5 Secrets to Selling Your Home #5

           #5 Cleaning and Fixing!   Now that you have de-clutter it is time to clean! Attention to detail is key when selling your home. When a prospect is touring your home they will notice everything. You want to make sure that you pay attention to the smalls things that can deter a buyer.  Break out the screw […]

As FHA fees go up, the number of deals goes down

  #162984068 / gettyimages.com WASHINGTON – July 29, 2014 – The Federal Housing Administration‘s (FHA) rate increases for mortgage insurance have hurt housing sales, according to the National Association of Realtors®‘ second Survey of Mortgage Originators. Buyers have walked away and transactions have fallen through. The survey includes questions to lenders about the impact from […]

Fed agency eases rules for inherited homes

  #173885804 / gettyimages.com WASHINGTON – July 17, 2014 – The Consumer Financial Protection Bureau (CFPB) recently has clarified a rule that could have jeopardized heirs of mortgaged homes. An interpretive rule issued July 8 says that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without […]

Banks lose mortgage market share

#90079628 / gettyimages.com On June 17, 2014 – Banks lost market share over the past year, while credit unions‘ share of originations inched up and non-bank lenders made the biggest gain. The latest estimate of total industry staffing is just over 700,000. Residential loan originations were an estimated $253 billion during the first quarter of […]

Student loans killing the drive to buy homes

#492429347 / gettyimages.com On May 20, 2014 – Armed with supporting data from different sources, Consumer Financial Protection Bureau (CFPB) director Richard Cordray emphasized the need for his agency to take action on the hurdles that are keeping young Americans from buying homes. “We’re seeing more student-loan borrowers shy away from making this investment,” he […]

Mortgage availability hits 3-year high

#96614658 / gettyimages.com   WASHINGTON – April 14, 2014 – Access to mortgage credit is at its highest level in at least three years, and credit standards are expected to loosen even more this year, according to a newly released index by the Mortgage Bankers Association (MBA). MBA’s index, which tracks mortgage credit availability, shows […]

More banks lower FICO score requirements

#477955085 / gettyimages.com NEW YORK – March 31, 2014 – More banks are lowering minimum FICO score requirements in an attempt to shore up lending for underserved borrowers. Carrington Mortgage Services is the latest company to announce that it lowered its minimum FICO score to 550. It also expanded guidelines on several FHA VA, and […]

Mortgage credit a bit easier to get in Feb.

WASHINGTON – March 12, 2014 – Mortgage credit availability increased slightly in February, according to the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA). “For the third month in a row, mortgage lenders and investors slightly expanded credit offerings in February on net, as a result of offsetting factors,” says Mike Fratantoni, […]

What do buyers want in a lender? Simplicity

CHERRY HILL, N.J. – March 12, 2014 – The TD Bank Mortgage Service Index found that 69 percent of recent buyers had an “excellent” or “very good” experience with their bank or lender – up slightly from 66 percent last year. However, three in 10 recent buyers found the process less than ideal. According to […]

What happens as HELOCs start coming due? For borrowers the options range of gleeful to grim:

–  The draw period ends and new monthly payments are based on making the existing loan balance self-amortizing over the remaining term of the loan, perhaps 5, 10 or 15 remaining years. The result may be sharply-higher monthly costs. –  The loan simply ends, say after 10 years. In effect, the HELOC becomes a massive […]