home loan

Nation’s 3rd Largest FHA Lender Closes Up Shop

August 7, 2009

Taylor, Bean & Whitaker, the nation’s 3rd largest FHA lender shut down Wednesday due to allegations of wrong doing from HUD.  This leaves thousands of home owners who thought that they had their mortgage all squared away for their upcoming purchase scrambling to find new financing. This is an interview I did with Peter Busch […]

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Foreclosures Still Concentrated In Just A Few States

July 16, 2009

For the fourth consecutive month, the country’s foreclosure activity was dominated by a small number of states. As reported by RealtyTrac.com , more than 50 percent of the country’s foreclosure-related actions in June concentrated in just 3 states: California Florida Nevada The states rounding out the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado. Meanwhile, June’s reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.

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Falling Gas Prices May Be Linked To Lower Mortgage Rates

July 14, 2009

If you’ve been driving lately, you’ve noticed that the cost of a fill-up has gone down. According to GasBuddy.com, retail gas now costs $2.52 per gallon , on average nationwide

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What’s Ahead For Mortgage Rates This Week : July 13, 2009

July 13, 2009

Mortgage markets improved last week on fresh concerns about the U.S.

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Change Your Closing Date To Get A Lower Mortgage Rate

July 10, 2009

Sometimes, saving money on your mortgage is as simple as picking a better closing date. It’s all about Rate Lock Commitments. A Rate Lock Commitment is a bank’s promise to honor a specific mortgage rate for a specific period of time

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5 Purchases To Make In A Down Economy

July 9, 2009

Down economies reduce consumer spending, creating a bind for retailers.

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Fannie Mae Restricts 2-Unit Borrowing

July 8, 2009

For the first time in nearly six months, Fannie Mae is imposing strict, new guidelines on American homeowners. This time, the hardest hit demographic is owners of 2-unit homes.

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What’s Ahead For Mortgage Rates This Week : July 6, 2009

July 6, 2009

Mortgage markets were relatively calm throughout last week’s holiday-shortened trading sessions. After trading within a tight range between Monday and Wednesday, a weak jobs report helped edge rates lower into the weekend. For the second week in a row, mortgage rates ended the week lower than where they started — if only slightly.

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For The 4th Straight Month, There’s An Increase In The Number Of Homes Under Contract

July 2, 2009

The number of homes under contract to sell increased in May.

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With The Year Half-Over, How Accurately Did Economists Predict 2009

June 30, 2009

At the start of the year, the “experts” made a lot of predictions about the U.S. economy and what to expect in 2009

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In Another Good Sign For The Housing Market, Builders Are Clearing Out Their Inventory

June 26, 2009

If you only saw the headlines this week, you may have missed another positive sign in the housing market. According to the Census Bureau, the supply of newly-built homes for sale fell to 10.2 months in May, its lowest level in 10 months

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Like To Play It Cautious? Consider Rate Locking Ahead Of Wednesday’s Federal Reserve Meeting.

June 23, 2009

The Federal Reserve begins its scheduled two-day meeting this morning. It’s one of 8 scheduled meetings for the Federal Open Market Committee this year. When the FOMC meets, it discusses the financial and economic conditions around the country and, when appropriate, the group makes new policy meant to speed up or slow down the economy

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Adjusting For Cost Of Living Differences After A Non-Local Move

June 18, 2009

Moving to a new metropolitan area requires adjustments.

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What Consumer Sentiment Surveys Mean To Housing Markets

June 16, 2009

Americans are feeling better about their budgets right now, raising the possibility of a full economic recovery. According to a University of Michigan and Reuters, Consumer Sentiment rose for the fifth straight month in June.

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Pareto Principle In Action : 80 Percent Of The Country’s Foreclosures Occur In 20 Percent Of The States

June 11, 2009

The Pareto Principle is a statistical concept most commonly known as the 80/20 Rule. It says 80 percent of the effects come from 20 of the causes

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How To Receive A Cash Gift For Downpayment

June 10, 2009

Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members

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Want To Know Why Mortgage Rates Are Up Over 1.125 Percent In 10 Days?

June 9, 2009

Since Memorial Day, conforming mortgage rates have jumped by more than 1.125 percent, adding thousands of dollars to the annual cost of homeownership. To the casual observer, the moves may seem random. There’s a reason this is happening, however

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What’s Ahead For Mortgage Rates This Week : June 8, 2009

June 8, 2009

The economy posted stronger-than-expected data last week, reigniting fears of inflation on Wall Street. The positive-slanted economic news caused conforming mortgage rates to rise by another 1/2 percent last week. It marked the second week in a row of soaring mortgage rates and the fifth week out of six that rates have moved higher.

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VIDEO : How Do I Prioritize Paying Monthly Bills Versus Saving For Retirement?

June 7, 2009

Suze Orman recently appeared on The Today Show and gave 5 minutes of practical money management advice. Not everyone’s a fan of Ms. Orman, but this is an interview worth watching

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What’s Ahead For Mortgage Rates This Week : May 18, 2009

May 18, 2009

After a dreadful start to the month of May, mortgage markets improved last week, pushing mortgage rates lower overall. It was the first week since late-April in which mortgage rates fell. The biggest reason rates improved last week was because the economic optimism that was responsible for the stock market’s 30% gain since March faded somewhat

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