Refinance

Mortgage Rates Not as Low as They Could Be

A new Fed study and associated workshop revealed that mortgage lenders continue to offer inflated mortgage rates to consumers, despite ongoing efforts to reduce such borrowing costs. Over the past several years, the Fed has pledged to purchase billions in mortgage-backed securities (MBS) in an effort to lower consumer mortgage rates. The plan seems to [&hellip

The post Mortgage Rates Not as Low as They Could Be first appeared on The Truth About Mortgage.

Why You Should Live in Your Home Until It Sells

A new study from Redfin proved what we probably all assumed was the case; vacant homes sell for less than those filled with stuff. There’s something slightly unappetizing about a vacant home, whether it’s the emptiness of it all, or the desperation knowing someone is losing money each month it sits on the market. Homes [&hellip

The post Why You Should Live in Your Home Until It Sells first appeared on The Truth About Mortgage.

How Does HARP 2.5 Sound?

For the past couple years now, there has been a big push for a so-called HARP 3.0, which would essentially open the door to private-label refinances under the popular Making Home Affordable program. Since inception, only Fannie and Freddie mortgages have been eligible, despite private-label mortgages accounting for more of the carnage that led to [&hellip

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Should You Only Buy a House If You Can Afford a 15-Year Fixed Mortgage Payment?

I’ve already written at length about the pros and cons of a 15-year fixed mortgage, but some financial experts claim you shouldn’t even buy a home if you can’t afford this shorter-term mortgage option. You know, guys like Dave Ramsey, and perhaps more reasonable folks like that financial planner you visited recently. The problem is [&hellip

The post Should You Only Buy a House If You Can Afford a 15-Year Fixed Mortgage Payment? first appeared on The Truth About Mortgage.

Bank of America Panned for Unattractive Refinance Offer

Anytime someone is looking to save you money, you should probably be skeptical, really skeptical. After all, it’s one thing to seek savings on your own, but if someone is doing the work for you, there’s a good chance they’ve got their own best interests in mind. Yesterday, a few publications, including American Banker, grilled [&hellip

The post Bank of America Panned for Unattractive Refinance Offer first appeared on The Truth About Mortgage.

HAMP Gets Extended for Another Two Years

Today, the Treasury and U.S. Department of Housing and Urban Development (HUD) announced the much anticipated extension of the Home Affordable Modification Program (HAMP). The program, which was originally launched in March 2009, was set to come to a close on December 31, 2013, but thanks to this most recent extension it will be open [&hellip

The post HAMP Gets Extended for Another Two Years first appeared on The Truth About Mortgage.

You Might Get a Better Deal If You Buy a House Where Kids Live

It’s common knowledge that home buyers are interested in purchasing properties in good school districts. After all, many individuals purchase homes because they either have kids, or plan to in the near future. Simply put, families and families-to-be need more space, and a house is where you get that. But even if you don’t have [&hellip

The post You Might Get a Better Deal If You Buy a House Where Kids Live first appeared on The Truth About Mortgage.

Chart: Housing Affordability Set to Fall Off a Cliff

The National Association of Realtors will always be the first ones to tell you that housing is either highly affordable, still affordable (!), or that buying a home remains a great move even if housing affordability is low. After all, they represent real estate agents, or rather, Realtors®, whose livelihood depends on selling homes, lots [&hellip

The post Chart: Housing Affordability Set to Fall Off a Cliff first appeared on The Truth About Mortgage.

Mortgage Origination Volume Up 34 Percent in 2012

What a difference a year makes. As I reported back in September, 2011 was the worst year in mortgage lending since 1995. Just 365 days later, we experienced the best year since 2007, according to data from Lender Processing Services, yet another sign things are getting back to normal. In 2012, loan origination volume increased [&hellip

The post Mortgage Origination Volume Up 34 Percent in 2012 first appeared on The Truth About Mortgage.