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As LIBOR Falls, Homeowners With Adjusting ARMs Get Lower Rates

November 15, 2008

The interest rate against which adjustable-rate mortgages change is falling — evidence that the global banking system is starting to stabilize. On any adjustable-rate mortgage, the initial “starter rate” remains fixed for some period of time, and then adjusts according to some pre-determined rules. For a conforming mortgage, an ARM will typically adjust once per […]

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How To Lower Your Mortgage Rate Every Time The Market Dips

September 19, 2008

Getting a great, low mortgage rate is often a combination of luck and preparation. Consider what happened in conforming mortgages this week: Monday, mortgage rates plunged to their lowest levels of the year Tuesday, they bounced back in full Wednesday, they clicked higher by a eighth-percent Thursday, they clicked higher by another eighth-percent And so, […]

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Conforming Loan Limits Set To Decrease In Certain High-Cost Areas

September 11, 2008

Conforming mortgages are limited by loan size, based on “typical” housing costs around the country.  Since 1980, as home prices have increased, so have conforming loan limits. The current conforming limit on a single-unit property is $417,000. Earlier this year, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increase in […]

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Cancel Your PMI Before It’s Too Late To Cancel It

June 12, 2008

When homeowners borrow more than 80 percent of a home’s value, mortgage lenders often require a corresponding insurance policy called Private Mortgage Insurance. PMI provides a cash payment to lenders in the event of a homeowner defaults. But because PMI policies are designed for high LTV loans only, they usually contain cancellation options for when home equity […]

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How To Protect Yourself From Becoming A “Trigger Lead”

June 26, 2007

From the CBS News Video Web site, an interesting story for anyone who’s recently applied for credit. Credit repositories now sell the contact information of people applying for new mortgage loans to other mortgage lenders that want to compete for the business. Called “trigger leads”, an unsuspecting mortgage applicant can have his credit checked by a […]

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Are You Eligible To Get Rid Of Your PMI Payments?

May 30, 2007

If you’re currently paying Private Mortgage Insurance (PMI) and have been for several years, it may be time to petition your lender to have the PMI payment removed. Waiting for it to drop off “automatically” may mean you will be stuck with the higher payments for at least five to ten years from your original […]

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