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New Measures Intended to Speed Up Loan Modifications

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

The White House is turning up the pressure on lenders to step up the pace on finalizing mortgage loan modifications for at-risk homeowners, among widespread complaints that many banks are dragging their feet.

Should You Walk Away From an Underwater Mortgage?

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

Should you walk away from your mortgage? It’s a question many homeowners as pondering, as falling home values have left as many as one-third of those with mortgages “underwater,” owing more than their property is worth.

New Home Sales Rise Again

By:: Peter King - MortgageLoan.com | November 27, 2009

New home sales rose 6.2 percent in October, for the sixth increase in the past seven months, according to new figures released by the Commerce Department.

Mortage Rates Hit Record Lows - Again

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

Mortgage rates fell to record lows again this week, setting or matching all-time records in two major weekly surveys.

Consider Repayment Schedule When Refinacing a Mortgage

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

Looking to save money on your mortgage by refinancing? While the interest rate is the main thing people focus on, the mortgage term – how long it takes to pay off the loan – is an often-overlooked factor that can provide major savings over either the short- or long-term when refinancing a mortgage.

Home Sales Post Record Monthly Gain

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

Existing home sales posted a record gain in October, surging 10.1 percent to their highest level in nearly three years, according to new figures from the National Association of Realtors.

Guidelines for VA Home Loans

By:: Peter King - MortgageLoan.com | November 24, 2009

A VA loan is one of the best deals going in home mortgages. Not only is it one of the last places you can still get a home loan with no money down, the interest rates are competitive as well and you won’t have to pay for private mortgage insurance.

Study: Counseling Dramatically Reduces Foreclosures

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

Financially stressed homeowners who receive foreclosure counseling are far less likely to lose their homes and obtain better terms on loan modifications than homeowners who do not receive counseling, according to a new report.

Can You Afford to Buy a Home?

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

Thinking of becoming a first-time homebuyer? There are certainly a lot of incentives to do so right now, including low prices and mortgage interest rates, plus that $8,000 federal tax credit. But are you ready to take that step?

Mortgage Rates Hit Record Lows

By:: Peter King - MortgageLoan.com | November 20, 2009

Mortgage rates fell again last week, hitting record lows in some weekly surveys.

OCC Calls for Minimum Mortgage Standards

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

The U.S. Comptroller of Currency is urging that all nations adopt minimum mortgage lending standards to avoid some of the practices that led to the recent financial crisis, including bans in the United States on certain types of mortgages that have gotten borrowers into financial difficulty.

Do You Qualify for the Expanded Homebuyer Tax Credit?

By:: Peter King - MortgageLoan.com | November 19, 2009

With the recent extension and expansion of the homebuyer federal tax credit, both existing homeowners and first-time buyers are now eligible for a credit. So what do you have to do to qualify?

New Home Starts Drop Sharply

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

New housing starts and residential building permits fell unexpectedly in October, dealing a blow to hopes that an improving housing market would help lead the economy out of recession.

Jumbo Loan Freeze is Slowly Thawing Out

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

There’s good news for well-off homebuyers looking to take advantage of current market conditions – jumbo mortgages are coming back.

Mortgage Delinquencies at All-Time High

By:: Peter King - MortgageLoan.com | November 17, 2009

Mortgage delinquency rates hit an all-time high in the third quarter of the year, with 6.25 percent of borrowers at least 60 days past due on their home loans.

First-Time Homebuyers Set Record Share of Purchases

By:: Kara Johnson - MortgageLoan.com | November 16, 2009

A record 47 percent of all home purchases in the past year were first-time homebuyers, according to a new survey of home buyers and sellers by the National Association of Realtors.

Should You Still Consider an ARM?

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

Is an adjustable rate mortgage (ARM) right for you? Although ARMs got a bad reputation during the meltdown of the housing and financial markets, they’re still out there and still make sense for some borrowers. The question is, are you one of them?

FHA Reserve Fund Falls to Fraction of Required Minimum

By:: Kirk Haverkamp - MortgageLoan.com | November 13, 2009

Significant losses on mortgage loans have caused the Federal Housing Administration’s cash reserves to fall well below the minimum required by law, raising concerns that the self-funded agency may require a congressional bailout.

Rules Changing for FHA Streamline Mortgage Refinance

By:: Kirk Haverkamp - MortgageLoan.com | November 12, 2009

What has been one of the easiest and most foolproof ways to refinance a mortgage is about to get a bit tougher. New rules for the FHA Streamline refinance take effect Nov. 17, meaning approval will no longer be practically guaranteed for borrowers with FHA mortgages.

Foreclosure Rates Decline for Third Straight Month

By:: Kirk Haverkamp - MortgageLoan.com | November 12, 2009

Foreclosure filings fell for the third consecutive month in October, but still remained at an elevated level, according to figures released today by RealtyTrac.

Mortgage Rates Fall to Lowest Level Since Spring

By:: Peter King - MortgageLoan.com | November 12, 2009

Mortgage interest rates fell last week to their lowest levels since the astonishingly low levels of last spring, according to two major rate surveys released today.

Delays Reported in Making Trial Loan Modifications Permanent

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

With more than 650,000 trial mortgage loan modifications now under way, the Obama administration’s Making Home Affordable Program (MHA) appears to be gaining momentum after a slow start. But there are new reports that relatively few of those are being converted into permanent status, even after the three month trial period has ended.

Median Home Prices Rise for Second Consecutive Quarter

By:: Kara Johnson - MortgageLoan.com | November 10, 2009

U.S. median sales prices on existing home rose for the second consecutive quarter in the three months ending Sept. 30, according to new figures released today, although prices still remained well below the levels of one year ago.

Can You Get Away With Not Paying a Second Mortgage?

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

Many of the people who are in serious financial difficulty with their home loans have both a first and second mortgage. Faced with foreclosure and perhaps even bankruptcy, some may wonder “what if I just stop paying the second mortgage? What’s the worst they can do?”

Share of "Underwater" Mortgages Declines

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

The percentage of homeowners who are “underwater” shrank in the third quarter of this year, an encouraging sign that the residential real estate market may be stabilizing.

Getting a Mortgage When Self-Employed

By:: Kirk Haverkamp - MortgageLoan.com | November 07, 2009

Getting or refinancing a mortgage when you’re self-employed can be a real challenge these days. With the virtual disappearance of stated income loans, it’s become much more difficult for anyone who doesn’t get a regular paycheck to qualify for a home loan. But it still can be done.

Fannie Mae Announces Rent-to-Stay Foreclosure Relief Program

By:: Kara Johnson - MortgageLoan.com | November 06, 2009

Some homeowners facing foreclosure will be able to remain in their property as renters under a new program announced Thursday by Fannie Mae.

Refinancing Your Mortgage When You're Underwater on Your Loan

By:: Peter King - MortgageLoan.com | November 06, 2009

With the steep drops in home values in recent years, many homeowners who would like to refinance their mortgage to take advantage of the dirt cheap interest rates now available have been unable to do so, because they owe more than their property is worth. But now they have an option.

Senate Approves Homebuyer Tax Credit Extension

By:: Kirk Haverkamp - MortgageLoan.com | November 05, 2009

The U.S. Senate has voted unanimously to extend the $8,000 first-time homebuyer tax credit and extend a credit to existing homeowners as well, virtually guaranteeing that the popular program will continue past the current Nov. 30 deadline.

Approval by the House of Representatives and President Obama is considered certain. The House is expected to vote to approve the measure today and send it to the president for his signature.

What If the Lender Rejects the House You've Chosen?

By:: Kara Johnson - MortgageLoan.com | November 05, 2009

So you’ve found the house of your dreams. The price is right, the buyer accepts your offer and your lender has already prequalified you for a mortgage of that size. So you submit your paperwork, the lender takes it under consideration and then after a few weeks – rejects the sale.

Job Losses Decline for Seventh Straight Month

By:: Kara Johnson - MortgageLoan.com | November 04, 2009

Job losses declined in October for the seventh consecutive month, although actual gains in employment are still probably several months off, according to today’s National Employment Report from payroll giant ADP. Nonfarm private employment decreased by 203,000 in October, according to ADP, the smallest decrease since July 2008. September’s job losses were also revised to 227,000, a 27,000 improvement over the previous estimate of 554,000.

Homeowners Save $3 Billion by Refinancing Mortgages

By:: Peter King - MortgageLoan.com | November 03, 2009

U.S. homeowners who refinanced their mortgages in the first nine months of the year will save a combined $3 billion over the first 12 months of their new loan, government supported lender Freddie Mac is reporting.

Home Sales, Residential Construction Increase

By:: Kara Johnson - MortgageLoan.com | November 02, 2009

Pending home sales and residential construction both posted significant increases in September, according to separate reports released today by the Commerce Department and National Association of Realtors (NAR), signaling that the housing market may be pulling out of its doldrums.

Good Time for A Home Improvement Loan?

By:: Kara Johnson - MortgageLoan.com | November 02, 2009

Thinking about a home improvement project? With carpenters and other skilled trades hungry for work, and mortgage interest rates their lowest in decades, it looks like a great time to tackle a major home renovation. The major problem is, can you get a home equity loan to fund it?