Archive for the 'Mortgage Loan News' Category

Rising Home Prices Means Fewer Mortgage Modifications

A few years ago ‘mortgage modification’ was a word on the minds of millions of homeowners. Today in an improving housing market, the need for such modifications to save borrowers in danger of foreclosure is shrinking. But according to the Federal Housing Finance Agency  , those who do still need help are finding fewer options available. There were 13,200 permanent loan modifications made through Fannie Mae and Freddie Mac in February of this year, down 3 percent from the month before. Of Read more [...]

Financial Firms Offer CashOut Loans Without Debt

In a new type of home equity loan, two California-based financial companies are allowing homeowners to cash out their home’s equity without the burden of debt or interest fee of traditional loans. EquityKey  and FirstREX  both offer these types of mortgage loans in exchange for a portion of the future equity of the home. The way it works is that when a homeowner wants a loan, they receive a large lump sum of money to be used any way they want. In return the homeowner sell a percentage of their Read more [...]

Tight Lending Standards Have Erased 4 Million Potential Mortgage Loans

Because lending standards have been ratcheted down so tightly since the beginning of the Great Recession, there have been roughly 4 million “missed” mortgage loans between 2009 and 2013, according to a recent study. The Urban Institute, a policy research group, found that lending standards are tighter today than they were even before the housing boom. If lenders had moved back to their 2001 credit standards when the housing market crashed, there would have been a potential for an additional Read more [...]

Mortgage Applications Jump in Latest Week

An uptick in the spring home buying market resulted in a surge of mortgage applications during the past week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage application index rose 4.6 percent during the week ended March 27, 2015, with the home purchase applications index jumping 6 percent from the previous week. Home purchase requests were also 8 percent higher than the year before. "This week's mortgage application survey falls right into line with Read more [...]

Mortgage Rates Continue Downward Plunge

Long-term mortgage interest rates careened downhill again in the latest week, according to mortgage giant Freddie Mac, the result of a handful of anemic domestic financial reports. The average rate on a 30-year fixed rate conventional mortgage fell to 3.59 percent, excluding fees, during the week ended February 5, 2015, down from 3.66 percent the previous week. The new rate is down from 4.32 percent one year. Average rates have now tied the 20-month low of 3.59 percent during the week of May Read more [...]

2014 Foreclosures Hit Pre-Mortgage Meltdown Lows

U.S. foreclosures continued to decline last year, reaching an eight-year low, according to foreclosure listing firm RealtyTrac Inc. , falling to levels not seen since the beginning of the housing crash. RealtyTrac found that there were 1.12 million homes in 2014 with foreclosures filings – default notices, scheduled and bank repossessions – an 18 percent decrease from 2013 and a 61 percent dive from the 2010 peak. One out of every 118 American housing units receiving a filing. That’s the Read more [...]

FHA To Cut Mortgage Insurance Fees

The Federal Housing Administration will significantly decrease insurance premiums for FHA-backed loans in an attempt to make homeownership a reality for more Americans. The FHA will cut premiums on the loans is guarantees from 1.35 percent of the loan value down a half percentage point to just 0.85 percent. “This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Read more [...]

Low Rates Haven’t Bolstered Mortgage Applications

Even as long-term mortgage interest rates rested near their lowest levels in over a year, it wasn’t enough to bring more borrowers to the mortgage table during the Thanksgiving week, according to the latest data from the Mortgage Bankers Association. Perhaps all the tryptophan from holiday turkeys kept potential borrowers too sleepy to take action. Whatever the cause, the MBA Market Composite Index, a measure of all mortgage loan application volume took a serious hit in the week ended November Read more [...]

Mortgage Rates Under 4 Percent for Second Straight Week

Long-term mortgage interest rates remained extremely affordable this week, according to mortgage giant Freddie Mac, slipping slightly from the previous week and staying under the 4 percent mark for two weeks in a row. The average interest rate on a 30-year fixed rate mortgage fell to 3.97 percent, excluding points, during the week ended November 26, 2014, down from 3.99 percent the week before and down from 4.29 percent a year ago. "Mortgage rates were little changed on the week with the 30-year Read more [...]

Zombie Foreclosures Still A Problem in Many States

Halloween may be over, but the U.S. is still dealing with a zombie problem – zombie foreclosures, that is. The most recent data from property intelligence firm RealtyTrac reveals that the percentage of these distressed properties increased in 16 states and 60 metropolitan areas in the third quarter. So what is a zombie foreclosure? It is a property where a homeowner in default on his mortgage moves out before the bank actually takes possession of it. Zombie foreclosures are vacant properties Read more [...]