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David Coster - MortgageLoan.com | June 17, 2010
Mortgage Rates Impacted by Data, June 17, 2010
Mortgage Rate Trend Direction Down
Economic Reports/Rate Impact CPI, 8:30 AM ET, High Rate Impact
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Peter King - MortgageLoan.com | June 16, 2010
New legislation intended to shore up FHA finances could end up making the agency’s home mortgages a lot less attractive to the people they’re supposed to help.
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Kirk Haverkamp - MortgageLoan.com | June 16, 2010
Government-supported lenders Fannie Mae and Freddie Mac have been directed to withdraw their stock from listing on the New York Stock Exchange (NYSE), after continued weak performance of their common stock.
The order came from the Federal Housing Finance Agency, which has been the two lender’s parent agency since they were placed in conservatorship in September 2008.
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Kara Johnson - MortgageLoan.com | June 16, 2010
Housing construction starts fell 10 percent in May, including a 17.2 percent drop in single-family homes, as buyer interest waned following the end of the federal homebuyer tax credit.
According to the Commerce Department’s monthly new residential construction report, released this morning, construction starts on single-family homes in May were at an annual rate of 468,000, down from an adjusted rate of 568,000 in April.
At the same time, construction starts on buildings of five units or more, includin
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David Coster - MortgageLoan.com | June 16, 2010
Mortgage Rate Trend Direction Down
Economic Reports/Rate Impact Housing Starts, 8:30 AM ET, Moderate Rate Impact
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David Coster - MortgageLoan.com | June 15, 2010
Mortgage Rates Steady to Better, June 15, 2010
Mortgage Rate Trend Direction Neutral/Down
Economic Reports/Rate Impact Import Prices, 8:30 AM ET, Low Rate Impact
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David Coster - MortgageLoan.com | June 15, 2010
Mortgage Rate Re-Pricing Alert 12:45 PM ET, June 15, 2010
Lenders may increase mortgage rates from their initial morning pricing as bond prices have declined. Today continues to be extremely volatile in the bond markets. The rise in stocks has taken over as the primary driver of bond prices downward. Mortgage-backed securities which are bonds backed by pools of mortgages have lost their popularity at midday resulting in potential mortgage rate re-pricing.
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Kirk Haverkamp - MortgageLoan.com | June 15, 2010
Although the housing market is likely to remain weak for some time, pent-up demographic factors will likely spur a return to former rates of growth within the next few years, according to a new study released today.
The United States will likely add another 12.5 million to 15 million households this decade, equaling or exceeding the housing boom years of 1995-2005 and boosting home sales and new construction. That’s according to the new report released this morning by Harvard University’s Joint Center for Housing Studies.
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David Coster - MortgageLoan.com | June 14, 2010
Mortgage Rate Re-Pricing Alert 3:15 PM ET, June 14, 2010
Lenders may lower mortgage rates from their initial morning pricing as bond prices are sharply improved from this morning. Today has been extremely volatile in the bond markets.
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David Coster - MortgageLoan.com | June 14, 2010
Mortgage Rates Start Week at Record Lows, June 14, 2010
Mortgage Rate Trend Direction Up
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Kirk Haverkamp - MortgageLoan.com | June 14, 2010
Was the subprime mortgage crises caused by poor math skills?
A recent study suggests that borrowers who do poorly on a basic math test are more likely to miss mortgage payments and eventually fall into foreclosure. Persons who performed poorly on the test were about four times as likely to go into foreclosure as those who performed best.
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Peter King - MortgageLoan.com | June 11, 2010
Legislation to extend the closing date to Sept. 30, 2010 for home purchases to qualify for the homebuyer tax credits has been introduced in the U.S. Senate.
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Kirk Haverkamp - MortgageLoan.com | June 11, 2010
It looks like FHA mortgages are about to become more costly, now that the U.S. House of Representatives has approved a bill authorizing an increase in the annual premium paid by borrowers.
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David Coster - MortgageLoan.com | June 11, 2010
Mortgage Rates End Week Lower Despite Higher Rate Expectations June 11, 2010
Mr. Toad’s Wild Ride
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David Coster - MortgageLoan.com | June 11, 2010
Mortgage Rates Continue Volatility, June 11, 2010
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David Coster - MortgageLoan.com | June 11, 2010
Mortgage Rate Re-Pricing Alert 12:30 AM ET, June 11, 2010
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Peter King - MortgageLoan.com | June 10, 2010
Overall foreclosure activity fell in May, even as the number of homes actually repossessed by lenders hit an all-time high that month, according to today’s monthly report from RealtyTrac.
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Kirk Haverkamp - MortgageLoan.com | June 10, 2010
Mortgage rates fell to within a whisker of all-time lows across the board this past week, according to new figures this morning from Freddie Mac.
Both the 15-year fixed rate mortgage and one-year adjustable rate mortgage (ARM) fell to all-time lows, while only a single basis point – one hundredth of a percent – separated the 30-year fixed rate mortgage and 5-year ARM from matching their all-time lows in the Freddie Mac survey.
The average 30-year fixed rate mortgage was at 4.72 percent for the week ending today, wit
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David Coster - MortgageLoan.com | June 10, 2010
Mortgage Rates Reach New Lows, More Records Ahead?, June 10, 2010
Mortgage Rate Trend Direction Up
Economic Reports/Rate Impact Jobless Claims, 8:30 AM ET, Moderate Rate Impact
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David Coster - MortgageLoan.com | June 10, 2010
Mortgage Rate Re-Pricing Alert 2:00 PM ET, June 10, 2010
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Kirk Haverkamp - MortgageLoan.com | June 10, 2010
The biggest date on the mortgage calendar right now is June 30. That’s the deadline for closing a home sale to qualify for the federal homebuyer tax credits. Miss it, and homebuyers are out up to $8,000 they could have taken right off the top of their 2010 tax bill.
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Kara Johnson - MortgageLoan.com | June 09, 2010
Applications to refinance existing mortgages took a big drop last week, even as long-term mortgage rates declined slightly, according to figures released today by the Mortgage Bankers Association (MBA).
The seasonally adjusted MBA Refinance Index dropped 14.3 percent from the previous week, part of a 12.2 percent decline in overall mortgage applications.
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David Coster - MortgageLoan.com | June 09, 2010
Mortgage Rate Re-Pricing Alert 2:00 PM ET, June 9, 2010
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David Coster - MortgageLoan.com | June 09, 2010
Mortgage Rates Historically Low, But Can it Last?, June 9, 2010
Mortgage Rate Trend Direction Neutral/Up
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David Coster - MortgageLoan.com | June 08, 2010
Mortgage Rates Try to Hold Record Lows, June 8, 2010
Mortgage Rate Trend Direction Neutral/Up
Economic Reports/Rate Impact No Reports released today
Key News European Currency and Debt status
Summary
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Kirk Haverkamp - MortgageLoan.com | June 08, 2010
U.S. housing prices rose for the second consecutive month, according to real estate data firm Integrated Asset Services (IAS), posting a 0.9 percent gain in the month of April.
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David Coster - MortgageLoan.com | June 07, 2010
Mortgage Rate Trend Direction Neutral/Down
Economic Reports/Rate Impact No Reports released today
Key News Decline in value of Euro Currency
Summary
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David Coster - MortgageLoan.com | June 07, 2010
Lenders may lower mortgage rates from their initial morning pricing as the stock market is sharply lower in late trading and bond prices are sharply higher. These conditions make favorable rate changes possible at the end of the day. The lack of a stock market rebound earlier in the day after last Friday’s big losses was given by analysts as a reason for the sell-off at the end of the day. Also, the US dollar rose to its highest level in over four years today, demonstrating continued worries about European country debt.
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Kirk Haverkamp - MortgageLoan.com | June 07, 2010
Two subsidiaries of former mortgage lender Countrywide Financial will pay out $108 million to settle an claims that they charged excessive fees to borrowers in default or Chapter 13 bankruptcy, the Federal Trade Commission (FTC) announced today.
According to the FTC, Countrywide charged inflated fees to borrowers who were behind on their mortgage payments for default-related services meant to protect the lender’s interest in the property.
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Kara Johnson - MortgageLoan.com | June 04, 2010
A weaker-than-expected jobs report sent stocks tumbling this morning, despite an improvement in the unemployment rate.
Although bad news for the economy in general, this morning’s news does suggest that mortgage interest rates will remain subdued for at least a while longer.
The Labor Department reported this morning that nonfarm payroll employment grew by 431,000 in May, largely due to 411,000 temporary government workers hired for the 2010 Census.
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Kirk Haverkamp - MortgageLoan.com | June 03, 2010
Bank of America is offering to reduce the principal on certain mortgages where the borrower owes more than the home is worth as part of a program to help homeowners avoid foreclosure, the lender announced today.
The bank said it has begun contacting borrowers with certain types of loans to determine their eligibility for the program, beginning with those who are at least 120 days delinquent on their loans.
The initiative, the National Homeownership Retention Program (NHRP), is being conducted as part of the company’s effo
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Peter King - MortgageLoan.com | June 03, 2010
Mortgage rates held steady this past week, remaining near all-time lows, according to the weekly rate survey from Freddie Mac.
Fixed-rate mortgages were virtually unchanged, with both 30-and 15-year rates moving only a single basis point. In the case of 15-year loans, the average rate declined to 4.20 percent, a new all-time low, with 0.7 points paid.
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Kirk Haverkamp - MortgageLoan.com | June 03, 2010
U.S. home prices are up 6.8 percent from one year ago, while the share of foreclosed properties on the market has dropped significantly, according to figures released today by real estate valuation company Clear Capital.
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Kara Johnson - MortgageLoan.com | June 02, 2010
Signed contracts for home sales rose 6.0 percent in April, as homebuyers sought to take advantage of expiring tax credits before an April 30 deadline, according to figures released today by the National Association of Realtors (NAR).
It was the third consecutive monthly increase reported by the NAR, and slightly stronger than analysts had expected.
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Peter King - MortgageLoan.com | June 01, 2010
Private residential construction rose a seasonally adjusted 4.4 percent in April, as homebuyers moved to take advantage of an expiring federal tax credit.
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Kirk Haverkamp - MortgageLoan.com | May 29, 2010
Why are mortgage interest rates still so low? According to conventional wisdom, interest rates were supposed to begin creeping up in April, right after the Fed quit buying mortgage-backed securities. Instead, they’ve lower than ever.
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Kirk Haverkamp - MortgageLoan.com | May 28, 2010
Consumers held the line on spending in April, putting more into savings even as incomes rose.
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Kara Johnson - MortgageLoan.com | May 27, 2010
Ok, so you’ve done all the work of finding a house, arranging for a mortgage and closing the sale. Now all you have to do is move in. So how do you go about finding a good moving company?
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Kara Johnson - MortgageLoan.com | May 27, 2010
Mortgage rates fell again this past week, hitting record or near-record lows, according to the weekly Freddie Mac survey.
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Peter King - MortgageLoan.com | May 26, 2010
New home sales surged in April to their highest rate in two years, as purchasers took advantage of expiring tax credits for new and repeat homebuyers.
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Kara Johnson - MortgageLoan.com | May 25, 2010
Why do homeowners choose to deliberately default on a mortgage? The common wisdom is that it’s a purely calculated choice, made by carefully weighing the financial pros and cons. But much of that common wisdom is wrong, according to the person who put the spotlight on so-called “strategic defaults” in the first place.
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Kirk Haverkamp - MortgageLoan.com | May 25, 2010
Home prices fell in the first quarter of the year, despite tax incentives and continued low interest rates, suggesting renewed weakness in the housing market, according to figures released today by Standard & Poor’s/Case-Shiller.
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Peter King - MortgageLoan.com | May 24, 2010
Existing home sales rose for the third consecutive month in April, as buyers took advantage of a soon-to-expire tax credit, according to a report out this morning by the National Association of Realtors (NAR).
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Kirk Haverkamp - MortgageLoan.com | May 21, 2010
New borrowers admitted to the government’s Home Affordable Modification Program (HAMP) fell in April to their lowest level since the program began, while the number of homeowners rejected for permanent assistance continued to climb.
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Kirk Haverkamp - MortgageLoan.com | May 20, 2010
More than one borrower in 10 is behind on their mortgage payments, according to a new report, as mortgage delinquencies continue to rise despite signs of an economic recovery.
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Kara Johnson - MortgageLoan.com | May 19, 2010
One of the mistakes that many people make when buying a newly built home is to skip the home inspection. After all, they reason, it’s a brand new house – everything should be perfect. And the city or other local government will inspect it anyway in order to issue a certificate of occupancy.
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Peter King - MortgageLoan.com | May 19, 2010
There’s a lot of talk going around about how borrowers should once again consider adjustable rate mortgages (ARMs). And no wonder –interest rates on ARMs are astonishingly low right now, with many lenders offering initial rates well below 4 percent.
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Peter King - MortgageLoan.com | May 19, 2010
Mortgage applications for home purchases fell to their lowest level in 13 years last week, as home buying activity dried up following the end of a popular tax credit.
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Peter King - MortgageLoan.com | May 18, 2010
An amendment adopted by the U.S. Senate on Monday would give consumers free access to their credit scores – but only in limited situations.
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Kara Johnson - MortgageLoan.com | May 17, 2010
Fixed rate mortgages will rise this year, but not enough to choke off home buying activity by consumers, according to a new forecast out today by Fannie Mae.
The average rate on 30-year fixed rate mortgages should rise by about half a percent, the lender predicts, to around 5.5 percent, by year’s end.
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Kirk Haverkamp - MortgageLoan.com | May 15, 2010
How much time should you spend shopping for a mortgage? How much effort do you need to put in to be sure of getting the best deal?
A recent report by the mortgage data company Zillow made minor waves when it found that one-third of borrowers spent only two hours or less researching their mortgage. That’s the same amount of time the average consumer spends shopping for a TV.
On average, borrowers spent five hours researching mortgages.
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Kirk Haverkamp - MortgageLoan.com | May 14, 2010
Mortgage rates dropped to their lowest levels of 2010 this week, with 5-year adjustable rate mortgages hitting an all-time low, according to the Freddie Mac weekly rate survey.
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Kirk Haverkamp - MortgageLoan.com | May 13, 2010
With foreclosures continuing to rise, a lot of financially stressed homeowners are looking to loan modifications and similar measures to save their homes. But there’s one fairly effective strategy that hasn’t been getting a lot of attention – a reverse mortgage.
Of course, a reverse mortgage can’t help everyone – they’re pretty much limited to homeowners age 62 and above (although there are exceptions).
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Kirk Haverkamp - MortgageLoan.com | May 13, 2010
Foreclosures posted their first annual decline in at least three years in April, providing a hopeful sign that the nation’s housing crisis is bottoming out.
A total of 333,387 homes were subjected to foreclosure filings during the month, according to figures released today by the foreclosure marketing firm RealtyTrac, representing a 2 percent decline from one year ago.
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Peter King - MortgageLoan.com | May 12, 2010
If you buy or refinance a home, you’re going to need title insurance. And if you’re going to get title insurance, you ought to understand what you’re getting.
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Kirk Haverkamp - MortgageLoan.com | May 12, 2010
A majority of U.S. cities are seeing gains in housing prices, even home values nationwide have remained flat, according to new figures from the National Association of Realtors (NAR).
Single-family home values in three out of five U.S. metropolitan areas surveyed were higher in the first quarter of 2010 than they were one year before, according to the NAR, with one in five posting double-digit increases.
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Kara Johnson - MortgageLoan.com | May 11, 2010
Senior real estate executives are beginning to see signs of improvement in the commercial real estate market, according to a new survey by a leading industry group.
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Kara Johnson - MortgageLoan.com | May 10, 2010
Nearly one-quarter of all U.S. mortgages are now underwater, according to figures released today by real estate data company Zillow.
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Kara Johnson - MortgageLoan.com | May 08, 2010
Spring is in the air – for the jumbo mortgage market. With last week’s announcement of the first securities sale backed by jumbo loans in two years, there are encouraging signs that high-value loans are becoming easier to obtain.
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Kara Johnson - MortgageLoan.com | May 07, 2010
An appraisal isn’t something most homeowners worry about. When you buy a home, the lender typically arranges for an appraisal and the buyer pays for it, but otherwise, it’s not something that most homeowner pay a lot of attention to.
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Peter King - MortgageLoan.com | May 07, 2010
U.S. home prices fell 5 percent in the last quarter reported, as foreclosures posted a slight increase in their share of the home sales market, according to new figures from real estate data company Clear Capital.
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Kara Johnson - MortgageLoan.com | May 06, 2010
Mortgage rates fell again this past week, with 30-year fixed rate loans averaging an even 5.0 percent, according to the newest Freddie Mac weekly rate survey.
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Peter King - MortgageLoan.com | May 05, 2010
Applications for home mortgage rose in the final week of April, as borrowers sought to take advantage of the expiring home purchase tax credits for new and repeat home buyers.
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Kara Johnson - MortgageLoan.com | May 04, 2010
Pending home sales rose in March, as the spring homebuying season got underway and buyers sought to take advantage of a soon-to-expire tax credit.
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Kara Johnson - MortgageLoan.com | May 04, 2010
If you’re a first-time homebuyer, there’s a good chance you’ve never heard of the Mortgage Credit Certificate Program. Many aspiring homeowners have not. And that’s too bad, because it can save you some serious money – not just right now, but in the years to come as well.
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Kirk Haverkamp - MortgageLoan.com | May 03, 2010
Consumer spending and personal incomes both rose in March for the sixth consecutive month, raising hopes of a sustained, though weak, economic recovery.
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Peter King - MortgageLoan.com | April 28, 2010
Mortgage fraud is a growing problem. But there are some new tools that can help you avoid becoming a victim or help catch the scammers if you do get burned.
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Peter King - MortgageLoan.com | April 28, 2010
Financially pressed homeowners who voluntarily surrender their homes instead of going through foreclosure could buy a new home in as little as two years under new guidelines set by Fannie Mae.
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Kara Johnson - MortgageLoan.com | April 27, 2010
Home prices have posted their first annual increases in three years, according to two leading surveys released this week, but month-to-month figures are showing signs of weakness in the housing market.
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Peter King - MortgageLoan.com | April 26, 2010
Vacancies for both homeowner and rental housing declined in the first quarter of 2009, according to figures released today by the Census Department.
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Kirk Haverkamp - MortgageLoan.com | April 24, 2010
Choosing a mortgage lender can be one of the most intimidating parts of getting a home loan. A quick check online will show there are literally thousands to choose from. So how do you decide whom to pick?
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Kara Johnson - MortgageLoan.com | April 23, 2010
New home sales posted their biggest monthly increase in half a century in March, bouncing back from an all-time low in February with a whopping 27 percent increase.
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Peter King - MortgageLoan.com | April 22, 2010
Existing home sales posted a strong increase in March, rising a seasonally adjusted 6.8 percent as home buyers moved to take advantage of a soon-to-expire federal tax credit.
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Kirk Haverkamp - MortgageLoan.com | April 22, 2010
There’s renewed interest in reverse mortgages these days, as many lenders have slashed the fees associated with them. But is it enough to make them a good deal for older homeowners looking to tap the equity in their homes?
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Kara Johnson - MortgageLoan.com | April 21, 2010
Mortgage applications surged last week, as borrowers sought to take advantage of a drop in interest rates and qualify for a soon-to-expire homebuyer tax credit.
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Peter King - MortgageLoan.com | April 20, 2010
The Conference Board Leading Economic Index (LEI) rose again in March, reaching an all-time high after a year of steady increases. But consumers still remained pessimistic about the direction of the economy, as the Board’s gauge of consumer expectations fell for the third month in a row.
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Kara Johnson - MortgageLoan.com | April 19, 2010
One part of the homebuying and mortgage process that many people forgo is hiring an attorney to review everything to make sure it’s all in order. But how much of a risk are they taking by doing so?
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Peter King - MortgageLoan.com | April 19, 2010
New home construction starts have risen in each of the first three months of the year, following a small increase in March and revised data that turned a previously reported sharp downturn in February into a small increase.
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Kirk Haverkamp - MortgageLoan.com | April 16, 2010
Mortgage rates cooled off last week, backing down from an abrupt spike that followed the end of a Federal Reserve program that had kept rates low for more than a year.
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Kirk Haverkamp - MortgageLoan.com | April 16, 2010
Mortgage audits are a strategy that’s growing in popularity as a way for financially pressed homeowners to avoid foreclosure. The idea is that, by uncovering legal errors or other problems with the mortgage, a homeowner can gain leverage to renegotiate the loan and perhaps even reduce the amount owed.
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Kara Johnson - MortgageLoan.com | April 15, 2010
Foreclosure actions have risen sharply in the early months of 2010, as lenders appear to be moving toward clearing out a backlog of distressed properties.
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Kara Johnson - MortgageLoan.com | April 15, 2010
A vacation home can be a great investment from both a financial and recreational standpoint. And with tax day at hand, it’s a good time to consider some of the tax implications and benefits of owning a second home, if you’re thinking of taking the plunge in the next year or so.
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Kirk Haverkamp - MortgageLoan.com | April 14, 2010
Did you go through a foreclosure or obtain a loan modification in the past year? Do you expect to do so in the near future? You could wind up with an unexpected and unwelcome tax bill.
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Kara Johnson - MortgageLoan.com | April 14, 2010
Government efforts to stem the foreclosure crisis are struggling, with only a small fraction of at-risk homeowners actually receiving help, according to an official report released today.
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Kirk Haverkamp - MortgageLoan.com | April 13, 2010
Customers of the former Countrywide financial services and mortgage corporation will begin receiving letters today informing them of a proposed settlement regarding an alleged theft of personal and financial information.
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Kara Johnson - MortgageLoan.com | April 12, 2010
Home prices in some major markets may not fully recover for 15 years, although other parts of the country could rebound fairly quickly, according to a new study by Fiserv.
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Peter King - MortgageLoan.com | April 09, 2010
Distressed home sales are rising, reaching 29 percent of all U.S. sales in January, according to the mortgage and real estate data firm First American Core Logic.
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Kara Johnson - MortgageLoan.com | April 09, 2010
Recent college or university graduates are not usually considered prime candidates for home ownership. But for those fortunate few for whom buying a home is a realistic possibility, there are a few programs available that can help you out.
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Kirk Haverkamp - MortgageLoan.com | April 09, 2010
Can you get special assistance or qualify for a low-cost mortgage based on the type of job you have? Does working as a teacher, nurse, police officer, firefighter or other career in public service let you qualify for special mortgage programs not available to other borrowers?
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Kirk Haverkamp - MortgageLoan.com | April 08, 2010
Fixed-rate mortgages jumped to their highest level in eight months this past week, hitting an average of 5.21 percent on 30-year loans in today’s Freddie Mac weekly rate survey.
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Peter King - MortgageLoan.com | April 07, 2010
One of the most confusing parts of the mortgage process can be figuring out all the different kinds of lenders that deal in home loans and refinancing. There are direct lenders, retail lenders, mortgage brokers, portfolio lenders, correspondent lenders, wholesale lenders and others.
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Kirk Haverkamp - MortgageLoan.com | April 07, 2010
The number of households in the United States shrank by 1.2 million from 2005 to 2008, as the recession drove people to give up independent living and move in with relatives and friends.
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Kara Johnson - MortgageLoan.com | April 06, 2010
Nearly two-thirds of Americans still regard home ownership as preferable to renting, despite the sharp downturn in the housing market and widespread foreclosures, according to a new survey by Fannie Mae.
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Peter King - MortgageLoan.com | April 05, 2010
Pending home sales posted a healthy increase in February, reversing three months of weak sales, according to figures released today by the National Association of Realtors (NAR).
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Kara Johnson - MortgageLoan.com | April 02, 2010
Starting today, companies advertising so-called “free” credit reports online must include prominent disclosures ensuring that their products are not confused with the official federally authorized source for free credit information.
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Kirk Haverkamp - MortgageLoan.com | April 02, 2010
If you’re looking to purchase a home or refinance a mortgage, your options are getting a bit slimmer.
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Kara Johnson - MortgageLoan.com | April 01, 2010
Fixed mortgage rates headed higher this past week, with the standard 30-year fixed-rate mortgage rising back above 5 percent for the first time in a month.
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Kirk Haverkamp - MortgageLoan.com | April 01, 2010
Midnight has struck. The low-interest coach is turning back into a pumpkin. Borrowers who did not refinance or purchase a home by stroke of twelve have lost forever their opportunity to get a handsome prince of an interest rate.
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Peter King - MortgageLoan.com | March 31, 2010
Home prices rose in January, according to a leading survey, although not enough to blunt concerns over signs of renewed weakness in the housing market.
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Kara Johnson - MortgageLoan.com | March 30, 2010
The Treasury Department has announced an additional $600 million in aid to help homeowners avoid foreclosure in states that have been hardest hit by the economic downturn.
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Kirk Haverkamp - MortgageLoan.com | March 30, 2010
If you’re thinking about taking out an FHA mortgage to buy or refinance a home, there are some new rules you need to be aware of.
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Peter King - MortgageLoan.com | March 29, 2010
Consumer spending rose in February for the fifth consecutive month, though at a somewhat lower rate than in previous months, the Commerce Department reported today.
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Kirk Haverkamp - MortgageLoan.com | March 27, 2010
Should you pay off your mortgage early? If you’ve come through the recent economic crisis in a position to be able to make additional payments on your home loan, this may sound like an attractive option. It’s a safe, conservative financial strategy that many find appealing after being put through the financial wringer the past few years.
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Kara Johnson - MortgageLoan.com | March 26, 2010
The Obama administration today announced new measures to provide mortgage assistance for unemployed homeowners and encourage lenders to reduce principal on “underwater” mortgages when modifying loans for at-risk borrowers.
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Kara Johnson - MortgageLoan.com | March 26, 2010
Home prices appear to be very attractive right now, after sharp declines following the collapse of the housing bubble. It would seem to be a good time to buy, but what if prices fall still further? Is there a good way to tell if your area is overvalued?
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Kara Johnson - MortgageLoan.com | March 25, 2010
Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.
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Kara Johnson - MortgageLoan.com | March 24, 2010
Sales of new single-family homes fell for the fourth month in a row in February, with the annual rate dropping to an all-time low of 308,000, according to figures released today by the Commerce Department.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 24, 2010
With tax time approaching, the big mortgage-related issue this year is the homebuyer tax credits. But there are also a lot of other mortgage- and real-estate tax matters to be aware of as well.
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By:
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Peter King - MortgageLoan.com | March 23, 2010
Existing home sales stabilized in February, following two months of steep declines.
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By:
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Kara Johnson - MortgageLoan.com | March 22, 2010
JP Morgan Chase has become the third major lender to announce it will modify second-lien mortgages under the Obama Administration’s Home Affordable Modification Program (HAMP).
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By:
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Peter King - MortgageLoan.com | March 20, 2010
Looking for a great deal on a home? Buying through a short sale may soon become a lot faster and easier to do, thanks to a new federal program.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 19, 2010
Wells Fargo has become the second bank to agree to modify second-lien mortgages under the government’s Home Affordable Modification Program (HAMP) providing mortgage relief for at-risk homeowners.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 18, 2010
Mortgage rates remained stable this past week, posting only slight increases despite the approaching end of the Federal Reserve’s purchases of mortgage securities that have served to keep rates low over the past year.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 18, 2010
Shopping for a mortgage can be an intimidating process. If you think you’d like some help, you might consider going through a mortgage broker.
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By:
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Peter King - MortgageLoan.com | March 17, 2010
Nearly 100,000 homeowners obtained private mortgage loan modifications in January, the HOPE NOW alliance has announced.
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By:
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Kara Johnson - MortgageLoan.com | March 17, 2010
With sharp declines in home values leaving millions of homeowners “underwater” on their mortgages, there is a growing clamor that many such borrowers would be better off to simply walk away and let their property go into foreclosure.
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By:
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Peter King - MortgageLoan.com | March 16, 2010
New housing starts fell 5.9 percent in February, as builders cut way back on initiating construction of apartment buildings and condominium developments.
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By:
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Peter King - MortgageLoan.com | March 15, 2010
An additional 54,000 homeowners received permanent loan modifications in February under the government’s Home Affordable Modification Program (HAMP), bringing the total to 170,000.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 13, 2010
Thinking about buying a second home? If you’ve been fortunate enough to come through the economic downturn relatively unscathed, you can get some real bargains on vacation properties these days. But getting a mortgage may be a challenge, even if your own finances are in good order.
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By:
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Kara Johnson - MortgageLoan.com | March 12, 2010
In the current real estate market, lots of potential home buyers are looking to pick up a great deal. But beware – some deals that look great on the outside could have a rotten core.
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By:
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Kara Johnson - MortgageLoan.com | March 12, 2010
Consumer sentiment fell in early March, despite coming on the heels of an unexpected jump in retail spending in February.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 11, 2010
U.S. foreclosure filings fell 2 percent in February, but still remain 6 percent over their rate of one year before, according to new data released today by RealtyTrac.
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By:
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Peter King - MortgageLoan.com | March 11, 2010
Do you want to buy a home but are worried about being able to get a mortgage? Don’t forget to look to your state for help.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 10, 2010
The number of states reporting increased unemployment declined in January, with the majority reporting a net increase in jobs, according to figures released today by the Labor Department.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 09, 2010
A widely disparaged set of new rules affecting home appraisals has actually had relatively little negative effect on real estate appraisers, according to a new study by an appraisal management company (AMC).
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By:
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Peter King - MortgageLoan.com | March 09, 2010
If you’re looking for a mortgage these days, either to buy a home or refinance your current home loan, one option you should definitely consider is a credit union.
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By:
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Kara Johnson - MortgageLoan.com | March 08, 2010
The influential chair of the House Financial Services Committee is ratcheting up the pressure on lenders to write off nearly worthless second liens to clear the way for loan modifications to help homeowners avoid foreclosure.
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By:
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Kara Johnson - MortgageLoan.com | March 05, 2010
If you haven’t refinanced your mortgage by now, you might want to act soon if you want to get the best rates.
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By:
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Kara Johnson - MortgageLoan.com | March 05, 2010
The FDIC is looking at principal writedowns in its loss-share agreements with failed banks as a way to help at-risk homeowners avoid foreclosure, according to FDIC Chair Sheila Blair.
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By:
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Peter King - MortgageLoan.com | March 04, 2010
Pending home sales fell in January, despite expectations of a boost from expanded tax credit, according to new figures from the National Association of Realtors (NAR).
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By:
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Peter King - MortgageLoan.com | March 04, 2010
So you’re taking out a mortgage, but can’t put up a 20 percent down payment. Are there still ways you can avoid paying PMI?
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By:
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Kirk Haverkamp - MortgageLoan.com | March 03, 2010
Jumbo loans are making a comeback.
After practically disappearing during 2009, jumbo mortgages are again being offered by lenders, although cautiously. Even so, that’s good news for upscale home shoppers – and great news for homeowners who already have jumbo loans and are looking to refinance.
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By:
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Kirk Haverkamp - MortgageLoan.com | March 03, 2010
More consumers moved to refinance their mortgages last week as rates once again dipped below the 5 percent mark, according to new information from the Mortgage Banker’s Association.
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By:
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Kara Johnson - MortgageLoan.com | March 02, 2010
The Home Affordable Refinance Program (HARP), originally scheduled to end in June, will be extended at least one more year, the Federal Housing Finance Agency has announced.
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By:
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Peter King - MortgageLoan.com | March 02, 2010
The new Good Faith Estimate (GFE) form is supposed to make it easier for borrowers to shop around for a mortgage by clearly spelling out what a lender will charge in fees and interest. However, you can still end up paying more than you expect if you’re not careful.
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By:
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Peter King - MortgageLoan.com | March 01, 2010
Consumer spending rose by half a percent in January, even as disposable income fell by nearly the same margin, according to new figures released today by the Commerce Department.
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By:
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Kara Johnson - MortgageLoan.com | February 27, 2010
Zero-down payment mortgages have pretty much disappeared these days. But here’s a secret – there’s still a zero-down mortgage that’s readily available to most borrowers. And you don’ have to pay mortgage insurance or high interest rates.
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By:
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Peter King - MortgageLoan.com | February 26, 2010
Of all the strategies out there to avoid foreclosure, here’s one you may not have thought of: renting out your house.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 26, 2010
Existing home sales took another big drop in January, falling 7.2 percent after posting a record decline in December.
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By:
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Kara Johnson - MortgageLoan.com | February 25, 2010
Unemployed homeowners would get reduced mortgage payments for up to nine months to help them stay in their homes, under a new proposal from the Mortgage Bankers Association (MBA).
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By:
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Kara Johnson - MortgageLoan.com | February 25, 2010
The current foreclosure crisis has created some significant opportunities for those who’d like to try investing in foreclosed properties. But with credit as tight as it is, how can you get financing to buy a property to invest in?
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By:
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Kara Johnson - MortgageLoan.com | February 24, 2010
Sales of newly built homes fell to an all-time low in January, a stunning setback for an industry that appeared to be in recovery just three months ago.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 23, 2010
U.S. home prices posted a slight increase in December, continuing a trend of seven months of gains, according to the newly released Standard & Poor’s/Case-Shiller home price index.
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By:
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Peter King - MortgageLoan.com | February 22, 2010
Mortgage delinquencies on all loan types declined in the fourth quarter of 2009, raising hopes that the end of the foreclosure crisis may be in sight.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 20, 2010
A land contract can be an appealing option for a potential homebuyer who might have difficulty qualifying for a mortgage loan. But there are potential risks to be wary of as well.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 19, 2010
The Obama administration has announced a new initiative that will provide $1.5 billion in assistance for homeowners in the nation’s hardest-hit housing markets.
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By:
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Peter King - MortgageLoan.com | February 19, 2010
The Federal Reserve is making a small increase in the rate it charges banks for short-term loans, a long-anticipated first step towards backing off the easy money policy it has pursued over the past year.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 18, 2010
The number of permanent loan modifications approved under the Home Affordable Modification Program (HAMP) nearly doubled in January, after the Obama administration stepped up the pressure on mortgage services to process applications.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 18, 2010
If you’ve got an adjustable rate mortgage (ARM), you may be feeling some pressure to refinance now before your rate resets. However, for some borrowers, waiting may not be such a bad idea.
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By:
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Kara Johnson - MortgageLoan.com | February 17, 2010
Mortgage delinquencies – the percentage of homeowners 60 days or more past due on their home loan payments – hit an all-time high in the fourth quarter of 2009, according to new figures released today by data analysis firm TransUnion.
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By:
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Kara Johnson - MortgageLoan.com | February 16, 2010
Getting a home equity loan can be difficult these days. Is getting a cash advance on a credit card a reasonable and simpler alternative when you need money for a home improvement or other major expense?
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By:
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Kirk Haverkamp - MortgageLoan.com | February 16, 2010
An estimated 5 million homes currently behind on their mortgages will be lost to foreclosure or related measures, according to a recent study by a leading real estate data and analysis firm.
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By:
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Kara Johnson - MortgageLoan.com | February 15, 2010
The U.S. home ownership rate fell to its lowest level in nearly 10 years in the last quarter of 2009, according to figures released by the Census Bureau.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 13, 2010
Qualifying for a mortgage loan or refinance with bad credit is a lot harder than it used to be. Given that widespread defaults on subprime mortgages triggered the financial meltdown of 2008, lenders have become much more cautious about who they’ll extend credit to.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 12, 2010
If you’re looking to refinance your mortgage or buy a home, it’s a great time to consider a 15-year fixed-rate or an ARM for your new loan.
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By:
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Peter King - MortgageLoan.com | February 12, 2010
Existing home sales rose nearly 14 percent in the final quarter of 2009, spurred by low interest rates and a federal tax credit for homebuyers.
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By:
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Peter King - MortgageLoan.com | February 11, 2010
Average interest rates on 30-year mortgages dropped back below 5 percent this week, despite looming concerns over significant increases in the near future.
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By:
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Peter King - MortgageLoan.com | February 11, 2010
U.S. foreclosures fell 10 percent in January, following a sharp jump in December as lenders sought to wrap up actions by year’s end.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 11, 2010
If you’re having trouble meeting you mortgage payments due to reduced income or other financial problems, a loan modification may be your best bet for handling the situation and saving your home.
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By:
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Peter King - MortgageLoan.com | February 10, 2010
Federal Reserve Chair Ben Bernanke has laid out his “exit plan” for winding down the Fed’s economic stimulus efforts, saying he expects the Fed to begin raising interest rates before long.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 09, 2010
Mortgage refinancing in 2010 is expected to total less than half that of 2009, according to newly released forecast by the market research firm iEmergent.
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By:
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Kara Johnson - MortgageLoan.com | February 09, 2010
Here’s something you may not have considered if you’re looking to refinance your mortgage – a cash-in refinance.
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By:
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Peter King - MortgageLoan.com | February 08, 2010
Seeking to protect homeowners from fraudulent mortgage modification schemes, the FTC has proposed a rule that would prohibit charging in advance for foreclosure prevention services.
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By:
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Peter King - MortgageLoan.com | February 05, 2010
Is time running out to get a great deal on a home? To listen to some accounts, you would think so.
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By:
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Peter King - MortgageLoan.com | February 05, 2010
Mortgage rates edged up slightly this past week, rising just above the 5 percent mark for 30-year loans, according to the weekly Freddie Mac market survey.
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By:
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Kara Johnson - MortgageLoan.com | February 04, 2010
Looking to get the best possible interest rate on a home mortgage or mortgage refinance? You might consider an adjustable rate mortgage (ARM). Although ARMs are somewhat out of favor these days, for many borrowers they can still be a sensible, and even the best, choice for their particular circumstances.
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By:
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Kara Johnson - MortgageLoan.com | February 04, 2010
U.S. home prices have posted their first 12-month gain since late 2006, according to figures released today by real estate data company Clear Capital.
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By:
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Kirk Haverkamp - MortgageLoan.com | February 03, 2010
Shopping for a mortgage can be complicated, with lots of different factors such as interest rates, fees, points and loan terms to take into account. Is there a simple way to compare offers from different lenders that cuts through the confusion and shows which is the best deal?
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By:
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Kara Johnson - MortgageLoan.com | February 03, 2010
Nearly one-third of U.S. housing markets remain overvalued, despite nearly four years of falling prices that have seen U.S. homes lose nearly 30 percent of their value.
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By:
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Kara Johnson - MortgageLoan.com | February 02, 2010
Are credit card interest rates eating you alive? Tired of juggling multiple debt payments each month? Thinking about just rolling everything into a single bill with a mortgage debt consolidation loan?
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By:
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Peter King - MortgageLoan.com | February 02, 2010
Pending home sales edged back up in December, one month after taking a steep plunge that raised doubts about whether a recovery in the housing market can be sustained.
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By:
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Kara Johnson - MortgageLoan.com | February 01, 2010
Fannie Mae is offering some new incentives to homebuyers in an effort to clear out its inventory of foreclosed homes.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 29, 2010
As more homeowners fall behind on their house payments or find themselves “underwater” on their mortgages, many are choosing to simply give up the home through foreclosure or a short sale. Unfortunately, that doesn’t always free them from their financial burden.
More and more, homeowners who have lost their homes through foreclosure or given them up through a short sale are shocked to discover their lenders are still coming after them for the unpaid balance on the mortgage.
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By:
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Kara Johnson - MortgageLoan.com | January 29, 2010
The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government’s Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief.
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By:
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Kara Johnson - MortgageLoan.com | January 28, 2010
Mortgage rates remained relatively unchanged this past week, according to the weekly Freddie Mac market survey.
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By:
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Peter King - MortgageLoan.com | January 28, 2010
A record 2.8 million U.S. properties went into foreclosure last year, a 21 percent increase over the year before and more than double the number recording in 2007, according to figures released today by the foreclosure tracking company RealtyTrac.
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By:
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Peter King - MortgageLoan.com | January 28, 2010
Getting a mortgage can be difficult these days. So when shopping for a new home, it helps to be preapproved before you start your search or make an offer to a seller.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 27, 2010
New home sales fell to an annual rate of 342,000 in December, according to figures released today by the Commerce Department, exceeding the expectations of economists who had predicted a much smaller decline.
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By:
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Peter King - MortgageLoan.com | January 27, 2010
Bank of America has announced that it will participate in a government program to modify second liens on home mortgages, becoming the first lender to agree to do so.
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By:
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Peter King - MortgageLoan.com | January 27, 2010
Prepayment penalties, also known as cancellation fees, are one of the classic pitfalls that await the unwary borrower. All too often, a homeowner selling or refinancing their home has been stunned to discover that they first have to pay a penalty of several thousand dollars to get out of their current mortgage.
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By:
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Peter King - MortgageLoan.com | January 26, 2010
Seasonally adjusted U.S. home prices posted a small increase in November, despite signs of weakness in several areas that present a mixed picture of the overall housing market.
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By:
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Peter King - MortgageLoan.com | January 25, 2010
Fannie Mae and Freddie Mac, the giant lenders that support the majority of the U.S. mortgage market, should be abolished and replaced with a new system to back mortgage lending, according to U.S. Rep. Barney Frank, chair of the House Financial Services Committee.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 23, 2010
If you’re looking to buy or refinance a home but are having trouble qualifying for the mortgage, you might consider getting a cosigner to help.
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By:
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Kara Johnson - MortgageLoan.com | January 22, 2010
House-hunting has become a lot easier and more convenient, thanks to some new iPhone applications that provide instant access to real estate listings and other information while touring neighborhoods of interest.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 22, 2010
A task force of state attorneys general and banking regulators is calling for principal reductions on “underwater” mortgages in order to stem foreclosures in areas that have experienced steep declines in housing values.
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By:
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Kara Johnson - MortgageLoan.com | January 21, 2010
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 21, 2010
Everyone knows that you need a good credit score to qualify for a mortgage and get the best interest rates. But how are credit scores determined? What, if anything, can you do to improve a poor one?
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By:
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Peter King - MortgageLoan.com | January 21, 2010
Mortgage interest rates fell back below the 5 percent threshold this past week, despite predictions that sharp increases are on the way as the government winds down a program designed to support credit markets.
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By:
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Peter King - MortgageLoan.com | January 20, 2010
Getting an FHA mortgage is about to get a bit more expensive and a bit more difficult.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 19, 2010
Suppose you’re way upside down on your mortgage. Can you buy another house at today’s discounted prices, then simply stop payments on the first one and let it go into foreclosure?
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By:
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Kirk Haverkamp - MortgageLoan.com | January 19, 2010
The number of permanent loan modifications finalized under the government’s Making Home Affordable Program more than doubled in December, following criticism that few homeowners were obtaining long-term mortgage relief under the program.
The Treasury Department reported that, as of the end of December, 66,465 had received permanent loan modifications under the program, up from 31,382 at the end of November.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 18, 2010
To encourage the resale of foreclosed properties, the Department of Housing and Urban Development (HUD) is temporarily easing a restriction on the type of properties that can be bought with an FHA mortgage.
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By:
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Kara Johnson - MortgageLoan.com | January 17, 2010
If you give up your current home, how soon can you buy another one? With millions U.S. homeowners “underwater” on their mortgages or even facing foreclosure, it’s a question that many are pondering.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 15, 2010
What are some of the main reasons people are turned down for loan modifications? Aside from the obvious – like not enough income to maintain even a modified payment schedule – there are any number of less apparent reasons that can trip up someone who otherwise might be able to qualify and save their home from foreclosure.
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By:
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Peter King - MortgageLoan.com | January 15, 2010
Consumer confidence in the economy edged up slightly in early January, but not nearly as much as economists had expected.
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By:
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Kara Johnson - MortgageLoan.com | January 14, 2010
More than 2.8 million U.S. properties, or one home in 45, were subject to foreclosure in 2009, according to a year-end report released this week by the foreclosure data firm RealtyTrac.
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By:
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Peter King - MortgageLoan.com | January 14, 2010
Mortgage rates eased slightly for the second consecutive week, giving borrowers a respite after a December in which some interest rates by nearly half a percent.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 14, 2010
Thinking about taking out a mortgage, but not sure what kind of interest rate you can get? Wouldn’t it be nice if they just had a chart where you could see what you can expect to pay with a certain credit score, down payment and other factors?
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By:
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Kara Johnson - MortgageLoan.com | January 13, 2010
Mortgage interest rates will jump to around 6 percent in the coming months, but then stabilize for the rest of the year, according to a new economic forecast from the Mortgage Bankers Association (MBA).
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By:
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Kirk Haverkamp - MortgageLoan.com | January 12, 2010
Owe more on your mortgage than your home is worth? “Underwater” borrowers have an opportunity to refinance their mortgage, but you need to act soon before the program expires.
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By:
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Peter King - MortgageLoan.com | January 12, 2010
The Federal Reserve’s interventions this past year did more than goose the economy and send mortgage interest rates to record lows – the generated a tidy profit for the government as well.
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By:
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Kara Johnson - MortgageLoan.com | January 11, 2010
The Minnesota attorney general has said she and allies in the state legislature will try again this year to enact a foreclosure mediation law giving at-risk borrowers a chance to save their homes.
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By:
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Kara Johnson - MortgageLoan.com | January 09, 2010
You don’t hear a lot about people taking out home equity loans these days. With all the millions of homeowners who got in financial trouble by using their homes as “ATM machines” to support their lifestyle and the recent massive declines in home values, home equity borrowing has both gotten a bad rap and become much more difficult to obtain.
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By:
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Kara Johnson - MortgageLoan.com | January 08, 2010
Delinquencies on home equity loans hit a record high in the third quarter of the year, even while falling for most other types of consumer installment loans, according to new data from the American Bankers Association (ABA).
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By:
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Kara Johnson - MortgageLoan.com | January 08, 2010
Mortgage rates fell back slightly the first week of the year after posting sharp increases throughout December, according to the latest weekly survey from Freddie Mac.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 08, 2010
When refinancing a mortgage, many borrowers focus exclusively on getting a lower interest rate. But interest rates are only part of the picture – there are many other options to consider as well.
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By:
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Peter King - MortgageLoan.com | January 07, 2010
Las Vegas has posted its first quarterly increase in housing prices in three years and Detroit led all U.S. metropolitan areas in housing price gains for the second consecutive month, as some of the nation’s most battered housing markets are showing signs of stability.
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By:
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Kara Johnson - MortgageLoan.com | January 06, 2010
Mortgage applications fell sharply just before Christmas, as rising interest rates seem to have dampened consumer interest in mortgage refinancing.
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By:
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Peter King - MortgageLoan.com | January 05, 2010
Pending home sales fell sharply in November, breaking a string of nine consecutive monthly increases, according to figures released today by the National Association of Realtors (NAR).
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By:
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Peter King - MortgageLoan.com | January 05, 2010
Mortgage loan modifications have been big news lately. Unfortunately, that’s largely because of all the difficulties homeowners are having getting one. What can you do to improve your odds of being approved?
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By:
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Peter King - MortgageLoan.com | January 05, 2010
FHA mortgages could get a bit more expensive for borrowers, now that the government has lifted a cap on what lenders can charge for originating the loans.
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By:
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Peter King - MortgageLoan.com | January 04, 2010
A lax economic policy was not the cause of the housing bubble and crash of the past decade, according to Federal Reserve Chair Ben Bernanke, who said stronger financial regulations and oversight are needed to prevent it from happening again.
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By:
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Kirk Haverkamp - MortgageLoan.com | January 01, 2010
As of Jan.1, 2010, lenders will be providing more straightforward information to potential borrowers and making it easier to understand the costs involved in obtaining a new mortgage.