Texture of the Credit Crunch, Not So Good

Mortgage brokers view of the mortgage meltdown. As a mortgage broker I can tell you that the past several years have been bludgeoned with careless ... to such as the small business owner who grosses $500,000 per year but has a bottom line of $50,000. With a decent ... credit score mortgage with no money down and no real income verification. Are you [more...]

Date: 2009-01-06 21:05:00

Blog posts (42) | Videos (19)
 

Is It Time to Refinance?

Is It Time to Refinance? Written by Credit Karma January 9th, 2009 at 7:09 AM CST 2 comments Rates are going down ... of the Federal Reserve’s and Treasury’s efforts to bolster home prices, un-freeze the credit markets ... refinancing: Have Good Credit. There are no more subprime mortgages. Most likely subprime mortgages [more...]

Date: 2009-01-08 17:50:03

Does The Most Common Refinance Problem Have A Solution?

What is the problem? It’s the shrinking value of your little bungalow ... . They have a 6.25% mortgage rate. They still have good credit, the same employment, and want to lower ... on your mortgage payment is a good thing. Check with us or a trusted loan officer to determine [more...]

Date: 2009-01-06 15:57:19

Strategic Defaults

The L.A. Times’ Ken Harney wrote this article on the study of homeowners with good credit histories intentionally defaulting on their mortgage: http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story An excerpt: * Strategic defaults are heavily concentrated in negative-equity markets where home values zoomed during the boom and have cratered since 2006. In California last year, the number of strategic defaults was 68 times higher than it was in 2005. [more...]

Date: 2009-09-30 20:43:25

Washington Post Death Spiral Watch (Joe Stephens Edition)

Outsourced to Nate of FiveThirtyEight.com: FiveThirtyEight ... of the borrower. According to current rate quotes from myFICO.com, a borrower with very good credit can expect a mortgage rate about 30 basis points better than someone with pretty good credit, and a borrower [more...]

Date: 2008-07-06 19:46:28

Widespread Mortgage Refinance (Good Credit Doesn’t Pay)

Mine won’t be one of the three million mortgages expected to get a new deal via The Bailout ... , to have the right numbers on our credit report. AND a month later when every headline ... , and took the best mortgage deal we could get. Who Wouldn’t Take an Adjustable Rate Mortgage? Because [more...]

Date: 2008-10-30 13:35:53

Tips a Home Owner Should Know Before Refinancing

by katie George Mounting debt has many homeowners considering refinancing their mortgage for the purpose of cashing out the equity to consolidate ... your real estate mortgage finance needs. Get a copy of your most recent credit report, preferable ... information on your credit report. A good clean credit report will get you the best interest rate on [more...]

Date: 2008-12-29 22:15:15

The Warning Signs Were There

Everyone knew that this was a possibility, but everyone - Democrats and Republicans - went along with the idea, ... those banks to extend home mortgages to individuals whose credit is generally not good enough ... more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings [more...]

Date: 2008-09-26 12:45:00

Economic Diffusion Works

Get out of your feed reader and comment on this post- we PROMISE that the ShamWow guy won\'t pop out when you do.. ... or limited credit. Fannie Mae and Freddie Mac maintained the bulk of the rest of the mortgage market. A borrower needed good credit and at least a 3%-5% down payment (or equity) to secure a mortgage [more...]

Date: 2008-12-14 16:16:41

Equities play catch up with credit

Good Evening: What started as trouble with subprime mortgage loans almost two years ago has now spread out and infected credits of all sorts, save the U.S. government. Perceptions about the credit-worthiness of Uncle Sam will take time ... credit markets. Whether this adjustment in the relative prices of credit and equity take place [more...]

Date: 2008-11-20 05:30:37

Refinances Booming? Not As Much As You Think

Discount all the reports you read about Americans lining up to refinance their mortgages and take advantage of the lowest rates ever ... , most often because their credit isn’t good enough or they don’t have sufficient home equity ... These are people who have good credit, who have had been in their homes a long time, people who already [more...]

Date: 2009-01-16 00:46:03

Get The Best Home Mortgage Loans

by John Bear If you are looking to refinance your current mortgage, there are several options available for you ... to obtain this loan, you must have a good credit report. Unfortunately, not all lenders are equal ... or no documentation but just by looking at a very good credit report, they reason that an applicant wouldn’ [more...]

Date: 2009-01-04 08:16:22

Home Mortgage Loans Tips

by John Bear If you are looking to refinance your current mortgage, there are several options available for you ... . But in order to obtain this loan, you must have a good credit report. Unfortunately, not all lenders ... to present the mortgage company. But there are also ways for you to obtain a loan with minimal documents [more...]

Date: 2009-01-02 16:49:29

Good News On Mortgages

Good news on getting financed! Well, it seems that things might not be as grim after all for those of you trying to obtain financing! If you have a credit score in the upper 600’s, and a minimum of 3% (going up to 3.5% in January) down, you should still be able to obtain a mortgage! Contact us if you need assistance in obtaining [more...]

Date: 2008-10-23 15:22:50

Credit Scores: How Important Are They?

3 years ago, it was possible to get a mortgage even if you had "bad credit". Today, it is very, very difficult to get a mortgage unless you have at least a "good" and sometimes a "great" credit score. 7 Vote(s) [more...]

Date: 2009-09-30 18:49:52

Buying A Home After Filing Bankruptcy

Buying a house after filing bankruptcy is a real possibility after a year ... be good enough to qualify for a conventional loan. It is also a good idea to check your credit report before applying for a mortgage. You can get an annual free report from any of the three reporting [more...]

Date: 2008-11-23 21:15:25

MortgageNewsClips: CA Foreclosure Predicts, FDIC- Show Me the Money, John Burns, Kohn Speech, Finger Length and Testerone, Contra Trend, Jody Shenn, Toro Chart Series, Bottom is Near, 3.5 is Possible, Positive Traction, 3 more, IRA Has 4

   clear explanation and good charts - Mr. Mortgage: Dec CA Foreclosure Report - Defaults up 100% - December CA Mortgage Defaults Up 100 ...     yahoo-news 1.  Study Cites Early Testosterone Exposure -  In addition to subprime mortgages, credit [more...]

Date: 2009-01-15 00:56:39

Shall We Call it a Depression Now?

Today's employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September -- for a total of over 1 ... . And many are worried as well about their mortgage payments. So consumer spending is also falling off ... who are still good credit risks. Second, a stimulus package must be enacted right away. It needs [more...]

Date: 2008-12-05 14:58:00

The Essentials of First Time Home Mortgage Loan Borrower

by Matthew Sanz Property ownership and buying a home for the first time can be an exciting yet mind-boggling experience ... ? 1. Good credit report: Your credit report will let lenders determine whether ... purchasing property? - Improve your credit report - Avoid [more...]

Date: 2008-12-26 09:13:23

It is soooo coold.. brr. Post Roundup

YEAH! Its melting Creative Commons License photo credit: *Micky The past few days have been extremely cold here in Minnesota, ... With Good Ones Time To Chck Your Annual Credit Report! Problems with Gift Receipts? Debt? What Debt? Mortgage Refinance Rates Continue to Fall The New Frugal Forum @ frugalhacks.com Free Advice [more...]

Date: 2009-01-14 16:21:15

The Gasoline Tax And The Renaissance Of The Bicycle

With the rise of the US automobile industry, the bicycle almost disappeared as a means of transportation in America ... -guzzling ways." It's better to use the money for mortgage payments, credit card debt, or a rainy day ... American public roads in good repair. They determined that the deficit between revenue and expense [more...]

Date: 2009-01-02 00:31:42

Mortgage Rates Fall to Record Lows

Rates are at their lowest level in decades, but mortgages remain elusive for most homeowners and hopeful buyers January 15, 2009, ... that the government would buy up to $500 billion of mortgage-backed securities backed by Fannie Mae, Freddie Mac ... as homeowners with good credit and equity in their homes—an unusual combination these days—rush to lock [more...]

Date: 2009-01-16 13:41:00

Tuesday morning links

TOP STORIES Cost of crash: $2,800,000,000,000 - Guardian August Home Prices in 20 U.S. Cities Fall 16 ... below $2 a gallon - USA Today HOUSING Good credit? Home loans no longer a sure thing - USA Today ... Mortgage Delinquencies Building, Again - Housing Wire FED/TREASURY/BANKING Libor Falls as Central-Bank [more...]

Date: 2008-10-28 13:23:00

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

Fannie and Freddie to Announce Mass Loan Modification Program

re-default. This may also further erode investor confidence in residential mortgage backed securities, ... monies to put towards housing payments. Step 3) Start Improving Your Credit Rating This can take a long ... you pay your bills on time, that you have good credit.  Paying your bills on time only accounts for 30 [more...]

Date: 2008-11-11 19:02:07

Taking Home Mortgage Loans

by John Bear Planning to refinance your current mortgage? There are actually several options that are available for you ... loan approval solely on credit scores. In order to obtain a no doc loan, you must have a very high ... at a very good credit report, they reason that an applicant wouldn’t just do anything bad to tarnish [more...]

Date: 2008-12-31 15:42:48

PS: Tell me I'm not the only bitter one in this crap economy!!!

Oh how i love me some reader mail! This one comes from a fellow budgets lover who just wanted to know that she's not the only crazy out ... of us have one credit card that we keep a maximum of $1000.00 on just to keep our credit looking good ... and they just bought a semi decent house for $95,000!!!!!WTF, her mortgage is only $500.00, she [more...]

Date: 2009-01-15 16:04:27

How To Refinance Commercial Mortgages

Commercial mortgages are often taken by people when they need money in order to invest in some commercial venture ... to repay their outstanding loans, and thus be able to maintain a good credit. While giving serious ... for refinancing. Although commercial lenders do not prefer providing refinancing to people who have bad credit [more...]

Date: 2008-12-15 19:04:37

Taking Home Mortgage Loans

by John Bear If you are looking to refinance your current mortgage, there are several options available for you ... and loan amount. The lender will then base loan approval solely on credit scores. In order to obtain ... with little or no documentation but just by looking at a very good credit report, they reason [more...]

Date: 2009-01-02 16:59:45

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

Operation HOPE Founder and U.S. President's Advisory Council on Financial Literacy Vice Chairman John Hope Bryant Issues Public Statement Commending HUD Action to Simplify HUD Mortgage "Good Faith Estimate"

Bryant Is Also Chairman of the President's Council Committee on the Under-Served LOS ANGELES, CA--( ... agencies, non-profit organizations, academics, foundations and private sector bankers and credit union executives, was a Committee-approved report which outlined several "make sense" recommendations [more...]

Date: 2008-11-29 02:09:20

Selecting From These Monthly Magnificent 7 For Round 2.

Pipe in if you want. LarThese are the final monthly nominees to compete to go on to round two ... For A Mortgage When One Spouse Has A Low Credit Score  By Searchlight Crusade: here are several ... must qualify, credit score-wise. The way around this is a quitclaim to the spouse who has a good [more...]

Date: 2009-01-15 10:19:45

Mortgage Market 101

With mortgage loans, as with any other complex subject, it’s a good idea to understand the basics, including the terminology ... in our current credit crisis. So, with over 20 years in the business and my own firm, I guess I’ [more...]

Date: 2008-10-01 13:20:10

Finally: Republicans Finger Democrats as Responsible for Fannie/Freddie Meltdown

—Ace Good video report from Jim Angel at FoxNews. It should be noted that "Republicans" do not include "McCain ... guaranteeing a trillion new dollars for no-money down car purchases with no credit checks or proof ... . Millions of credit-poor homebuyers -- with erratic and unverified incomes -- now have mortgages [more...]

Date: 2008-09-24 00:11:22

New Year’s Resolution - Get Out Of Debt

I thought I’d share a little story with you on New Year’s Resolutions ... is to finally get out of credit card debt”. I wasn’t sure we were going to be able to accomplish it, since ... been able to pay off our car loan. It’s a good feeling to know that our only debt is our mortgage [more...]

Date: 2009-01-16 20:10:12

The next debt crisis -commercal mortgage market set to collapse in North America in 2009-2010

Two weeks ago, I mentioned that about a dozen financial bubbles are about to burst. Here's a good reliable leading economic proxy indicator that doesn't get enough credit ... in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages." ... a report [more...]

Date: 2008-11-30 02:18:40

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

Mommy Auctions New and Used Baby Clothes Discount Children Clothing Baby Kids Consignment Affordable Maternity Clothing Boys sz 6 TCP Tropical Print Camp Shirt EUC Auction ID 225998

Even worse, trans fats lower high-density lipoproteins (HDLs, the good cholesterol), which is needed to help the body eliminate LDLs ... up unwanted calories. The best way of getting rid of paying mortgage insurance if you choose to pay ... , or say, but what we do that really matters. Therefore, if a credit card company can supply students [more...]

Date: 2009-01-17 00:35:18

Good News For Buyers Is Always Bad News For Sellers

The Desplains Times reports from Illinois. “Last month Dan decided to stop paying his mortgage. It was hard for him ... keep dropping,’ he said. ‘They go down by about $5,000 every month.’” “Dan’s credit score has been reduced from 750 before he purchased his townhouse to about 600 now, but he’s philosophic [more...]

Date: 2008-06-12 14:48:03

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

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

Obtain Helpful Recommendations About Orlando Realtor

Part I Step 1: Spiff up your credit Good credit can lower your mortgage interest rates, potentially saving you hundreds of dollar a month ... . Order a credit report (usually free online). You can dispute any mistakes, but the most important thing is to build up good credit from here out. Lenders want clients who can pay bills on ... [more...]

Date: 2008-12-31 00:00:10

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