Harp 2 Refinance Information
Updated Oct. 9, 2013
Harp 2 refinance program that is aimed to help underwater home owners over 125% loan to value and is still in the works, due to Fannie Mae and Freddie Mac updating the AUS (Automated Underwriting System) this is due to be completed by mid March. Until then very few lenders if any are accepting Manual files, as this...

Harp 2 Refinance Information
Updated Oct. 9, 2013
Hi, I'm writing this as a continuation of yesterday's blog named Harp 2 Refinance Information. Today I wanted to explain 125% loan to value in detail, as it's a mortgage term. Basically, if your home is worth less than the amount you owe on your mortgage, then you would fall under the category known...

HARP 2 or HAMP 2
Updated Oct. 24, 2014
Home Affordable Modification Program or HAMP is getting an extension as well. HAMP's expiration date has been extended one year, till the end of 2013, the Treasury Department announced recently. Treasury announced other changes, listed below:Treasury will pay Fannie Mae and Freddie Mac for forgiving...

Pro's & Con's of Reverse Mortgages
Updated Oct. 9, 2013
Pros of Reverse Mortgages(RM):. o RM, Allows the homeowner to stay in the home. o RM, Can pay off existing mortgages on the home.. o RM, Simple to qualify for as there aren't any minimum credit score and generally no income requirements.. o With RM no monthly mortgage payments are due for as long as the homeowner...

Refinance FAQ's
Updated Oct. 9, 2013
Refinancing FAQ'sIf you have been considering refinancing your home it is only natural that you have questions. Here are the answers to some of the most frequently asked ones:. What are the Benefits of Refinancing Your Home?. Homeowners usually benefit from refinancing when they need to pay off high...

Adjustable vs. Fixed Rate
Updated Oct. 9, 2013
Adjustable-rate mortgages seem to be a relative bargain as compared to fixed-rate mortgages.Historically, there has been a 1% difference between fixed rate mortgages and adjustable rate mortgages.Today's average, conventional 30-year fixed rate mortgage rate is 3.88. The average rate for a...

To Lock or Float 2-22-2012
Updated Oct. 9, 2013
To Lock or Float, that is the question:Average 30 yr fixed rates have risen back to 4% from 3.875% for the first time in over a month. Now not a reason to panic but there is more risk than reward potential in this market and 4% is an unbelievable rate, so if you are thinking of a refinance call a mortgage broker and have...

UPDATE on HARP 2.0
Updated Oct. 9, 2013
Well HARP 2.0 is finally rolled out to the public, Freddie Mac went live on March 12 and Fannie Mae as of March 19th. Is it running they way the Government wrote it up???. That's the million dollar question and the answer is NO.. Big Banks are only doing the own loans and have added layers of risk that were not part of...

HARP 2.0 Updated
Updated Oct. 9, 2013
Just a quick update of the HARP 2.0 released in mid March: We are closing alot of loans, homeowners are saving 100's of dollars per month, with my personal best being over a thousand of month savings or 12k per year in my clients pocket instead of the lenders.. Credit score, LTV, CLTV, INCOME are all considered in...

Economic Calendar related to Mortgage Rates
Updated Oct. 9, 2013
Hi, big week this week with the Fed speaking Tuesday thru Thursday, with Greenspan speaking on Thursday to cap it off. Traders of MBS(mortgage backed securities) are looking for some key words, like another stimulus package is coming soon to keep our economy on track for this slow recovery and not let it slip back...

HARP 3.0 COMING SOON???
Updated Oct. 24, 2014
Harp 3.0 maybe coming to a town near YOU SOONER than you think...Obama Needs votes and the people and our economy need help...sounds like it match amde in Washington Heaven....... Possible highlights of the proposed Responsible Homeowner Refinancing Act of 2012 Include: oExtend streamlined refinancing under HARP 2.0 to GSE...

Mortgage Rates trending UP or are they???
Updated Oct. 9, 2013
Mortgage rates get boost from stock rallyBankrate.comBy Polyana da Costa | Bankrate.com - Thu, Jan 31, 2013 3:00 AM ES. Mortgage rates increased this week as many investors abandoned bonds to jump into the stock market rally. Is this a sign that low rates are about to become history?. 30 year fixed rate mortgage - 3...

TO LOCK OR NOT TO LOCK?
Updated Oct. 9, 2013
TO LOCK OR NOT TO LOCK THAT IS THE QUESTION:. Quite frankly, it's an oversold market. The FED whispered he might move up the easing process IF IF IF the economy continues on its slowly recovering path. Will that be the case, not so sure still at 7.5% UR, yes consumer sentiment 2 months in a row is great, but look at the...

FED PRESS RELEASE
Updated Jan. 29, 2014
Release Date: January 29, 2014For immediate release NowInformation received since the Federal Open Market Committee met in December indicates that growth in economic activity picked up in recent quarters. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate...

NEXT BUBBLE
Updated Feb. 4, 2014
The $325 Billion Dollar HELOC Time BombJanuary 23, 2014 By - Frank Garay and Brian Stevens. There are 19 lenders sitting on top of $325 billion dollars of Heloc's that are ready to reset. When they do, lenders are somewhat fearful that it may result in new defaults.. Back in 2005 there were a lot of HELOC's...

NEW version of Fannie Mae 97% LTV financing
Updated Feb. 3, 2015
NEW.....Fannie Mae Conventional 97% LTV Mortgage. Fannie Mae has expanded the maximum loan-to-value up to 97% LTV for their Conventional 97 mortgage program. This means home buyers will only need a 3% down payment to benefit from Conventional financing.. The standard Conventional 97 program is perfect for first time...