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Credit Scores have a huge impact on one’s financial life. Knowing how to boost your score will save you many thousands of dollars over time. Your credit score can determine the interest rate you will pay on a mortgage or car loan or for a credit card. There is a difference between having a lot [...]
February 18, 2011–In a welcome turn of events the mortgage market has produced somewhat lower interest rates this week. Freddie Mac reported a 5 basis point drop for the benchmark 30 year fixed rate loan to a rate of 5.00%. The Agency is forecasting a rise in the 30 year fixed rate loan to 5.5% [...]
FHA has announced a new schedule of mortgage insurance premiums effective with loans originated after October 3rd. The up-front mortgage insurance premium (MIP) will go DOWN to 1.00% from 2.25%, and the monthly MIP premium will rise to .90% from 3 % . This change is brought about for several reasons. First, the FHA MIP [...]
Who would have ever believed that 30 year fixed-rate mortgage rates would be trading in the mid to low 4% range? Freddie Mac has predicted steadily rising interest rates the balance of this year with rates ending up at around 5.125% at year-end. Fannie Mae, which competes with Freddie Mac to buy mortgages, predicts that [...]
Wow! Now that is a mouthful. I am going to attempt to give you a brief summary of how this bill affects your next mortgage or the world of mortgages. This bill does the following: Establishes a Consumer Financial Protection Bureau (CFPB) – this new Agency will have broad authority to write rules that affect [...]
Mortgage interest rates are down again. Everyone seemed to believe that when the Federal Reserve stopped its buying program (The Fed was actively buying mortgages up until a few months back – supposedly to keep mortgage rates down) that interest rates would go up. This view gained credence due to the lopsided federal deficit and [...]
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