Tag Archives: Loan

Credit Score to Rise to 640 for a Mortgage Loan

Written by: - October 13, 2009

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13 October 2009 ? If you thought it was tough getting a loan before? well? it just got tougher. For those in the market to purchase a property the job of doing so just got more difficult. Due to the financial meltdown and poor loans given out in the past, Fannie Mae and Freddie Mac […]

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What’s the Minimum Credit Score for a Mortgage?

Written by: - September 3, 2009

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What’s the Minimum Credit Score for a Mortgage?

Do you know what the minimum credit score is to qualify for a home mortgage? Currently it?s a mid credit score of 620, but this may change very soon to 640. In fact, some banks have already stopped taking loan applications with a 620 mid score. What’s a Mid Credit Score? When applying for a […]

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Written by: - August 19, 2009

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19 August 2009 ? The Federal Housing Administration?s 203(K) loan is gaining popularity as more and more distressed homes are entering the marketplace due to foreclosures and short-sales. According to data released last week by the Office of the Comptroller of the Currency, more than 11,000 loans have been insured thus far this year: a […]

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The Hazards of Buying and Selling Short-Sale Properties

Written by: - July 22, 2009

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The Hazards of Buying and Selling Short-Sale Properties

Not since the post-1987 stock market, have so many sellers been ?upside down? on their mortgages. Unlike this early 1990?s real estate market, when sellers commonly would bring money to closing to make up the difference, banks are now commonly willing to forgo part of what is owed to them to get the liability off […]

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Current Tough Market Not Only Sub-Prime Loans’ Fault

Written by: - July 15, 2009

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15 July 2009 ? According to a recent article in the Wall Street Journal, Stan Liebowitz, University of Texas Economics Professor, shared his findings on mortgage foreclosure trends since 2007. Overall, Liebowitz learned that sub-prime mortgage lenders are not the primary cause of current market conditions, and in essence, debunked the prevailing belief that these […]

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Today’s Mortgage Rates in the 5% to 5.375% for Qualified Buyers

Written by: - July 6, 2009

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6 July 2009 ? Today the mortgage backed bonds opened up 6bps. Right now we are currently down 6bps. The Dow is down 67 however, and that is not really giving any steam to a rally for the bond market. The mortgage backed bonds are at a resistance level as we have seen the rates […]

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Today’s Mortgage Rates Continue to Trend Lower

Written by: - June 25, 2009

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25 June 2009 ? Mortgage backed bonds opened up 19 this morning and continued to trend up to a positive 41! Mortgage Bonds may be rallying as the unemployment continues to rise with 15,000 more jobs lost than forecasted. Yesterday?s announcement by the FED that they will keep the Prime Rate close to zero (0) […]

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How to Fight Foreclosure

Written by: - May 29, 2009

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How to Fight Foreclosure

So, you are facing foreclosure, and are worried and scared and don?t know what to do? Well, you are not alone. Millions of people nationwide have been foreclosed on or will be soon. There?s been all kinds of blame and finger-pointing (see my Who?s to Blame post for further info on that), but that’s not […]

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Paying For Green – Part 3 of Our Going Green Series

Written by: - May 8, 2009

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Paying For Green – Part 3 of Our Going Green Series

I’m going to assume that the family interested in going green does not have the cash available to pay for all the costs of an energy efficiency renovation all at once. You don?t want to use a credit card to finance the purchase, as the interest that you would pay makes the entire process much more costly than needed. So where can you turn?

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Mortgage Rates Inched Downward on Tues. and Wed.

Written by: - May 6, 2009

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6 May 2009 – Stocks have crept upward this week, with the Dow being above 8,400 Wednesday morning. Tuesday and Wednesday mortgage rates have inched downward very slightly. Did you know? 1) For quite some time now, conforming and FHA fixed rates have been as good, or even better than, adjustable rates. 2) Many parts […]

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What Is a Rate Lock and How Does It Affect My Loan?

Written by: - April 30, 2009

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What Is a Rate Lock and How Does It Affect My Loan?

Almost anybody who has ever purchased a home, or refinanced a mortgage has probably heard of a ?rate lock? or ?locking the rate.? However, what does it mean to you, the borrower, and how can it affect your financing?

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How and Why To Refinance a Mortgage

Written by: - April 24, 2009

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How and Why To Refinance a Mortgage

Why should I refinance? The obvious answer is that it will save you money. But it?s more than just your monthly payment going down. You might say, ?But Brad, I have no problem making my payments right now, why should I bother??

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Float Your Mortgage Loan Lock

Written by: - April 23, 2009

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23 April 2009 – We are recommending a “floating” stance for mortgage loan locks today. Existing home sales were reported at slightly lower than expected which, although not far from expectations, was still below the quiet optimism that had been building in the market place. Initial jobless claims were in line with market expectations; however, […]

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