N.J. man learns modifying mortgage to cut payments may impair credit rating

by Moe Bedard on September 29, 2009 · 0 commentsin American Nightmare To confuse consumers even more, not all lenders follow the guidelines.That may change on November 1, when lenders can use a new code to report them as a “loan modification under government program.” The code will clarify which borrowers have taken modifications, but because the modification process itself is not streamlined, it won’t be the only worm squiggling out of the can.The bigger impact on credit scores may depend on how [more...]

Date: 2009-09-29 13:48:05

Blog posts (38) | Videos (79)
 

Friday’s Rates

Mortgage rates continue to be very volatile.  They are improved from last week’s rate report yet higher than the low point (mid 5’s for 30 year) ... properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score ... .  Pricing based on credit score of 620 or better [more...]

Date: 2008-09-12 21:26:07

Mortgage Interest Rate Drop Possible with Treasury Intervention

Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S ... for the lower rates. There are already a number of additions to rates due to credit score, loan ... is enormous. We saw the results of the investment of $600 Billion into the MBS market last week [more...]

Date: 2008-12-04 07:30:46

Last Mortgage Rate Update of 2008

Mortgage rates are essentially unchanged from what I posted here last week ... properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score ... Fixed @ 1 Pt: 5.250% (APR 5.329%)  FHA.  Pricing based on credit score of 620 or better and loan [more...]

Date: 2008-12-26 19:22:20

FICO Fitness Fundamentals

A FICO score is the number that determines the interest rate you pay on credit cards, car loans and mortgages ... credit bureaus: Equifax, Experian and TransUnion. The FICO score is linked to just about every ... in your favor) Don’t apply for any new credit cards Review your credit report periodically to make [more...]

Date: 2008-11-25 16:08:53

Friday’s Rates on Thursday

Huh?  Since tomorrow is Independence Day, the bond markets will be closed…so I thought I would provide you with mortgage rates on today ... with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan ... .   We also had the Jobs Report released today which reported a loss of 62,000 jobs [more...]

Date: 2008-07-03 18:00:27

Mortgage Rates on a Friday Afternoon

Changes to rate are noted with a  :)  for a rate improvement or :(  when rates are higher than what I posted last week ... properties).  The conforming rate quote below is based on owner occupied with a minimum credit score ... @ 1 Pt: 7.750% (APR 7.656%) worse 0.25%  :( FHA.  Pricing based on credit score of 620 or better [more...]

Date: 2008-08-08 22:33:56

FHA Streamlined Refinance - Lower your Rate and Payments Without Credit Qualifying or a New Appraisal

With rates near an all time low, refinancing has become a big thing again ... refinance: No credit qualifying. This is not credit score based and it is not even necessary to pull a full credit report. Your mortgage does need to be up to date, and current and we will look [more...]

Date: 2008-12-30 16:30:24

Refinancing Your Mortgage

Refinancing Your Mortgage Posted by Internet Guru at December 7, ... credit record, but you need a credit score of 720 to access the lowest interest rates. You must fully ... will buy up to $600 billion of mortgage debt. BusinessWeek’s personal finance editor Lauren Young spoke [more...]

Date: 2008-12-07 14:19:44

Mortgage Rates January 15, 2009

The Producer Price Index (PPI) came out and reflected virtually no inflation on the wholesale side of things ... payment, 740 credit scores, and verifiable income and assets. Rates vary based on borrower profile ... of this report will likely have a significant affect on the markets. I would say that today is a good [more...]

Date: 2009-01-15 20:03:13

Refi Problems

While mortgage rates may be a historic lows the screening that lenders are doing are stricter than ever ... rates, you'll need a FICO credit score of 720 or higher, says Cameron Findlay, chief economist ... it's not worth the trouble. ...If you have a home equity loan or line of credit, you'll probably need [more...]

Date: 2009-01-16 13:13:00

Rates for Friday Afternoon

Mortgage rates are much improved since what I posted last week.  Wednesday and Thursday were rough on the markets as traders braced (and rightly so) for a stinky Jobs Report.  Bad news typically (but not always these days) equals lower rates ... quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase [more...]

Date: 2008-11-07 21:38:07

Mortgage Rates for Friday Afternoon

This morning’s Jobs Report was even worse than expected with 533, ... s report.   Mortgage rates are much improved over the last rate post (pre-Thanksgiving) and slightly ... ).  The conforming rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full [more...]

Date: 2008-12-05 21:22:25

Mortgage Rates for Friday Afternoon

Compared to the past few weeks, this week seemed a little more calm with regards to mortgage interests rates.  30 year fixed hung around 5.875 - 6 ... is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase with a sales ... of the year, check in with your mortgage professional.  Some lenders are beginning to either pull [more...]

Date: 2008-11-14 22:14:30

Just Tricks…No Treats for Friday’s Rates

Mortgage rates continue to trend upwards like mummies crawling out of their graves.  (Sorry…bad reach. Booooo).  October has been terrible for rates! ... and FHA jumbo loans.    We’ll end next week with the goulish Jobs Report.  Most traders should ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-31 19:48:17

Mortgage Rates: Crude and Unemployed

Today’s Job’s Reports revealed the highest unemployment in twenty years ... below is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales ... .   Bad news with the Jobs Report is what’s keeping mortgage rates from teetering significantly [more...]

Date: 2008-06-06 19:11:41

Good Time To Ask About Refinancing Your Mortgage: I Might Save $50,000!

With the rate drop yesterday, mortgage rates are at amazing lows. People in the office are bragging about locking in 4 ... . (Especially if you have a good credit score and a loan-to-value ratio below 90%.) My favorite source [more...]

Date: 2008-12-18 11:53:02

Rain City Friday Rate Update

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000.  This scenario [more...]

Date: 2008-12-12 21:18:32

Barriers and Problems Refinancing a Home Mortgage in 2009

My quest to refinance my home mortgage continues. Rates are around 5.00% with no points for a 30 year fixed, last I checked ... based on LVT ratio, credit score, and loan type. For instance, take someone with a 95% LVT, good ... Fannie Mae and Freddie Mac underwriting guidelines must have an LTV ratio of 80% or less. Higher LTV [more...]

Date: 2009-01-14 11:00:51

Rates on a Rocky Ride

It’s been tough on mortgage backed securities this week ... properties).  The conforming rate quote below is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 [more...]

Date: 2008-07-18 16:12:47

It’s time to refinance ~ but is your home worth enough to get that great low rate?

Short sales, Bailouts, Mortgage Reductions…there are all kinds of programs being talked about, ... .  But I have a question.  What about the homeowner who has never missed a payment, has a great credit score ... it would be simple with a history of a lifetime of great credit, right?  Nope.  Not if your home [more...]

Date: 2009-01-17 04:16:58

Friday’s Rates following the Rescue/Bail Out

There have been so many factors that typically influence the direction of mortgage rates over this past week, it’s amazing.  Just this morning we had another dismal Jobs Report with a greater loss than expected ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-03 21:29:05

Mortgage Rates following a Dismal Jobs Report

This mornings Jobs Report was ugly. 240,000 non-farm jobs lost in October (higher than the expected 200,000) and unemployment at 6.5% ... with a sales price of $500,000 and a loan amount of $400,000. Rates are priced based on a low-mid credit score [more...]

Date: 2008-11-07 16:48:53

Posts about Mortgage Market Report as of January 14, 2009

Flagstar Bank 12 to 14 month Promo CD Rate - monitorbankrates ... Online Banking Getting a Copy of Your Credit Report Islamabad An overview of housing in Pakistan ... your personal credit report to ensure that your credit score has improved. Lenders … . Read this article [more...]

Date: 2009-01-14 12:23:49

Checking Out Current Mortgage Refinance Rates

Inspired by Jim’s recent efforts to research a possible refinance, I decided to drop by LendingTree to see what they have to offer ... offers that don’t take into account your credit score, etc. He further stated that he could do much [more...]

Date: 2008-12-23 20:55:28

Rain City Mortgage Rates

Just a reminder that next Thursday is Thanksgiving and banks will be closed.  Our office will be closed until Monday, December 1, 2008 ... with a mid-low credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan ... a mortgage with loan amounts of $417,001-$567,500 by the end of the year, please check [more...]

Date: 2008-11-21 22:37:18

Mortgage Mania 19 - The Jumbo Strikes Back

Amid all the celebration and hullabaloo associated with the recent drop in conforming interest rates as a result of the Treasury Department taking ... be willing to buy those that are considered low risk (excellent credit score, low loan-to-value ratio [more...]

Date: 2008-09-09 19:08:17

Basic Credit Scoring 101 For A Better Mortgage Rate

by Rob Kosberg Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education ... balances should hold steady at no more than 30% of the card limit. The credit bureau believes ... is one of the major credit scoring companies. All can learn from the numerous pages of financial tips [more...]

Date: 2008-12-30 08:22:00

Confusing Consumption With Investment

People are now waking up to the fact that what that real estate investment guru was pitching at the seminar wasn’t necessarily an "investment": ... of resources.Card credit credit score Credit repair forum Providian credit card application Va home mortgage loan rate Purchase prepaid credit card Christian consolidation counselor debt Experian [more...]

Date: 2008-06-24 14:10:35

Bad Credit Doesn’t Have To Mean No Loan Help

Everyone faces unavoidable financial problems at some time and find that they are in an impossible situation and unable to meet their obligations ... rate for a home mortgage loan will depend upon your credit rating. If the credit score is 600 ... , but that is not necessarily true. There are two types of bad credit personal loans, secured and unsecured. [more...]

Date: 2009-01-16 09:36:37

Mortgage Rates for Friday Afternoon

Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as  you’ll see by the ... rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” ...  0.325% to rate FHA.  Pricing based on credit score of 620 or better and loan amounts [more...]

Date: 2009-01-16 21:28:17

Home loans

by Tom Martens For the vast majority of us, homeownership means a monthly mortgage installment ... this rate, your credit history and credit score are major factors in whether your bank considers ... the best option for you. Administration fees payable every month differs with each loan, so check [more...]

Date: 2009-01-16 14:53:39

The Importance of GOOD Credit

by Rob Kosberg We all should know that good credit is a “must have ... to get a loan, a mortgage, credit card depends on a good credit rating. Our “Credit Score” is most ... FREE Guide on Maintaining and Repairing your Credit [more...]

Date: 2009-01-03 12:23:01

Mortgage Interest Rates Hit New Lows

Mortgage interest rates are sitting at about the lowest they have ever been. The averaged 30-year fixed rate loan is hovering at about 4.97% and the average 15-year loan is sitting at just 4.25% as of the week of September 25 th , 2009. These banner rates will be available to consumers with good credit scores, have significant home equity, and know how to shop around for the best deal. If you meet this criterion, it’s an absolutely great time to refinance your loan. [more...]

Date: 2009-09-30 17:45:59

Mortgage Rates — More Changes Coming Soon!

Mortgage rates have improved but continue to be volatile.  Today’s rates are actually up about 0.125% from yesterday ... properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score ... ?  Those with 40% down (home equity), 740 plus credit scores with taxes and insurance included [more...]

Date: 2009-01-09 21:22:08

Mortgage Rates

Mortgage rates are slightly improved from last Friday’s rates by about 0 ... %)   0.125% to rate FHA.  Pricing based on credit score of 620 or better and loan amounts ... entice you to buy? Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties [more...]

Date: 2008-12-19 18:21:45

Home loan

by Tom Martens Before starting the homeownership or monthly mortgage installment ; ... to the prime rate set by the Fed. When determining this rate, your credit history and credit score are major ... online home loan calculators on financial or property websites to start working out what your payment [more...]

Date: 2009-01-16 14:42:11

Friday’s Mortgage Interest Rate Update

The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt) ... is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales ... %) improved 0.25% to rate.  :) FHA.  Pricing based on credit score of 620 or better and loan [more...]

Date: 2008-08-29 21:09:42

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