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Zimonet.com posted two articles over the past two days on how more homeowners are switching to a 15-year mortgage as a way to pay off their house and get out of debt more quickly. The articles also point out that, although it is an attractive option, it isn’t for everyone. According to information from CoreLogic, a … Continue reading 15-Year Mortgage Becoming Attractive to More Homeowners Why is someone declined for credit when their credit score is just as high, if not higher, than others who were recently approved? With so much potential loss for credit card companies, insiders say that a credit score alone is not sufficient to determine approval. So, what other factors are used to determine who will … Continue reading It’s Not Just Your Credit Score That Determines Loan Approval With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates Despite mortgage rates falling to their lowest levels in decades, applications for home loans remained stagnant, the Associated Press reported today. The Mortgage Bankers Association says that overall applications rose 0.6% from the previous week, according to the AP. Applications for refinancing and home purchases increased by seasonally adjusted rates of 0.6% and 0.3%, respectively. The … Continue reading Record-Low Interest Rates Do Nothing for Mortgage Applications In order to cover their losses on the bad loans they took in the past quarter, Freddie Mac is asking for $1.8 billion in additional federal aid, the Associated Press reported today. Between April and June, Freddie Mac lost $6 billion which could be attributed to the $1.3 billion in dividends paid to the Treasury … Continue reading Freddie Mac Asks for $1.8 Billion More To Cover Losses The Mortgage Bankers Association reported today that applications to purchase homes were up 1.5% last week compared to the previous week. This slight uptick could be attributed to the increasing volume of government loans and remarkably low mortgage rates. The unadjusted purchase index also rose by the same percentage, according to the MBA. Compared to four … Continue reading Mortgage Applications Rise 1.5% Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home equity … Continue reading Homeowners Use Cash-in Refinancing to Pay Down Mortgages Now that the Wall Street reform bill has been passed by the Senate and President Obama announced his intention to sign it into law next week, these regulations will not only affect the way commodities are traded but who can and cannot obtain a home mortgage. REALTOR Magazine recently reported that the Dodd-Frank Wall Street Reform … Continue reading How Will Wall Street Reform Bill Will Affect Mortgage Lending? Millions of Americans’ credit scores are sinking to new lows, the Associated Press reported yesterday. Data provided by FICO Inc. shows that 25.5 percent of consumers now have a credit score of 599 or below, marking them as poor risks for lenders. This could lead to those consumers being denied credit cards, loans or mortgages. It … Continue reading Credit Scores Dip to New Lows, But There is Hope |
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