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S&P: Home Prices Hit Post-Crash Low

By:: Peter King - MortgageLoan.com | February 29, 2012

U.S. home prices have fallen to a new post-crash low, pushed by a significant downturn during the final months of 2011.

Nationally, home prices fell by 3.8 percent during the last quarter of the year, bringing them to their lowest level since the housing downturn began in mid-2006. That’s according to the newest Standard & Poor’s/Case Shiller Home Indices, out today.

Pending Home Sales Trend Upward

By:: Kara Johnson - MortgageLoan.com | February 27, 2012

Pending home sales are at their highest level in nearly two years, following a modest rise in January, the National Association of Realtors (NAR) reported today.

Appealing a Property Tax Assessment

By:: Kirk Haverkamp - MortgageLoan.com | February 25, 2012

One of the small comforts for homeowners whose property values have fallen in recent years is that their property taxes usually go down as well. But you may have to appeal your assessment to get the full benefit.

Your assessment, of course, is what your local unit of government – typically your county or municipality – calculates your home is worth for tax purposes. It’s similar to, but different from, an appraisal, which is an estimate of property value for purposes of obtaining or refinancing a mortgage.

Mortgage Rates Move Off Record Lows

By:: Peter King - MortgageLoan.com | February 23, 2012

Mortgage rates headed higher this week, following three consecutive weeks when 30-year fixed-rate loans remained unchanged at their all-time lows.

Average rates on 30-year mortgages rose to an average of 3.95 percent this week, up from the 3.87 record low where they had remained all month, according to the weekly Freddie Mac rate survey, released today. Average rates on 15-year fixed-rate mortgages also rose, to 3.19 percent, up from a near-record low 3.16 percent last week.

Using Home Equity to Fund a 401(k)?

By:: Kirk Haverkamp - MortgageLoan.com | February 23, 2012

Should you use a home equity loan or cash-out refinance to fund your 401(k) or IRA? According to a recent study, there can be some significant advantages in doing so – but there are some hazards as well.

On the face of it, there are some great reasons to tap your home equity and put it into a tax-advantaged retirement account. To begin with, mortgage interest is tax-deductable – and so are contributions to certain retirement accounts. So you can benefit both coming and going.

Sales Rise, But Prices at 10-Year Low

By:: Kara Johnson - MortgageLoan.com | February 22, 2012

Sales of existing homes rose in January, posting their third increase in four months even as prices sank to a 10-year low.

The Other Foreclosure Settlement

By:: Peter King - MortgageLoan.com | February 21, 2012

The recent $26 billion foreclosure abuses settlement has been getting a lot of attention, but time is running out to obtain relief under another action that could potentially help even more former homeowners.

Cash-Out Refi or Home Equity Loan?

By:: Kirk Haverkamp - MortgageLoan.com | February 19, 2012

Thinking about a home equity loan or line of credit? You might be better off with a cash-out refinance of your current mortgage instead.

Lenders are once again offering home equity loans and lines of credit (HELOCs), after many suspended such offerings a few years ago with the crash of the housing market. But they’re still hard to come by and have steep equity requirements, a far cry from the days when lenders were actively encouraging borrowers to use their homes as seemingly bottomless piggybacks.

Advantages of a cash-out refinance

More Action Seen on Foreclosures

By:: Peter King - MortgageLoan.com | February 16, 2012

Foreclosure activity picked up in January, a possible sign that lenders are gearing up to tackle the backlog of distressed properties that has been a drag on the real estate market.

Foreclosure Deal to Benefit Troops

By:: Peter King - MortgageLoan.com | February 14, 2012

Servicemembers who were improperly foreclosed on will receive six-figure settlements as part of a secondary agreement to the $26 billion foreclosure abuses settlement announced last week.

Will the $26B Settlement Help You?

By:: Kara Johnson - MortgageLoan.com | February 11, 2012

Will you qualify for a piece of the $26 billion settlement announced this week to resolve claims against the nation’s five largest mortgage lenders? Here are some of the details:

HARP Refi May Delay PMI Cancellation

By:: Kirk Haverkamp - MortgageLoan.com | February 10, 2012

The federal HARP mortgage refinance program can be a huge boon for underwater homeowners. But if you have PMI, there’s a little hitch you should know about.

$26B Foreclosure Settlement Reached

By:: Kara Johnson - MortgageLoan.com | February 09, 2012

A $26 billion settlement that would fund loan modifications and mortgage refinancing for at-risk homeowners was announced today by state and federal officials.

New HARP Could Help Up to 6.7 Million

By:: Peter King - MortgageLoan.com | February 08, 2012

Recent changes to HARP mean that some 6.7 million homeowners will be eligible to refinance their mortgage to a lower interest rate under the government-backed program.

Many Could Get Principal Reductions

By:: Kara Johnson - MortgageLoan.com | February 08, 2012

An agreement that could result in substantial principal reductions for some 850,000 underwater homeowners has reportedly been reached among state attorneys general and the nation’s largest mortgage servicers.

Housing Upturn Seen in 100 Cities

By:: Peter King - MortgageLoan.com | February 06, 2012

Nearly 100 U.S. housing markets are now regarded as “improving,” with home prices and other indicators coming back from post-crash lows, according to the National Association of Home Builders (NAHB).

Half of Mortgage Refis are Cash-In

By:: Kara Johnson - MortgageLoan.com | February 02, 2012

Nearly one-half of homeowners who refinanced their mortgages late last year did so by paying down part of their mortgage balance at the same time.

The New Obama Refinance Plan

By:: Kirk Haverkamp - MortgageLoan.com | February 02, 2012

The White House has made available details of its newest proposal to help underwater homeowners refinance their mortgages to lower interest rates. Will you be able to qualify?

HARP Refis 10 Percent of Total

By:: Peter King - MortgageLoan.com | February 01, 2012

Demand for mortgage refinancing eased slightly last week, after the Federal Reserve indicated it would seek to keep interest rates low for the next three years.