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Posts tagged 'mortgage industry'
Written by: Christopher Gordon | Publish date: July 13th, 2010
A new survey recently released by Freddie Mac, the nation’s second-largest mortgage finance company, shows 30-year mortgage rates have plummeted to new, all-time lows. “With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Freddie Mac Vice President and Chief Economist, Frank Nothaft. There’s no question these more-than-friendly mortgage rates have “up’d the ante” as far as home refinancing loans are concerned. The survey, which started back in 1971, shows the average rates for 30-year, fixed-rate mortgages (the most common loan utilized) were 4.57% for the week ending July 8th, a drop [...]
Written by: Christopher Gordon | Publish date: June 21st, 2010
Those who take out home loans, guaranteed by the federal Housing Administration, may soon find themselves paying big fees as the House has recently passed a bill allowing the FHA to hike monthly premiums as they see fit. For instance, a borrower maintaining a $170,000 mortgage might possibly pay an additional $42 a month. Meanwhile, with the potential of having to deal with yet another principal limit reduction for the FHA’s reverse mortgage program, the US Department of Housing and Urban Development (HUD) is presently working on a quick solution to eliminate the necessity for the $250 million appropriation requested [...]
Written by: Timothy McFarlin | Publish date: January 8th, 2010
The Good Faith Estimate (GFE) has been used somewhat as a tool that homebuyers use to shop around for lenders. It is a break down of the costs and the total cash that the borrower will need to close the loan. In the past, lenders have created their own formats for the GFE and some have not even provided one at all. After several decades of using the GFE, the Real Estate Settlement Procedures Act (RESPA), has made some changes to and new rules for it. First of all, in order for a borrower to receive a Good Faith Estimate, [...]
Written by: Timothy McFarlin | Publish date: December 15th, 2009
Fannie Mae and Freddie Mac, the largest sources of mortgage money in the U.S., have used $111.6 billion of their $400 billion in backup financing in less than a year
