With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. As a result, the process of underwriting and approving new mortgage applications is taking some conforming [...]
Read More RefinancingMortgage markets are like any other market — in order for goods to change hands, a buyer and a seller must first reach an agreement to “trade” at a specific price point. In general, the more buyers and sellers there are for a particular item, the easier it is to find that “fair value” and [...]
Read More shopping for a mortgageFor most Americans, mortgage interest paid on a home loan is tax-deductible in the year in which it was paid. With advance planning, therefore, homeowners can increase their 2008 tax deductions and limit their tax liability on April 15. The key is to make the January 2009 mortgage payment before the New Year begins. In [...]
Read MoreBusiness television is abuzz this morning with talk of “four-point-five percent mortgage rates”; the clip above ran on NBC Today. The news stems from a leaked story that the U.S. Treasury will intervene in the mortgage market, lowering rates a full percentage point below their current levels. As cited by every journalist in every publication, [...]
Read MoreBe Informed Don’t sign an application or contract without understanding all the terms of the loan. Originators should be willing to explain all loan terms and conditions. No Pressure Don’t allow yourself to be pressured into a loan. Reputable mortgage originators strive to make consumers aware of and comfortable with their loan options. Use Caution [...]
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