Image by Phil Sexton via Flickr “How long after a short sale can we qualify again?” It is a question often asked and until now the answer, with the exception of lender enhancements to Fannie Mae and Freddie Mac guidelines, has been much unchanged. With the release of FNMA’s DU 8.1 comes some huge game…
Monthly Archives: June 2010
Do Not Sabotage Your Mortgage
On Tuesday 6/1/2010 Fannie Mae put into affect “Fannie Mae’s Loan Quality Initiative”. These new guidelines that all lenders must meet on Fannie Mae loans will affect the timely closings of many mortgage transactions. The new initiative requires lenders to perform additional verifications of the borrower’s intent to occupy, social security numbers and requires lenders…
When will the Housing Market Recover? The Answer may lie in Mortgages
There are multiple resources that experts use to determine the health of the housing market. They use price indexes, new home sales, existing home sales and available inventory. However, there is one important piece of information that is not typically evaluated but is an essential piece of the puzzle. How much can people afford? …
A Scary Thought
Today I heard a couple of frank words from a “negotiator” at a major lender that made gave me chills. I’ll get to them in a moment, but it’s definitely got me thinking and worried about the future for homeowners that are facing foreclosure. A little back-story: I help homeowners for free, the ones diligent…
Christoph Schweiger Joins Mortgages Unzipped Team
Please join me in welcoming Christoph Schweiger of SunStreet Mortgage in Phoenix to the Mortgages Unzipped Team. Christoph is a native of Austria that I met a few years ago at an Inman conference. What impressed me most about Christoph was his instatiable desire for information and practical ways to apply it to his business….
Irvine is the Economy Engine at Orange County and even here has Bank Owned Homes For Sale After Foreclosure
Irvine, CA, is a great place to live, buy a home, get a job and provide for your family. See the Irvine bank owned homes and photographs – click here for free and active link to bank owned property information at Irvine, CA. Woodbridge North Lake has some great places for family activities and fun and is…
Shady Canyon, Irvine, and Some of the Spectacular Homes in Orange County
It’s a beautiful day here at Irvine and the exclusive Shady Canyon residential community. Come and visit with us at one of the most beautiful city hiking and walking trails in Southern California. Click here for free active link for Shady Canyon homes for sale information. ________________ Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine,…
Economic Data Makes Rare Appearance in Mortgage Rate Market
Mortgage rates are down. Mortgage rates are even lower! Mortgage rates are at new 2010 lows!! Mortgage rates are HIGHER!!! That's the most economical way to describe the directional movements of mortgage rates this week. Although the road was rocky (lots of reprice watching), mortgage rates generally carried strong momentum all the way into Thursday…
Stock Rally Forces Lenders To Recall Rate Sheets. Mortgage Rates Higher
Mortgage borrowing costs moved higher yesterday morning as stocks rallied and investors sold their flight to safety positions in Treasuries. Rising benchmark yields pushed mortgage-backed securities prices lower and forced lenders to increase consumer borrowing costs by a few basis points. However things turned around for us shortly after the 10-year Treasury note auction. Stocks…
Par Mortgage Rates Near Record Lows. Total Borrowing Costs Unchanged
Mortgage rates held steady near the best levels of the year yesterday as both benchmark Treasury yields and mortgage-backed securities prices moved sideways despite a late day rally in stocks. The economic calendar was a bit busier today. First out was the Weekly Mortgage Bankers Association Applications Index. The Mortgage Bankers Association application survey covers…