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Sat, 17 May 2008 22:17:00 +0000
I must have cars on my mind…maybe I should wash mine this sunny weekend. Anyhow, I’m really excited about a couple developments I’ve been working on that are coming together. Sunday Drive Just as the title implies, this article will be posted at Mortgage Porter on Sundays. I’ve invited real estate agents from around the [...]
Sat, 17 May 2008 19:33:00 +0000
Accrued Interest: Your overconfidence is your weakness An interesting post over on Accrued Interest about the Fed and the fact that the markets are anticipating that the Fed is going to raise rates later this year. He believes (and I tend to think with him) that since it’s going to take longer than 6 months [...]
Sat, 17 May 2008 02:28:00 +0000
Well, here we are on Friday again. Half way through May - wow! So what’s been transpiring in the financial world this week? It’s actually been relatively calm. A couple of reports came out:1. The Consumer Price Index came out showing that with the exception of food and oil (which [...]
Fri, 16 May 2008 23:20:00 +0000
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000. This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 45 day [...]
Fri, 16 May 2008 22:35:00 +0000
According to an announcement this morning released by Fannie Mae, effective June 1, 2008 they will be decreasing the minimum down payment required in markets that are declining. As a result consumers may purchase an owner occupied property in a declining market with as little as 3% down. Down payment requirements will vary for other occupancy, [...]
Fri, 16 May 2008 21:37:00 +0000
A number of Quizzlers have written in with some great ideas for the future of Quizzle and interesting stories about their experiences with the tool. One piece of Quizzle that really excites some folks is the free credit report and score. Some people have never checked their credit before and some haven’t checked it in quite awhile, [...]
Fri, 16 May 2008 20:33:00 +0000
New home construction rises unexpectedly in April - May. 16, 2008 A couple of important facts behind the headlines: Privately owned housing starts rose to a seasonally adjusted annual rate of 1,032,000 in April, according to the Commerce Department. The rate was up 8.2% from March’s revised reading of 954,000 but 30.6% lower than April of 2007. 30.6% [...]
Fri, 16 May 2008 09:30:00 +0000
Calculated Risk: WSJ Report: Fannie Mae to Eliminate “declining market” Rules This could be big. What this could mean (when we get the details) is that when you are purchasing a home, if it’s in a declining market, you don’t have to come up with more of a downpayment. The devil is in the details [...]
Fri, 16 May 2008 09:30:00 +0000
Calculated Risk: WSJ Report: Fannie Mae to Eliminate “declining market” Rules This could be big. What this could mean (when we get the details) is that when you are purchasing a home, if it’s in a declining market, you don’t have to come up with more of a downpayment. The devil is in the details [...]
Fri, 16 May 2008 02:01:00 +0000
You asked for it. We built it. Quizzle is now ready for all our friends who do not own a home! What you will get? Your free credit report and score, an estimate of how much home you may be able to afford, custom mortgage recommendations if you’re interested in purchasing a home, a custom big-picture [...]
We refinanced our home with Quicken Loans after looking for lenders on the Internet. The process was very smooth from start to finish. The one thing to be careful about is that we paid a fee (I think $500?) to lock in the rate and if the appraisal comes in lower you may lose the fee. Be realistic wh