as they are right now, homeowners can save a lot of money by refinancing their home loan. But it's not as simple as finding a good interest rate and jumping on it - there's a lot more to it than that.

Housing Starts Up Again

By:: Kara Johnson - MortgageLoan.com | September 17, 2009

New housing construction starts rose modestly in August, continuing a generally upward trend since last spring and providing further hope that the housing market and economy are stabilizing after the worst economic downturn since the Great Depression.

Should You Tap Your Roth IRA for a Down Payment On a Mortgage?

By:: Kirk Haverkamp - MortgageLoan.com | September 16, 2009

Coming up with the down payment for a mortgage can be the single biggest obstacle to home ownership for many aspiring homeowners. For some, tapping into their Roth IRA can provide the necessary funds. The question is, do you really want to break that particular piggy bank?

Bernanke Says Recession Is Probably Over

By:: Kirk Haverkamp - MortgageLoan.com | September 16, 2009

The recession is probably over, at least from a technical standpoint, Federal Reserve Chairman Ben Bernanke said Tuesday, although the economy will likely continue to struggle for another year or more.

Retail Sales Rallied in August

By:: Kara Johnson - MortgageLoan.com | September 15, 2009

U.S. retail sales rose 2.7 percent in July, driven largely by automotive sales but reflecting gains in general merchandise and food service sales as well, the Commerce Department announced today.

Scouting Out Neighborhoods Before a Home Purchase

By:: Kara Johnson - MortgageLoan.com | September 14, 2009

So you're found the perfect house. Right price, right size, no looming maintenance problems. But before you take out a mortgage and sign on the dotted line, there's one more thing you need to be sure of: is it in the perfect neighborhood?

IC Urges Mortgage Help for Jobless

By:: Kirk Haverkamp - MortgageLoan.com | September 14, 2009

In an effort to help homeowners avoid foreclosure, the Federal Deposit Insurance Corp. (FDIC) is urging its partner banks to temporarily reduce mortgage payments for borrowers who have become unemployed or underemployed.

Cramdown Legislation Could Be Revived to Ease Foreclosures

By:: Kirk Haverkamp - MortgageLoan.com | September 11, 2009

U.S. Rep. Barney Frank (D-Mass.) and other leading Democrats have indicated that they may try again to pass "cramdown" legislation giving bankruptcy judges authority to modify mortgages if lenders don't do a better job of assisting at-risk homeowners.

Case-Shiller: Home Prices Rising

By:: Peter King - MortgageLoan.com | September 11, 2009

U.S. home prices rose for the fourth consecutive month in August, according to the monthly Standard & Poors/Case Shiller Index, although rising unemployment and the pending expiration of the first-time homebuyer's tax credit raise doubts about whether the trend can be sustained.

What Does It Cost to Refinance A Mortgage?

By:: Kirk Haverkamp - MortgageLoan.com | September 11, 2009

With interest rates remaining near historic lows, homeowners have been rushing to refinance their mortgages and save money. But a low interest rate is only part of the picture - there's also the question of the fees that must be paid. So what should you expect to pay to refinance your mortgage?

Foreclosures ease; loan modifications still lag

By:: Peter King - MortgageLoan.com | September 10, 2009

Foreclosure filings dropped slightly in August, but still remained near record levels, according to figures released this morning by the foreclosure tracking firm RealtyTrac.

Should You Refinance Your Mortgage as a Debt Consolidation Loan?

By:: Kirk Haverkamp - MortgageLoan.com | September 10, 2009

Thinking about a debt consolidation loan? For someone with a lot of credit card debt and other obligation, rolling all those bills into one monthly payment can seem like an attractive option, particularly when you can get a lower interest rate in the bargain. But there are downsides

Small Down Payment Boosts Popularity of FHA Mortgage

By:: Kara Johnson - MortgageLoan.com | September 09, 2009

Wishing you could buy a home but lack the money for a down payment? Or does bad credit prevent you from qualifying for a mortgage in the current tight lending environment? An FHA mortgage could be just the ticket for you.

Mortgage Rates Approach 5 Percent Mark

By:: Peter King - MortgageLoan.com | September 09, 2009

Applications for new mortgages jumped sharply last week, as 30-year fixed interest rates dropped toward the magic 5 percent level, according to the weekly survey by the Mortgage Bankers Association.

Home Prices Drop Slightly in July

By:: Kara Johnson - MortgageLoan.com | September 08, 2009

U.S. housing prices fell slightly in July, reversing four months of modest gains, according to the latest IAS360 survey of major housing markets.

Cash-Out Refnancing Still an Option for Some

By:: Kirk Haverkamp - MortgageLoan.com | September 08, 2009

Need money? Got equity in your home? A cash-out refinancing might be the right solution for you - and yes, it's still possible despite the collapse of housing values and credit markets.

IRS May Take Closer Look at Mortgage Interest to Catch Tax Dodgers

By:: Kirk Haverkamp - MortgageLoan.com | September 04, 2009

The IRS will likely start taking a closer look at mortgage interest deductions and payments in an effort to identify tax cheats who are underreporting their income or not filing at all.

Can You Save Money With a Bi-Weekly Mortgage?

By:: Kirk Haverkamp - MortgageLoan.com | September 04, 2009

A bi-weekly mortgage is often touted as a fairly painless way for a homeowner to pay off their mortgage faster and save tens of thousands of dollars in the process. But is it really such a good idea?

Mortgage Rates, Applications Both Fall

By:: Peter King - MortgageLoan.com | September 02, 2009

Mortgage rates fell last week, but the decrease failed to spur homeowners and potential home buyers into additional mortgage refinances and home purchases, according to figures released today by the Mortgage Bankers Association.

How Much of a Home Mortgage Can You Afford?

By:: Kirk Haverkamp - MortgageLoan.com | September 02, 2009

It seems that anyone who's still lucky enough to have a job can afford to buy a house these days. Thanks to low mortgage interest rates and housing prices, housing affordability is at an all-time high, according to the National Association of Realtors (NAR). The question is, what is affordable?

Pending Home Sales, Other Economic Indicators Gain

By:: Peter King - MortgageLoan.com | September 01, 2009

Pending home sales rose in July for the sixth consecutive month, the longest streak of monthly increases since the National Association of Realtors (NAR) began tracking the data in 2001, one of several reports today offering positive economic news.

Home Prices May Not Always Follow Housing Supply

By:: Kirk Haverkamp - MortgageLoan.com | September 01, 2009

Buying a home, unlike most purchases Americans make, involves negotiation. And to negotiate successfully, you have to know what's on the market.But prices may not always follow the classic rules of supply and demand.