Financing and Credit

Like any policy, mortgage insurance is made to provide protection to a party at risk of some loss. In this case it works to provide protection to the mortgage lender, who risks a lot of losses by giving loans to borrowers who are unable to foot the 20% down payment required of them. It is an advantage to all the parties in the sense that it protect the

With interest rates still hovering near all-time lows, and property values in many places improving but still far below 2007 highs, investing in real estate may seem like a smart move — especially for anyone squeamish about investing in the stock market. (A whopping 76% of consumers are saying no to equities, according to Bankrate’s latest Financial Security Index.)

But new mortgage lending rules , which went into effect Jan. 1, will have a direct impact on many of these investors’ plans. Credit requirements have tightened, in some cases dramatically, and lenders are now also looking at the number of leveraged properties an investor owns — not just the equity of those homes — before lending any more cash for any purpose.

February 14, 2014
Many homeowners are surprised to learn of a government lending program that could allow homeowners to refinance their homes now to ultra low rates and potentially save more than $100,000 over the lifetime of their loan.1

When homeowners visit The Easy Loan Site™ , many are surprised to still find near historically low mortgage rates. In as little as 2 minutes, homeowners can easily find out if they can pre-qualify for a low fixed rate mortgage - and the best part is that you DON'T Need an Appraisal to pre-qualify! Most importantly, qualified homeowners can compare rates from up to 4 lenders for their situation. Banks are hungry for business and are aggressively offering low rates while they are still available.

Tip:

U.S. mortgage rates for 30-year loans increased for the first time in six weeks as the two-year-old housing recovery showed signs of slowing.

The average rate for a 30-year fixed mortgage was 4.28 percent this week, up from 4.23 percent, Freddie Mac said today. The average 15-year rate held at 3.33 percent, the McLean, Virginia-based mortgage-finance company said.

February 13, 2014 in Loan Programs

Fannie Mae and HomePath are offering up to a 3.5% closing cost assistance for owner-occupant buyers and public entities who request the incentive at their initial offer during the First Look™ period, purchase a HomePath property on or before March 31 and close by May 31, 2014.

If you are interested of receiveng more info about Fannie Mae Closing Costs Assistance as well as qualifying listings, please call (321) 388-6856 or email [email protected] Margus M.

The new rules are designed to take a "back to basics" approach to mortgage lending and lower the risk of defaults and foreclosures among borrowers, according to the Consumer Financial Protection Bureau, which issued the new rules.

"No debt traps. No surprises. No runarounds. These are bedrock concepts backed by our new common-sense rules, which take effect today," said CFPB director Richard Cordray in remarks prepared for a hearing Friday.
Related: Million-dollar housing markets
Mortgage lenders are being asked to comply with two new requirements: The Ability to Repay rule and Qualified Mortgages. Here's how they will impact borrowers:
Ability to Repay.

Although 30-year mortgages have become something of the standard home loan for Americans, there are always arguments to be made in favor of a 15-year loan. Those arguments are especially strong in early 2014.

In particular, shorter mortgage loans are worth a close look when you refinance. While you may not get the immediate savings in your monthly mortgage payments that you are looking for, your long-term interest savings should run into the tens of thousands of dollars.

Here are three reasons you should consider refinancing to a shorter-term loan:

Real estate investors search for private money lenders to back their investments. Unable or unwilling to use a commercial or hard-money lender, investors turn to private lenders to finance their real estate transactions. At a time when interest on bank savings is nominal, a private money loan benefits the lender with a return that is substantially above that offered by commercial banks. The borrower benefits by the relatively easy qualifying terms, and receives short-term funds. You can find private money lenders through friends, family and professional resources.
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In an encouraging sign for the U.S. economy, a new report shows that fewer homeowners across the country are underwater with their mortgages.
In December, 9.3 million U.S. homes were underwater, meaning their value was at least 25 percent less than the mortgages and loans on the property. That figure represents 19 percent of all mortgage properties at the time of the report, published by RealtyTrac, a housing data source.
In September, the number of underwater homes was 10.7 million, and in January the figure was 10.9 million, showing a steady decrease in homes in financial distress.

Updated Feb 6th 2014 2:54PM
weekly mortgage rates freddie mac
Daniel Acker/Bloomberg via Getty Images
WASHINGTON -- Average U.S. rates for fixed mortgages fell this week as the latest data continued to indicate a pause in the housing market's recovery.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan declined to 4.23 percent from 4.32 percent last week. The average for the 15-year loan slipped to 3.33 percent from 3.40 percent.