Mortgage applications edge up in latest week USA Today
16.12.09
Stan Humphries , chief economist at real estate website Zillow.com based in Seattle , said refinancings are being held back for various reasons. "A lot of refinances have already been done," he said.
"Those that haven't been done are likely attributable to either homeowners who aren't in a position to refinance because of negative equity, or homeowners who want to move within the next couple of years and for whom the refinance costs don't make it economically viable over that short time frame."
Negative equity — when the balance owed on a mortgage is greater than a home's market price — has been one of the biggest banes of homeowners, making many unqualified for refinancing and preventing some from selling.
The MBA said borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.92% in the latest week, up 0.04 percentage point from the previous week. The rate remained above the all-time low 4.61% set in the week ended March 27. The survey has been conducted weekly since 1990. Interest rates were also well below the year-ago level of 5.18%.
Source:
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What is the best mortgage loan company?
Mar 03, 2008 by C.C | Posted in Renting & Real Estate
my parents are looking for a loan mortgage company.
also, is it possible for different loan companies to give the same person different pre approvals? like for different amounts of money?
Different loan companies will be better then others for different people
Normally though a house will go to closing easier if you use a local mortgage company. Using a online/remote company may be harder because it's more difficult to get a hold of the loan officer or underwriter and when problems arise it could take longer to get them worked out.
Tray | Mar 03, 2008
There is no "best" mortgage company. Most lenders offer the same programs, rates, etc. However some lenders such as my company do get discount on pricing (rates) from certain banks for sending so much volume to them. To answer your question the best company is the one you feel most comfortable with. Find someone that will take the time to answer your questions and that make you feel like they are being honest. I would always get 3 quotes to keep everyone honest. You can get different pre approvals and for different amounts. It's all about the individual on the other line and how much they know about their profession. If you have any questions you can go to my website at www.alliedmd.com and shoot me an email. Craig D
Tray is totally incorrect. You are not any better going with a local company or out of state. A local company can give you the same run around. I do plenty out of state business and my clients come back for refinances or send referrals. Again it's about the INDIVIDUAL with the company, not the company itself
Craig Dowling www.alliedmd.com | Mar 03, 2008
The best way to get several company's to give you different mortgage amounts and or rates is using http://lendingtree.com they are a service that holds all of there lenders/banks to a very high standard and you will only get top notch bids for your mortgage .They will give you up to four quotes pretty fast.
igetayes | Mar 03, 2008
mortgages are local.................look into the local s&l's
richard t | Mar 03, 2008
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower<!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgages-finance.awardspace.com/
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser-->and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
Asia | Mar 03, 2008
The one that offers Trust and Experience. Shop long and deeply without looking at rates and fees first. If you shop rates and fees, you'll likely get discount costs and discount service
walkinandrockin | Mar 03, 2008
What is the lowest amount of money a loan mortgage will allow on a home loan?
Aug 09, 2007 by stacy j | Posted in Renting & Real Estate
i.e. 40,000 mortgage or 140,000 mortgage. In other words I want to buy a home for 20,000 will a morgage company give a loan for that amount? Is there a based amount for mortgage companies? I live in NC area if that helps
Here in Forest City , N.C. a bank or mortgage company will not commit to a 100% no money down loan based on the apprased value of the property. They look at it as you personally have nothing invested in the home then the chances of you letting your home go into foreclosure if times get tough is almost a sure thing . FHA loans if one qualifies can be obtained with as little as 3% down. However ; with the total collapse of " the sub-prime lending institutions" , any type loan will be under the tightest of qualification.
Barry | Aug 10, 2007
I tried to take out a 25,000 mortgage, and got told that at minimum I needed to take out a 40,000 mortgage, and that was in Pennsylvania, in 2004.
lastcaress21 | Aug 09, 2007
You can obtain home loans for virtually any amount. Just remember that loan amounts are generally based on current appraisals. Also, you generally have to put 20% down or you will probably be subject to PMI (which is mortgage insurance) which will will increase your monthly payment until you bring the balance down to 80% or the appraised value.
crustysob | Aug 09, 2007
call banks, mortgage companies and ask - everyone is different
Dr. Deth | Aug 09, 2007
I find it hard to believe that any home in the country could sell for only $20K anymore.
That loan is very small, for a mortgage. Few banks offer full first mortgages under $30-50K. The ones that do, will charge a higher rate due to the low loan amount as well.
You'll probably just need a local bank to treat it more like an equity loan.
Yanswersmonitorsarenazis | Aug 09, 2007
How do I get a loan/mortgage to buy property abroad?
Jan 09, 2007 by heyjude | Posted in Renting & Real Estate
I'm a recent graduate looking to buy a property in Turkey.
I don't have the option of remortgaging as I don't own a house.
I asked my bank about getting a personal loan/mortgage of between £25k and £35k but they won't lend money if it will be used to purchase property abroad.
Can anyone give me some advice?
Try a Turkish bank operating in the UK
BRIAN S | Jan 09, 2007
From the owner of the property.
I Know that has been practiced.
peacemakers3000 | Jan 09, 2007
I have only bought in France and foreigners are required to put in 20% of purchase price plus fees.You could try borrowing the money here on say a personal loan and using that to deposit in Turkey.I don't know the system in Turkey but hard cash translates in any language.Be careful tho' and check out all the pros and cons before you proceed preferably with a responsible Brit who has bought over there.Hope this helps.Baron
Baronlebon | Jan 09, 2007
what qualifications do i need to have or get to become a loan/mortgage consultant in Ireland?
Sep 18, 2008 by Greg Dolan D | Posted in Renting & Real Estate
Want to become a Mortgage/Loan Consultant in Ireland, what license do I need?
learn to be a good liar
Loulou P | Sep 18, 2008
How can I stop receiving unwanted loan & mortgage offers?
Jul 28, 2007 by jickwilson | Posted in Personal Finance
I am constantly getting unknown & unwanted names offering me mortgage offers loan offers.
How do I stop them sending e mails? Ia there a registry?
add their names and domains to your blocked sender list
the bad thing as soon as you block one name...they come back with 10 more...so it is a constant process.
if you are using yahoo.mail...you can report them as spam also.
good luck
Blue October | Jul 28, 2007
How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan?
May 17, 2007 by ronidl76 | Posted in Renting & Real Estate
I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?
In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.
Kim F | May 17, 2007
Every loan has an APR, what people refer to as "bad" is an ARM (adjustable rate mortgage).
An interest only loan is usually amoritized over 30yrs. But yes, you are just paying interest only & NOT paying anything towards your principal. If after 30yrs. of paying Just the interest on say a $100K loan,,,, after 30yrs. you would still owe $100K, at which time you would sell the home or just refinance. Most people do not pay interest only on the same loan for 30yrs.
If you have an interest only loan, it is because you couldn't afford to pay the principal as well when you first got the loan. You should contact the bank who holds your mortgage note & ask if you have a "pre-payment" penalty OR if it would be OK to make some payments towards your principal.
If you're currently on an adjustable rate interest only loan, it would be better & safer to refinance to a fixed loan payment. Even if it is interest only, just make sure you ARE able to, if you want, to make extra payments towards principal.
Miss Emily | May 17, 2007
In an 'interest only' loan you never pay principal down at all, just pay interest only. when the loan term is over, you still owe the principal in full. These work best when you're taking out a short term loan to, say, rehab a house that you intend to sell for more than you bought it for, so that you can reap the profit. These loans aren't for the average person. These loans are for various terms, but usually short term (1-6 months, 1 year, etc) and are almost always fixed rate.
nashdude | May 17, 2007
you can get a fixed rate of 1-30 years at interest only payments. the loan term remains at 30 years. so you can get a 5 year interest only loan based on 30 year pay back term. what this means is that the first five years you are required to make only interest payments. any amount more than that paid will get applied to principle. after the 5 year term comes up, the loan is still open but now your payments either adjust to the market at the time and/or your payments become principle and interest.
Interest only loans are good if you get them fixed for 5 years or more. it helps make payments more affordable, but you never pay down your balance. if you ever plan on moving within 10 years, dont get a loan that requires principle and interest. if you know you will never move again, then go for a principle and interest payment as long as you can afford it.
p k | May 17, 2007
The other answers are mostly correct, however no interest only loan product allows for interest only payments throughout the term of the loan. They are all limited to a pre set interest only period with 15 years being the longest period I am aware of. These loans can be fixed rates as well. The best one I know of is a 40 year loan term with the first 10 years being interest only. This basically allows you to make smaller payments for the first 10 years, then having a traditional 30 year fixed rate over the remaining 30 years. There are also no rules that do not allow you to pay towards the principal during your interest only period. Many people will take an interest only loan for the security of having a smaller payment when they need it, but paying extra to principle when their budget allows. Anything you pay extra applies directly to your principal balance which will ultimately reduce your payment once the interest only period is expired.
flamingojohn | May 17, 2007
Bachelor with kids can be approved for home loan mortgage?
Oct 27, 2008 by letty po | Posted in Renting & Real Estate
I'm a bachelor with 2 kids, i have been divorced for about 4 years now. my income is below 30000 annually. Will they approve a home loan mortgage for a bachelor like me?
See if you qualify for this program:
http://www.thegenesisprogram.org/builders_faq.cfm
What it does is pays for the down payment. Right now since it is a buyers market, it is likely that the owners will pay for closing cost, if that is a new home incentive.
1) Get your fico scores, freecreditreport.com
2) Know your credit profile, what you owe, things you can pay off in the next 6 months may not be counted at all.
3) Face the music, talk to a lender, you need to know what you qualify for now, and at what % rate in order to make the best decision for what you can afford.
4) How much can you afford? An example is that old rule of 3x your income, make a $30,000 then you can likely afford a $90,000 house, keeping the housing monthly expenses between 28 and 41% of your monthly gross income. (Still, your lender is the best source)
5) Contact HUD for a list of programs you may qualify for especially if you are a first time home buyer.
Difficulties:
If your debt to credit ratio is too high. Pay off debts, take 6 months to 1 year to pay down your debt before exposing yourself to house cost, house maintenance cost. The rule of thumb is you do not want more than 25% worth of debit based on the credit you have been approved for. An example is 1000 cc / nor more than 250 utilized credit or debt.
If your past debt is unresolved, everything you pay for when you get a house is based on your credit. Cable/SAT, phone, water, trash, sewer, propane, these companies can charge you fees depending on your credit score.
Do not buy anything (big - a car) and Do not close any credit card accounts. Credit helps you, if you close an account, now the other credit cards have to take up the slack.
An example,
$4000 CC A
$3000 CC B
The debt on $3000 credit card B is $2000. The debt on the $4000 or ccA is $3000. If you close credit card credit card B, you are now in the red for extra $1000 over what CC A can cover.
Good luck to you and your family!
Sudz | Oct 27, 2008
It will be harder because you have three mouths to feed. If you receive child support, you can include that on your application if you so choose.
Go to a good company and ask to be pre-qualified so you will know what you can do.
Sharon T | Oct 27, 2008
It depends upon a lot of things. Your debt ratio, your overall expenses and the price of the house. The rule of thumb is you can afford a house worth about 2.5 times your annual income. That's not a lot, but in some areas it can get you a nice, clean place to live.
Check online with something like Lending Tree and go to Realtor.com to see what might be available in your price range.
Cheryl G | Oct 27, 2008
Don't buy more home than you can easily afford--don't overextend yourself.
Go to local bank and get pre-approved so you know what you can get a loan for. Depends on your other debt, your credit rating, your income, your down payment.
Need 3-5% down payment and 10% is better. Need good credit.
chatsplas | Oct 27, 2008
Approval for a mortgage has little to do with marriage/single and a lot to do with income, debt-to-income ratio, cost of home, timely payment of other bills, and credit score.
The easiest start is getting your credit report and score from one of the big three (Experian, TransUnion, Equifax) credit reporting agencies to look over your credit history. You can look online for the FICO score meaning, but most agencies consider a FICO score above 725 as good.
Also, on the credit report...do you have bills that were past due by 30 days? 60 days? 90 days? Each one of those can affect your score. Additionally, the front page will tell you your overall debt-to-income ratio in percentile form.
Once you review your credit report, take it to YOUR financial institution and have an advisor look over it (usually a free service) and they can provide recommendations how to improve your score as well as whether you are a good candidate or not for a mortgage.
Hope this helps and good luck
navyswomom | Oct 27, 2008
You can always apply and ask. You can count your child support as income as long as you will receive it for a few more years.
The banks will look at your debt to income ratio, as well as your credit rating.
Do not worry about asking a bank, the worst thing they can do is say no.
Landlord | Oct 27, 2008
Being single is not a reason to not approve you. Same for having kids.
What will STOP you is the income.
If you are earning around 28,000 a year. The max you should be spending for housing is around 460 a month. A 460 a month mortgage payment = about a 50,000 mortgage, plus your down payment = the price of a house you can afford.
Real Estate Guy | Oct 27, 2008
How do Mortgage loan officers make their money?
May 02, 2007 by Bri up | Posted in Renting & Real Estate
I'm getting a mortgage loan through a mortgage company but the guy that is giving me the loan seems a little bit to excited. How much money is he making off of the loan of 170,000 and what should I look out for?
Simply put the loan officer will get paid either three ways:
1. You pay him origination points
2. The lender will pay him
3. A combination of 1 and 2
For anyone to come here and tell you that only one or two ways is the right way or how much of % should be paid is completely wrong.
Each state is different on how much on an average a borrower will pay on origination points.
In order for you to find out how the loan officer is chargin your, look at the Good Faith Estimate.
If you are paying for origination points up front, you may be getting a better rate than having the lender pay the loan officer for his commission. Although you could be getting charge at both ends.
Look carefully at the Good Faith Estimate.
SCCRealEstateUNCENSORED.com | May 02, 2007
What percentage does a mortgage loan officer make from the sell of a home?
Jul 15, 2006 by teamwewin | Posted in Renting & Real Estate
I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?
Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.
The percentage of commission varies from state to state and from lender to lender.
ps2754 | Jul 15, 2006
How do i find a job as a mortgage loan officer without any mortgage experience?
Jul 22, 2007 by dre_gh | Posted in Renting & Real Estate
I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?
I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans).
Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem.
In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences.
I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile.
One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona.
Good luck!
Quicken Loans | Jul 26, 2007
Reverse Mortgage Provision Included In Final Text of Stimulus Bill
I received a handful of emails over the weekend asking for the actual text of The American Recovery and Reinvestment Act of 2009. It sounds like there was rumors floating around that the reverse mortgage provision was removed but according to the text posted on the White House website it’s still included. See below:
SEC. 1204. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009.
For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, the second sentence of section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) shall be considered to require that in no case may the benefits of insurance under such section 255 exceed 150 percent of the maximum dollar amount in effect under the sixth sentence of section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)).
The U.S. Government Printing Office has published the final text of the legislation on the White House’s website. The reverse mortgage provision is in the Conference Report on H.R. 1 (1 of 5): President Obama is expected to sign the bill into law on Tuesday.
The American Recovery and Reinvestment Act of 2009
Boston GlobeObama Plan on Housing Said to Push on Lenders That change, sometimes described as a mortgage “cram-down,” would greatly increase the bargaining power of borrowers in negotiating new loan terms with Video: Obama's Focus On Foreclosures How Stimulus Package Would Help Homeowners Homeowners bank on foreclosure assist -
Los Angeles TimesSmaller lenders see opportunities in SBA loan programs to make SBA-backed loans because they did not make risky commitments, or participate in the derivatives and mortgage markets the way large banks did. Stimulus bill's effect on SBA programs Orlando-area mom-and-pop businesses hanging by a thread
MaktoobInvestors Look to Obama Mortgage Plan The automakers were given substantial government loans -- $9.4 billion for GM and $4.0 billion for Chrysler -- with the mandate that they must demonstrate a Meltdown 101: How a mortgage aid plan might work US Housing Plan to Fund Interest-Rate Reductions White House and major banks act on housing crisis -
Banks and other mortgage servicers have being doing loan modifications under an Federal Deposit Insurance Corp. program since the first quarter of 2008,
Globe and MailForeclosure debacle asks that everyone be part of the solution For years, mortgage investors demanded debt-laden loans with little regard for homeowners' ability to pay them. Sure, it's unfair when those who made a Banks Stop Foreclosures While Administration Finishes Plan Banks Agree To Foreclosure Moratoriums Rising foreclosure tide saps local economy - Ripple effect hurts -
Boston GlobeObama Plan on Housing Said to Push on Lenders That change, sometimes described as a mortgage “cram-down,” would greatly increase the bargaining power of borrowers in negotiating new loan terms with Video: Obama's Focus On Foreclosures How Stimulus Package Would Help Homeowners Homeowners bank on foreclosure assist -
Los Angeles TimesSmaller lenders see opportunities in SBA loan programs to make SBA-backed loans because they did not make risky commitments, or participate in the derivatives and mortgage markets the way large banks did. Stimulus bill's effect on SBA programs Orlando-area mom-and-pop businesses hanging by a thread
MaktoobInvestors Look to Obama Mortgage Plan The automakers were given substantial government loans -- $9.4 billion for GM and $4.0 billion for Chrysler -- with the mandate that they must demonstrate a Meltdown 101: How a mortgage aid plan might work US Housing Plan to Fund Interest-Rate Reductions White House and major banks act on housing crisis -
Globe and MailForeclosure debacle asks that everyone be part of the solution For years, mortgage investors demanded debt-laden loans with little regard for homeowners' ability to pay them. Sure, it's unfair when those who made a Banks Stop Foreclosures While Administration Finishes Plan Banks Agree To Foreclosure Moratoriums Rising foreclosure tide saps local economy - Ripple effect hurts -
