Debbie Dragon

freelance writer
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High FHA Loan Limits Means Wealthier Borrowers Benefit

The Federal Housing Administration (FHA), an agency established during the Great Depression, was designed to help lower income borrowers and first-time homebuyers purchase homes. FHA loan limits were increased in 2008, as a result of the nation's credit crunch, when foreclosures were driving the price of homes into the ground all over the country. Home loan lenders became reluctant to lend mortgages, so lawmakers increased the FHA's, Fannie Mae's, and Freddie Mac's limits to guarantee loans and Read more [...]

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on November 8th 2011 in Mortgage News

The Housing Market Can’t Catch A Break: Home Prices Set To Take A Triple Dip

In a time when the housing market really can't afford to take much more bad news, it is being dealt another blow. According to an article on CNN Money Fiserv (A financial analysis company) says the value of homes on average across the country should fall another 3.6% by next June. This dip will bring prices to a new record low, averaging 35% below prices seen prior to the housing bubble burst in 2006. This drop will result in a triple dip in housing prices. While there are a number of factors Read more [...]

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on October 18th 2011 in Mortgage News

Freddie Mac’s Chief Executive Announces Plans To Step Down

According to an article on the Wall Street Journal, Freddie Mac's chief executive plans to step down. Charles E. Haldeman, Jr. announced this week that sometime next year he will be leaving. Haldeman has only been with Freddie Mac for a short two years and during that time numerous other executives have also moved on. It is no secret that Freddie Mac has been operating on shaky ground. The company along with its counterpart Fannie Mae were taken over by the federal government back in 2008 and Read more [...]

Mortgage Rates Remain Near Record Low

According to Freddie Mac, interest rates dipped slightly again this week, keeping rates near record lows. Rates for a 30 year fixed loan hover just above 4% at 4.10%, down from last week's 4.11%. Rates for a 15 year fixed loan remained the same as last week's coming in at 3.38%. Rates are near the lowest ever recorded with rates three weeks ago bottoming out at a mere 3.94% for a 30 year fixed mortgage. Even with the best rates we might see in our lifetime, consumer confidence is low. As a result Read more [...]

H.A.R.P is a Life-Preserver for Those with “Underwater” Loans

Mortgage rates have dropped to new record lows, and many homeowners have taken advantage of this to lower their monthly payments. It used to be you had to have the right amount of equity in your home to qualify for a mortgage refinance. Roughly 28% percent of American homeowners have "underwater mortgages", which means that they owe more than their house is worth, and previously these homeowners would not be able to refinance because of a lack of equity. The Home Affordable Refinance Program offered Read more [...]

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on September 6th 2011 in Mortgage News

Will Potential Homeowners Soon Need A 20% Down Payment?

The housing market is still in a slump with no signs of recovery on the horizon. A recent FHA survey showed that mortgage applications were down a whopping 30.8% over the last nine months despite a slight rise of 7.8% during the month of June. Even with low interest rates potential homeowners are reluctant to buy and home values continue to decline across the country. With new requirements to secure a home mortgage on the horizon it looks like the housing market could still be far from a turn around. The Read more [...]

Homeowners Shorten Mortgage Terms

According to an article on usatoday.com homeowners who refinance are looking to shorten the terms of their current loan. More Americans are tightening their belts when it comes to their finances and are looking to eliminate their debt, including their home loan. While at one time they might have gone for the lowest monthly payment possible so that they could invest the rest or spend it on a higher class lifestyle, in today's economic climate they are instead looking to pay off their loan early. According Read more [...]

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on August 16th 2011 in Mortgage News

Credit Rating Downgrade Second to Economic Concerns

Standard & Poor's downgraded the United States debt from AAA to AA+ as well as downgraded Fannie Mae and Freddie Mac, on Friday. Because Fannie and Freddie were placed under the U.S. government in 2008, they are extremely affected by economic volatility. The debt downgrade rating prompted investors to get rid of their shares of U.S. Stocks on Monday. In a more normal economic climate, these moves would result in an increase in mortgage rates, according to many experts in the field. But, because Read more [...]

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on August 9th 2011 in Mortgage News

Will Potential Homeowners Soon Need A 20% Down Payment?

The housing market is still in a slump with no signs of recovery on the horizon. A recent FHA survey showed that mortgage applications were down a whopping 30.8% over the last nine months despite a slight rise of 7.8% during the month of June. Even with low interest rates potential homeowners are reluctant to buy and home values continue to decline across the country. With new requirements to secure a home mortgage on the horizon it looks like the housing market could still be far from a turn around. The Read more [...]

US Lenders Are Faced With High Mortgage Delinquency Rates

Delinquency mortgage rates have actually dropped for the last five quarters. While that might sound promising, many would argue that it really isn’t. Currently, there are more loans within the foreclosure process than at any other time since the mortgage crisis began. According to an article on the Wall Street Journal website US banks are facing high mortgage delinquency rates and in fact according to a new report by the office of the Comptroller of Currency their delinquency rates are higher Read more [...]