Articles by Subject

Soon to Return: USDA Zero-Down Mortgage

By:
Peter King - MortgageLoan.com | July 31, 2010

Zero-down payment mortgages are almost impossible to find these days, unless you’re a veteran who can obtain one through the VA. But that’s about to change, with the revival of another popular zero-down payment program that’s available to non-vets.
 
The U.S. Senate this past week gave final approval to a bill that restores funding for the USDA Single Family Housing Guaranteed Loan Program.

California, Florida Account for Two-Fifths of Suspected Mortgage Fraud

By:
Kara Johnson - MortgageLoan.com | July 31, 2010

California and Florida led the nation in incidents of suspected mortgage fraud last year, with Los Angeles and Miami heading the list of metropolitan areas with the most reported incidents. 

Refinancing: Credit Scores can Make or Break You

By:
Barbara Eisner Bayer - MortgageLoan.com | July 30, 2010

With mortgage rates at historic lows, it’s tempting to jump on the refinancing bandwagon. It seems unlikely that homeowners will get another chance to take advantage of such desirable rates in their lifetimes. Sure the refinancing climate is challenging, because banks are being very selective as to who will receive funds at these rates.

Mortgage Rates Aim for New Records, July 30, 2010

By:
David Coster - MortgageLoan.com | July 30, 2010

Mortgage Rate Trend Direction:     Down

Economic Reports/Impact:             Advance GDP, 8:30 AM ET, Moderate Rate Impact

Mortage Rates Weekly Review, July 30, 2010

By:
David Coster - MortgageLoan.com | July 30, 2010

Mortgage Rates Reach All-time Lows

 

This past week has provided a great deal of news and data for the stock and bond markets to analize.  Fortunately for mortgage borrowers, the analysts have focused on the data showing economic slowing in the US rather than the mostly positve earnings reports from US companies.

Week in review

 

Homeownership Continues to Decline

By:
Peter King - MortgageLoan.com | July 30, 2010

The U.S. homeownership rate continued to decline in the second quarter of the year, falling to 66.9 percent, the lowest level since the end of 2009.

Achieve Homeownership with an Owner-Carried Second Mortgage

By:
Barbara Eisner Bayer - MortgageLoan.com | July 29, 2010

Motivational speaker Zig Ziglar once said, “Failure is a detour, not a dead-end street.” Remember those words if your lender doesn’t approve your mortgage loan. With a little creativity and a motivated seller, you can still buy that dream home.

More Properties Lost to Foreclosure

By:
Peter King - MortgageLoan.com | July 29, 2010

The number of U.S. homes in foreclosure continues to decline, even as the number of properties actually lost through the process is on the rise, according to figures released today by real estate data firm RealtyTrac. 

Mortgage Rates Set Record Lows for Sixth Straight Week

By:
Peter King - MortgageLoan.com | July 29, 2010

Mortgage interest rates once again fell to new record lows this week, according to the weekly Freddie Mac rate survey. 

Mortgage Rate Re-Pricing Alert 11:20 AM ET, July 29, 2010

By:
David Coster - MortgageLoan.com | July 29, 2010

A reversal in the markets from early trading has erased initial losses in mortgage-backed securities and pushed them into positive territory. This should result in lowered mortgage pricing.

Mortgage Rates Hold, July 29, 2010

By:
David Coster - MortgageLoan.com | July 29, 2010

Mortgage Rate Trend Direction:     Up

Economic Reports/ Impact:            Jobless Claims, 8:30 AM ET, Moderate Rate Impact

Key News:                                          US Companies Earnings, European Comapny Earnings

 

Homeowners Putting Up Extra Cash to Refinance

By:
Kirk Haverkamp - MortgageLoan.com | July 28, 2010

Looking to refinance your mortgage? You might have to bring some cash to the table. 

Purchase Applications Rise for Second Week

By:
Kara Johnson - MortgageLoan.com | July 28, 2010

Mortgage applications for home purchases have increased for the second week in a row, following 10 weeks of almost unbroken declines.

Smarten Up: Learn About Fixed Mortgage Rates

By:
Barbara Eisner Bayer - MortgageLoan.com | July 28, 2010

Are you surprised to learn that on the game show “Are you Smarter than a Fifth Grader?” there have only been two people who have won the million dollar grand prize? Almost all adults have completed high school – 12th grade – so it’s somewhat surprising that there aren’t more people who have as much knowledge as someone in fifth grade.

Common Reverse Mortgage Mistakes

By:
Barbara Eisner Bayer - MortgageLoan.com | July 27, 2010

The American Indian Traditional Code of Ethics says, “special respect should be given to elders.” But in our society, getting older is anything but desirable, as seniors flock to plastic surgeons to help their faces and bodies defy the aging process. Marketers target 18 to 34 year olds as the only money worth attracting.

How Much Is Your Home Worth Today?

By:
Kirk Haverkamp - MortgageLoan.com | July 27, 2010

What’s your home worth today? That’s a key question if you’re looking to refinance your mortgage or take out a home equity loan. 

Mortgage Rate Re-Pricing Alert 11:20 AM ET, July 27, 2010

By:
David Coster - MortgageLoan.com | July 27, 2010

Lenders may lower mortgage pricing as mortgage-backed securities have risen in price after Consumer Confidence for June was much lower than expected.

Mortgage Rates to Move Higher Initially, July 27, 2010

By:
David Coster - MortgageLoan.com | July 27, 2010

Mortgage Rate Trend Direction:     Neutral/Higher

Economic Reports/Rate Impact:    Consumer Confidence, 10:00 AM ET, Moderate Rate Impact

Key News:                                           US comapnies earnings

 

Summary

 

Home Prices Up, But Significance Questioned

By:
Kirk Haverkamp - MortgageLoan.com | July 27, 2010

U.S. home prices rose in May, according to new figures out today, despite declining home sales linked to the expiration of the homebuyer tax credit at the end of April.

New Home Sales Bounce Back in June

By:
Kara Johnson - MortgageLoan.com | July 26, 2010

New home sales rebounded in June, increasing 23.6 percent from the all-time low reported for May, according to figures released this morning by the Commerce Department. 

Family Matters: Discussing Home Equity with your Spouse

By:
Barbara Eisner Bayer - MortgageLoan.com | July 26, 2010

Homer Simpson once made a huge financial decision -- taking out a home mortgage -- without consulting his wife, Marge. This scenario parallels the lives of many non-cartoon couples, as well. A recent survey by American Express, in fact, discovered that 91 percent of Americans find reasons to avoid talking about money with their partners.

Mortgage Rates Nudged from Friday's Position, July 26, 2010

By:
David Coster - MortgageLoan.com | July 26, 2010

Mortgage Rate Trend Direction:     Neutral/Lower

Economic Reports/Impact:             New Home Sales, 10:00 AM ET, Moderate Rate Impact

Key News:                                          European Bank Stress Tests, US Companies Earnings

 

Future of Conforming Jumbos Uncertain

By:
Barbara Eisner Bayer - MortgageLoan.com | July 23, 2010

Jim Morrison, the legendary voice of the Doors, made pessimism cool among fast crowds when he sang, “the future’s uncertain and the end is always near.” Now, 40 years later, 21st century home shoppers can relate to his negativity. The jumbo conforming mortgage, created during the heart of the real estate crisis, may be facing its final days.

Consequence of crisis

California Mortgage Defaults at Three-Year Low

By:
Kirk Haverkamp - MortgageLoan.com | July 23, 2010

New mortgage defaults in California have fallen to their lowest level in three years, even as the number of homes actually lost to foreclosure continues to rise. 

Mortgage Rates Awaiting "Stress" Tests, July 23, 2010

By:
David Coster - MortgageLoan.com | July 23, 2010

Mortgage Rate Trend Direction:     Neutral

Economic Reports/Rate Impact:    No official economic reports today

Key News:                                          US companies earnings, European Bank Stress Tests

 

Summary

 

Mortgage Rate Special News Alert 12:25 PM ET, July 23, 2010

By:
David Coster - MortgageLoan.com | July 23, 2010

7 of 91 European banks have failed the "stress" tests performed by banking regulators. While this is a relatively small number, and the total capital shortfall of the failing institutions was also very small, analysts will be focusing for the rest of the day and into next week on the rigor of the tests. If the tests are viewed as valid, then stock markets will rise and bond markets, including the US mortgage-backed securities (MBS) market will likely fall. Falling MBS prices lead to higher mortgage rates.

Weekly Mortgage Rate Review, July 23, 2010

By:
David Coster - MortgageLoan.com | July 23, 2010

Mortgage Rates Survive the Stress

 

HUD to Investigate Possible Discrimination Against Pregnant Borrowers

By:
Kirk Haverkamp - MortgageLoan.com | July 22, 2010

An investigation into whether lenders may have illegally denied mortgages to pregnant women and persons on temporary disability is being launched by the Department of Housing and Urban Development (HUD). 

Rates Hit New Lows for Fifth Straight Week

By:
Kara Johnson - MortgageLoan.com | July 22, 2010

Interest rates on 30- and 15-year fixed-rate mortgages hit new record lows again this week, according to the weekly rate survey by government-supported lender Freddie Mac.

The average rate on 30-year fixed-rate mortgages fell slightly to 4.56 percent this past week, down from 4.57 percent the week before. The average rate on 15-year fixed-rate loans declined to 4.03 percent, down from 4.06 percent the week before. Both include an average 0.7 origination and discount points.

Existing Home Sales Fall Less Than Expected

By:
Peter King - MortgageLoan.com | July 22, 2010

Sales of existing homes fell in June, as the housing market continues to feel the effects of the end of the homebuyer tax credit. 

Mortgage Rates Fluctuate in Narrow Band , July 22, 2010

By:
David Coster - MortgageLoan.com | July 22, 2010

Mortgage Rate Trend Direction:     Neutral/Up

Economic Reports/Rate Impact:    Jobless Claims, 8:30 AM ET, Moderate Rate Impact

                                                             Existing Home Sales, 10:00 AM ET, Low Rate Impact

Finding the Best Mortgage Lender

By:
Barbara Eisner Bayer - MortgageLoan.com | July 22, 2010

Mortgages have been stealing the headlines these days, from the beginning of the crisis through the anticipation concerning current financial reform. But there’s one thing that hasn’t changed – if you want a mortgage loan, you need to find a lender. With so many banks to choose from, you may feel confused and overwhelmed.  If you’re looking for your mortgage lender, here are some tips to help you find the one that’s right for you.

Mortgage lender search   

Rates Hit New Lows; Purchase Applications Perk Up

By:
Kara Johnson - MortgageLoan.com | July 21, 2010

The real estate market showed a small glimmer of life last week, as mortgage applications for home purchases picked up slightly after hitting a 13-year low the week before. 

Mortgage Rate Re-Pricing Alert 3:30 PM, July 21, 2010

By:
David Coster - MortgageLoan.com | July 21, 2010

Lenders are repricing for the better this afternoon in response to comments made by Federal Reserve Chairman Ben Bernanke in Congressional testimony. Chairman Bernanke said that we are facing "unusual uncertainty" in our economic outlook. Uncertainty is not a word that traders like and the stock market has responded with a large decline.

Mortgage Rate Re-Pricing Alert 10:20 AM ET, July 21, 2010

By:
David Coster - MortgageLoan.com | July 21, 2010

It looks like it may be one of those days! An early reversal in the stock market has improved the demand for mortgage-backed securities and improved mortgage pricing. Technology stocks (other than Apple) and retail stocks are selling lower this morning. Additional mortgage rate changes may be in order as earnings reports are released and Chairman Bernanke continues his testimony in Congress.

Backlog of Trial Loan Modifications Shrinks

By:
Kirk Haverkamp - MortgageLoan.com | July 21, 2010

The government’s Making Home Affordable anti-foreclosure program is either picking up the pace or losing steam, depending on which end of the process you’re looking at. 

FHA Loans Tighter, but Available to Homeowner Wannabes

By:
Barbara Eisner Bayer - MortgageLoan.com | July 21, 2010

Democrats and Republicans are forever embroiled in a debate over how much power the government should wield. When it comes to the Federal Housing Administration (FHA), however, both parties agree on one thing – this government agency, which provides mortgages to people who may not qualify for conventional mortgages, is a good thing.

History of the FHA

Mortgage Rates Respond to Markets, July 21, 2010

By:
David Coster - MortgageLoan.com | July 21, 2010

Mortgage Rate Trend Direction:      Up

Economic Reports/Rate Impact:     No economic reports of signifigance released today

Key News:                                            US Companies earnings, Federal Reserve Chairman's Testimony

 

Summary

 

Second Mortgages: What You Need to Know

By:
Barbara Eisner Bayer - MortgageLoan.com | July 20, 2010

Oliver Twist, Charles Dickens’ fictional character who’s known for requesting more food, appreciated the meaning of seconds. He had a need – he was hungry – and he knew that a second helping of food would satisfy him. Second mortgages fill a need, as well. If you need cash, and have accumulated equity in your home, a second mortgage can be the perfect financial food, thanks to their relatively low interest rates, and the comparatively simple application process.

Flavors of second mortgages

Mortgage Rate Re-Pricing Alert 2:00 PM, July 20, 2010

By:
David Coster - MortgageLoan.com | July 20, 2010

Mortgage pricing may increase this afternoon as mortgage-backed securities prices have fallen. The stock market has turned around from big early losses and is now trading in positive territory. It has been a volatile day and further changes may occur.

Rates Improve with Mixed Corporate Earnings, July 20, 2010

By:
David Coster - MortgageLoan.com | July 20, 2010

Mortgage Rate Trend Direction:    Down

Economic Reports/Rate Impact:   Housing Starts, 8:30 AM ET, Moderate Rate Impact

Key News:                                          US Companies Earnings

 

Summary

 

Housing Starts Fall Again in June

By:
Peter King - MortgageLoan.com | July 20, 2010

Housing starts fell another 5 percent in June, as demand continued to shrink following the end of the homebuyer tax credit.
 
Total housing starts fell to an annual rate of 549,000 units, according to monthly figures released this morning by the Commerce Department, with most of the decline in multiunit dwellings such as apartment buildings and condominiums.

Loan Modification Help for Chicago-Area Homeowners This Weekend

By:
Kirk Haverkamp - MortgageLoan.com | July 20, 2010

Chicago-area homeowners  in need of a loan modification to avoid foreclosure can obtain help in doing so a “Fix Your Mortgage” event this Saturday, July 24, in southwest Chicago.
 
The event will bring together volunteer real estate attorneys, HUD-certified debt counselors and staff from the City of Chicago and Neighborhood Housing Services of Chicago to help homeowners determine if they qualify for a mortgage loan modification under the government’s Making Home Affordable Program.

Homebuilders Getting More Pessimistic

By:
Kara Johnson - MortgageLoan.com | July 19, 2010

Homebuilder confidence fell in June to its lowest level in over a year, as consumer demand for housing continued to shrink following the end of the homebuyer tax credit. 

Mortgage Rate Re-Pricing Alert 2:00 PM, July 19, 2010

By:
David Coster - MortgageLoan.com | July 19, 2010

Lenders may reprice higher this afternoon as the stock market has rebounded somewhat, hurting demand for mortgage-backed securities.

Mortgage Rates Follow the Markets, June 19, 2010

By:
David Coster - MortgageLoan.com | July 19, 2010

Mortgage Rate Trend Direction:     Up

Economic Reports/Rate Impact:    No economic reports of signifigance released today

Key News:                                           US Companies Earnings, European Debt Crisis

Summary

 

Financial Reform will Benefit Mortgage Refinancing

By:
Barbara Eisner Bayer - MortgageLoan.com | July 19, 2010

Back in 1776, John Adams, a member of the Continental Congress, and the future first Vice President and second President of the U.S. wrote, “Each individual of the society has a right to be protected by it in the enjoyment of his life, liberty, and property.” Fast forward 234 years later, and today’s Congress, in their financial reform package, is taking steps to ensure that homeowners are protected from losing their properties.

Can You Really Get a 125 Percent Refinance?

By:
Kara Johnson - MortgageLoan.com | July 17, 2010

For underwater homeowners, the 125 percent refinance offered through the government’s Home Affordable Refinance Program (HARP) sounds like a great deal. But how hard is it to qualify for? 

Weekly Mortgage Rate Review, July 16, 2010

By:
David Coster - MortgageLoan.com | July 16, 2010

Mortgage rates liked the weather

 

Mortgage Rate Re-Pricing Alert 10:15 AM ET, July 16, 2010

By:
David Coster - MortgageLoan.com | July 16, 2010

Mortgage rates may decline this morning from yesterday afternoon’s levels. As we predicted, mortgage-backed securities traders waited until the Consumer Sentiment report was released at 10:00 AM to determine their pricing inclination. The Consumer Sentiment report showed the lowest consumer confidence in 11 months raising fears that a further slowdown in consumer spending could push a slowing economy into recession

Mortgage Rates Poised to Move, July 13, 2010

By:
David Coster - MortgageLoan.com | July 16, 2010

Mortgage Rate Trend Direction:      Neutral/Lower
Economic Reports/Rate Impact:     Consumer Price index, 8:30 AM ET, High Rate Impact
                            &n

Increasing Your Home Equity

By:
Barbara Eisner Bayer - MortgageLoan.com | July 16, 2010

Anyone who’s ever started a business knows that you start small, with the ultimate goal of making it as successful as possible. Your home is similar to a small business. When you buy it, you share ownership with a partner—the bank—who most likely holds a substantial stake. Your goal is to buy out your partner—the bank—so that, ultimately, you own 100 percent of the home equity, free and clear of any partners.

Importance of home equity

Senate Approves New Mortgage Rules, Other Reforms

By:
Kirk Haverkamp - MortgageLoan.com | July 16, 2010

The U.S. Senate passed a sweeping financial reform bill on Thursday, establishing new rules for mortgages as well as imposing new regulations on Wall Street and providing enhanced protections for consumers and investors. 

Mortgage Rates Hold Steady

By:
Peter King - MortgageLoan.com | July 15, 2010

Mortgage rates held steady this past week, with the standard 30-year fixed-rate mortgage unchanged from last week’s record low of an average rate of 4.57 percent, according to the weekly Freddie Mac survey.

Bank Repossessions Up, But New Foreclosures Decrease

By:
Kara Johnson - MortgageLoan.com | July 15, 2010

The number of homes lost to foreclosure hit a new high in the second quarter of the year, even as the total number subject to the foreclosure process declined, according to new figures released today. 

Are you Eligible for A Mortgage Loan Modification?

By:
Barbara Eisner Bayer - MortgageLoan.com | July 15, 2010

It’s tough being a homeowner who needs mortgage help. There’s a lot of information out there about the government’s Home Affordable Modification Program (HAMP), which offers a loan modification option for struggling homeowners who are likely to lose their properties because they’re falling behind on their loan payments. But when you search the Internet for ways to get started, it can sometimes be so confusing, your feeling of helplessness grows even stronger.

Mortgage Rates Ride the Wave of Data, July 15, 2010

By:
David Coster - MortgageLoan.com | July 15, 2010

Mortgage Rate Trend Direction:     Down

Economic Reports/Rate Impact:    Jobless claims, 8:30 AM ET, Moderate Rate Impact

Home Purchase Mortgage Applications at 13-Year Low

By:
Peter King - MortgageLoan.com | July 14, 2010

Mortgage applications for home purchases fell to their lowest level in more than 13 years last week, amid concerns that the housing market may be entering a second downturn, or “double dip.”
 
The Mortgage Bankers Association (MBA) reported this morning that applications for home purchase mortgages fell a seasonally adjusted 3.1 percent last week, to their lowest level since December 1996.

Mortgage Rate Re-Pricing Alert 4:00 PM ET, July 14, 2010

By:
David Coster - MortgageLoan.com | July 14, 2010

Lenders may lower mortgage rates this afternoon from their initial pricing as the minutes of the Federal Open Market Committee meeting show a heightened sense of worry regarding an economic slowdown. Mortgage-backed securities prices have rallied in response and this could lead to favorable re-pricing.

Mortgage Rates Inclined to Move, July 14, 2010

By:
David Coster - MortgageLoan.com | July 14, 2010

Mortgage Rate Trend Direction:          Neutral/Down
Economic Reports/Rate Impact:           Import Prices, 8:30 AM ET, Moderate Rate Impact
                                                  &nb

How a HELOC can Save your Home

By:
Barbara Eisner Bayer - MortgageLoan.com | July 14, 2010

The lifestyles of the rich and famous aren’t as appealing these days, as the mortgage crisis takes its toll on the well heeled. The face of foreclosure is now being represented by celebrities, such as actor Nicholas Cage, overspending real housewife Teresa Giudice, and rapper Chamillionaire, who’s doing the cha cha away from his mortgage obligation. More than one in seven homeowners with properties worth in excess of $1 million are delinquent on their loans.

Preparing for emergencies   

Making the Most of Low Mortgage Rates

By:
Barbara Eisner Bayer - MortgageLoan.com | July 13, 2010

According to Kenny Rogers in his song, The Gambler, “you gotta know when to hold ‘em, and know when to fold ‘em,” if “you’re gonna play the game” of poker. The same holds true for taking advantage of low mortgage rates. Considering that rates haven’t been this low in 50 years, it’s unlikely that you’ll see them again in your lifetime. In order to win at the mortgage rate game, you need to master the tricks to making the most of the current opportunity.

One-Fourth of Americans Now Have Sub-600 Credit

By:
Peter King - MortgageLoan.com | July 13, 2010

Over one-quarter of Americans now have credit scores below 600, ranking them as a poor risk for lenders and making it difficult or even impossible for them to obtain mortgages, car loans, credit cards or other consumer loans. 

Mortgage Rates Respond, July13, 2010

By:
David Coster - MortgageLoan.com | July 13, 2010

Mortgage Rate Trend Direction:      Higher
Economic Reports/Rate Impact:     Trade Balance, 8:30 AM ET, Moderate Rate Impact
Key News:                            &nb

Refinancing for the Self-employed

By:
Barbara Eisner Bayer - MortgageLoan.com | July 12, 2010

If you’re your own boss, you’re fully cognizant of the benefits – no one telling you what to do or when to do it, no time card to punch, to say nothing of working in your pajamas. That’s the life! But if you want to refinance your mortgage, being self-employed has a whole set of disadvantages that a nine-to-fiver doesn’t experience.

Don’t give up—the same hard work and discipline that have made you a successful businessperson can help you navigate the mortgage refinance waters. Here are five tips that will help:

Michigan Launches Mortgage Aid Program, Despite Gaps

By:
Kirk Haverkamp - MortgageLoan.com | July 12, 2010

The state of Michigan is rolling out a new anti-foreclosure program today, but many, if not most, at-risk homeowners will still have to wait to take advantage of it. 

Mortgage Rates “Earn” their level, July12, 2010

By:
David Coster - MortgageLoan.com | July 12, 2010

Mortgage Rate Trend Direction:      Neutral
Economic Reports/Rate Impact:     No Economic Reports Released Today
Key News:                              &nb

Mortgage Rates Stay the Course, July 9, 2010

By:
David Coster - MortgageLoan.com | July 09, 2010

Journey on a switchback trail
 
The shortened holiday week saw big swings in the stock market and sharp changes in direction in
mortgage-backed securities (MBS) pricing.

NYT Study: Wealthy Far More Likely to Default on Mortgages

By:
Kirk Haverkamp - MortgageLoan.com | July 09, 2010

Wealthy homeowners are far more likely to be delinquent on their mortgages than less affluent borrowers, according to a new study by the real estate analysis firm Core Logic. 

Home Improvement on a Budget

By:
Barbara Eisner Bayer - MortgageLoan.com | July 09, 2010

If a man’s home is his castle, it’s important to keep it updated. Sure you want things to last forever, but reality has a different plan. If you’ve been dreaming about updating your outdated kitchen, there’s no time like the present to beautify.

Price and plan

Low Mortgage Rates Stick, July 9, 2010

By:
David Coster - MortgageLoan.com | July 09, 2010

Mortgage Rate Trend Direction:   Neutral

Economic Reports/Rate Impact:   No official reports released today

Key News:                                    China Currency Value, European Debt

Summary

Mortgage Rate Re-Pricing Alert 3:10 PM ET, July 8, 2010

By:
David Coster - MortgageLoan.com | July 08, 2010

Lenders may lower mortgage rates this afternoon from their initial pricing as financial and technology stocks have given up earlier gains. The result has been increased interest in mortgage-backed securities which leads to lower mortgage rates.

Mortgage Rates Get Bumped, July 8, 2010

By:
David Coster - MortgageLoan.com | July 08, 2010

Mortgage Rates Get Bumped, July 8, 2010               
 
Mortgage Rate Trend Direction:         Up
Economic Reports/Rate Impact:         Jobless Claims, 8:30 AM ET, Moderate Rate Impact
Key News:                         

Second Mortgage: Choosing the Right One

By:
Barbara Eisner Bayer - MortgageLoan.com | July 08, 2010

If you need money and you have accumulated equity in your home, a second mortgage may be a good choice, as long as you clearly understand the various options available. It’s important to become an educated consumer, though, and carefully study the costs versus the benefits. Otherwise, you may become as confused as Yogi Berra who said, “When you get to the fork in the road, take it.”

Home equity loan versus HELOC

Another Week of Record Low Mortgage Rates

By:
Kara Johnson - MortgageLoan.com | July 08, 2010

Mortgage rates fell to new record lows yet again this week, the third consecutive week that interest rates have set new record lows in the weekly Freddie Mac rate survey. 

Home Prices Show Strong Quarterly Increase

By:
Peter King - MortgageLoan.com | July 08, 2010

Boosted by the homebuyer tax credit, U.S. home prices posted a 5.2 percent gain in the most recent quarter of the year and are up 8.8 percent from one year ago.

Mortgage Rates Seek Direction as Refinance Activity Soars, July 7, 2010

By:
David Coster - MortgageLoan.com | July 07, 2010

Mortgage Rate Trend Direction:         Neutral
Economic Reports/Rate Impact:       No data released today
Key News:                                              European Bank Stress Tests
 
Summary
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Finding a Trustworthy Reverse Mortgage Counselor

By:
Barbara Eisner Bayer - MortgageLoan.com | July 07, 2010

With the recession of the past few years causing retirement funds to disappear more quickly than Lily Tomlin in The Incredible Shrinking Woman, many seniors are extremely nervous about keeping up their standard of living. The lucky ones, who have accumulated substantial equity in their homes, have the luxury of tapping into that equity with a reverse mortgage if their financial situation becomes precarious.

Mortgage Rate Re-Pricing Alert 3:45 PM ET, July 7, 2010

By:
David Coster - MortgageLoan.com | July 07, 2010

Lenders may increase mortgage rates again as the stock market rally has accelerated. Analysts attributed the rally in stocks and the corresponding sell-off in mortgage-backed securities to a brighter outlook for financial-related companies and bargains among industrial and technology companies.

Mortgage Rate Re-Pricing Alert 1:35 PM ET, July 7, 2010

By:
David Coster - MortgageLoan.com | July 07, 2010

Lenders may increase mortgage rates from their initial morning pricing as a rally in the stock market has made bonds and mortgage-backed securities (MBS) less popular in trading today. After a string of down days in the stock market, traders are finding good opportunities to purchase shares of companies at lower prices.

Low Rates Spur Interest in Refinancing

By:
Kara Johnson - MortgageLoan.com | July 07, 2010

Mortgage refinance applications rose more than 9 percent last week, as consumers sought to take advantage of interest rates that remained near record lows.

Mortgage Rate Re-Pricing Alert 1:00 PM ET, July 6, 2010

By:
David Coster - MortgageLoan.com | July 06, 2010

Lenders may lower mortgage rates from their initial morning pricing as concerns about economic growth across the world have made mortgage-backed securities (MBS) popular in trading today. A downgrade of retail stocks by Citigroup has led the stock market to give up much of its earlier gains.

Mortgage Rates to Hold Levels, July 6, 2010

By:
David Coster - MortgageLoan.com | July 06, 2010

Mortgage Rate Trend Direction:         Neutral
Economic Reports/Rate Impact:        ISM Services Index, 10:00 AM ET, Moderate Rate Impact
Key News:                                               European Debt, China and US Economic We

The Trouble with HELOCs

By:
Barbara Eisner Bayer - MortgageLoan.com | July 06, 2010

The beautiful and fragrant rose has a dark side—if you’re unprepared when you touch the stem, you’re bound to be wounded by a prickly thorn. Like the rose, a home equity line of credit (HELOC) can be a beautiful financial instrument, especially if you need funds for home improvements or unanticipated medical expenses. But if you’re not careful, your finances may get pricked by a painful thorn, and you may bleed for years to come.

Home equity line of credit

Mortgage Rate Re-Pricing Alert 3:55 PM ET, July 6, 2010

By:
David Coster - MortgageLoan.com | July 06, 2010

Lenders may provide a second round of price improvements today as mortgage-backed securities have risen in value after a dramatic reversal in the stock market.

Mortgage Help for Unemployed Homeowners

By:
Kara Johnson - MortgageLoan.com | July 06, 2010

Unemployed homeowners can now get help with their mortgage payments while they look for new work, under the federal Home Affordable Unemployment Program.

Massachusetts Soft Second Mortgage Boosts Purchasing Power

By:
Kara Johnson - MortgageLoan.com | July 03, 2010

For potential first-time homebuyers, affordability can be a big challenge. In addition to coming up with a down payment and money for closing costs, even being able to afford the monthly payments on a decent home can be a major obstacle.
 
But suppose you could take a big chunk out of that mortgage payment for the first few years of the loan?

Refinance before Window of Opportunity Closes

By:
Barbara Eisner Bayer - MortgageLoan.com | July 02, 2010

Many people were kicking themselves last year because they thought they had missed the opportunity to refinance into historically low rates. What no one realized, however, was that mortgage rates would continue to drop, continue to make history, and continue to give people who couldn’t close the refinancing window a chance to refinance into an even better mortgage rate. If you’ve been on the sidelines, it may be time to step out onto the playing field, and make your move.

If you’re ready to take action, here are some tips for success.

Mortgage Rates Get the “Jobs” Treatment, July 2, 2010

By:
David Coster - MortgageLoan.com | July 02, 2010

Mortgage Rate Trend Direction:      Up
Economic Reports/Rate Impact:     Non-Farm Payroll Report, 8:30 AM ET, High Rate Impact
                             &nbs

Mortgage Rate Re-Pricing Alert 10:45 AM ET, July 2, 2010

By:
David Coster - MortgageLoan.com | July 02, 2010

Lenders that may have initially increased mortgage rates today, may reverse course. Mortgage-backed securities prices have strengthened, though like yesterday, volatility has been high. This up and down pattern may continue throughout the day. A report on new factory orders, released at 10:00 AM ET showed a much larger drop than anticipated. Mixed data brings mixed results in the market.

Census Layoffs Mean Economy Shed Jobs in June

By:
Kirk Haverkamp - MortgageLoan.com | July 02, 2010

The economy shed 125,000 jobs in June, as moderate growth in private employment was offset by scheduled layoffs of large numbers of temporary workers hired to conduct the 2010 Census. 

Weekly Mortgage Rate Review, July 2, 2010

By:
David Coster - MortgageLoan.com | July 02, 2010

Mortgage Rates— Walking Up the Down Escalator
 
 As a child, despite the admonitions of our parents, most of us found a way to try a “reversal”, going down an escalator then—before reaching the bottom—heading back up. The challenge was too much to resist—to overcome the forces of a machine (not to mention gravity) and prove our strength superior.

Supporting our Warriors with VA Loans

By:
Barbara Eisner Bayer - MortgageLoan.com | July 01, 2010

There isn’t enough gratitude in the world to give thanks to the men and women who sacrifice their lives to defend our freedoms. Our first President, George Washington, who said that “When we assumed the Soldier, we did not lay aside the Citizen,” would be very proud of one way that America supports its veterans—by helping them get mortgage loans, no matter what kind of challenging lending environment exists.
   
Understanding Veteran’s Administration loans

Pending Home Sales Plumment in May

By:
Kara Johnson - MortgageLoan.com | July 01, 2010

Pending home sales dropped sharply in May, falling 30 percent following the deadline for signing sales contracts to qualify for the federal homebuyer tax credits. 

Mortgage Rates Set Record Lows for Second Week

By:
Kara Johnson - MortgageLoan.com | July 01, 2010

Mortgage interest rates fell to new lows again this week, with 30- and 15-year fixed-rate loans and 5-year adjustable rate mortgages (ARMs) all breaking their previous records set just last week. 

Homebuyer Tax Credits Deadline Extended

By:
Kirk Haverkamp - MortgageLoan.com | July 01, 2010

The U.S. Senate has voted to extend the deadline for the homebuyer tax credits another three months, giving buyers until Sept. 30 to close home sales qualifying for the credit. 

Mortgage Rates Hold Lows at Start of 3rd Quarter, July 1, 2010

By:
David Coster - MortgageLoan.com | July 01, 2010

Mortgage Rate Trend Direction:      Neutral
Economic Reports/Rate Impact:    Jobless Claims, 8:30 AM ET, Moderate Rate Impact
                              &nb

Mortgage Rate Re-Pricing Alert 3:00 PM ET, July 1, 2010

By:
David Coster - MortgageLoan.com | July 01, 2010

Lenders may lower mortgage rates from their initial morning pricing as mortgage-backed securities prices have risen in late trading. It appears that the volume of negative economic news today has convinced traders that the US economy is weakening rapidly.

Does Home Value Affect Your Ability to Refinance?

By:
Kirk Haverkamp - MortgageLoan.com | July 01, 2010

What are your chances of refinancing your mortgage? Is it going to be a struggle if you’ve got a starter home at the lower end of the market? Are banks more willing to work with someone who has a pricey, custom-built home?

Not necessarily. On both counts.