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Cashouts accounted for 78 percent of third-quarter refinances, Freddie Mac reported. During the first nine months of 2008, about $99 billion in home equity was extracted. That was only about half the level during the same period last year.
Deducting rental expenses
Rental condo expenses don’t have to be offset by rental income, says CPA George Saenz.
Rates Higher, Apps Lower
The average 30-year fixed-rate mortgage was 6.5 percent in Freddie Mac’s survey of thrifts, commercial banks and mortgage lending companies for the week ending Oct. 30. The 30-year soared 42 basis points from the prior week. Overall 1003 applications jumped 17 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 24. The increase in loan applications reflected last week’s decline in mortgage rates.
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The National homeowner vacancy rate rose to 2.8% in the third quarter, unchanged from the previous quarter, the U.S. Census Bureau reported on Tuesday. National vacancy rates for rental housing rates dipped slightly to 9.9% from 10.0% in the second quarter of 2008. The rental vacancy rate was higher than the third quarter rate last year, coming in at 9.8%… Read More Now
Finding money to save
Planning can help you find money to put into savings.
Over 1,000 Recent Mortgage Layoffs
A review of employment data in several states indicates that mortgage-related companies have filed Worker Adjustment and Retraining Notifications in anticipation of 1,052 layoffs by Dec. 31. Among the layoffs were nearly 400 disclosed by Washington Mutual in Florida and California. Wachovia Corp. reported that it would layoff 165 Florida employees by Dec. 31.
FOMC Unanimously Votes to Cut Target Rate 50 Basis Points to 1.00%
The Federal Reserve announced Wednesday that it would cut the Federal funds target rate by half a point, as widely expected, to 1.00% . The accompanying statement said economic activity had decreased markedly from a decline in consumer expenditure. Read More Now
Fed Widely Expected to Cut Rates 50 Basis Points to 1.00%
It is widely expected that the Federal Reserve will cut the Fed funds rate by 50 basis points to 1.00% on Wednesday, the lowest level since June 2004. Fed watchers expect the vote to be unanimous and the accompanying statement to echo the “wait-and-see” approach seen in previous months. A joint statement from the banks read: “Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has… Read More Now
Thrift-store bargains offer thrills
Shopping at thrift stores enables this busy “mompreneur” to live a life of “riches.”
FDIC Unveils Incentives to Mortgage Industry to Amend Loans
Federal Deposit Insurance Corp. Chairman Sheila Bair announced that the agency has created a program to offer economic incentives to the mortgage industry to amend loans and aid borrowers avoid foreclosures. Read More Now
Former Fed Chair Volcker Says “No Doubt” U.S. is in Recession
There is no doubt the U.S. economy is in recession, caused by slowing consumption spending and excessive debt, said former Federal Reserve Chairman Paul Volcker on Tuesday. “I don’t think there is any doubt we are in a recession,” Volcker said in Miami Beach, Florida. “We should have seen it coming.” Read More Now
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MEM Financial Solutions LLC filed a voluntary petition for Chapter 7 Bankruptcy on Oct. 23. Shares of MEM had been publicly traded on the Pink Sheets under the symbol MFSN. In January 2006, the company’s president projected that the number of employees would increase by 100 over the next year-and-a-half.
Branch Operation Calls it Quits
Ace Mortgage Funding LLC closed its branch offices last week. Assistant vice presidents who managed branches at both ends of the country told MortgageDaily.com that at least one branch was closed Thursday, with the remainder closed down on Friday. “Ace closed all of its offices and shut down Friday,” one of the two said, estimating that as many as 21 offices may have been closed as part of the shutdown.
Throwing a Halloween party
Thrill your guests, young and old, with these budget-savvy party tips.
Save money by growing your own food
Growing some of your own food saves money, and you don’t need a big plot of land.
Reverse Mortgages for Purchase Transactions
The Housing and Economic Recovery Act of 2008 enables qualified borrowers to utilize home-equity conversion mortgages to purchase a home, according to a mortgagee letter from the U.S. Department of Housing and Urban Development. Acceptable properties include owner-occupied 1- to 4-unit homes. Aside from a first and second HECM lien, there can be no other liens against the property.
Wading through mortgage mire
In the last week, the average rate on a 30-year fixed has gone up about three-quarters of a percentage point.
Buy your own mortgage bond?
When you own a mortgage-backed security, you don’t own any mortgages. You own the right to receive the principal and interest payments.
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A woman should clean up her credit score before trading in a car, says Bankrate car columnist Terry Jackson.
New Home Sales Rise 2.7% in September
New home sales in the U.S. rose slightly more than anticipated, moving up 2.7% in September to an annual pace of 464k, yet the previous month’s tumble was revised downward to a 12.6% decrease, according to a report from the Commerce Department on Monday. Economists were expecting September data to fall 2.2% to 450k, from the originally reported August figure of 460k, which got revised down to 452k. Read More Now
Monday’s Events: U.S. New Home Sales, Bond Auctions, ECB’s Trichet
New home sales and a series of bond auctions are the highlights of Monday’s economic events along with comments from European Central Bank President Jean-Claude Trichet speaking in Madrid. At 9:55 a.m. EDT, European Central Bank President Jean-Claude Trichet will speak at an event organized by KPMG in Madrid. Read More Now
Reverse Mortgages for Purchase Transactions
The Housing and Economic Recovery Act of 2008 enables qualified borrowers to utilize home-equity conversion mortgages to purchase a home, according to a mortgagee letter from the U.S. Department of Housing and Urban Development. Acceptable properties include owner-occupied 1- to 4-unit homes. Aside from a first and second HECM lien, there can be no other liens against the property.
FDIC Chair Promotes Increased Incentives for Mortgage Modifications
While the media today focused mostly on the testimony of former Federal Reserve Chairman Alan Greenspan before the Senate Banking Committee, there was other news coming out of the hearing. Federal Deposit Insurance Corporation Chairperson Sheila Bair told lawmakers about her plans to use methods pioneered by several existing programs to encourage mortgage servicers to increase the pace of loan modifications for homeowners facing foreclosure. Read More Now
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A man furious with his wife will have to live with the car she bought, says Bankrate car columnist Terry Jackson.
Freddie Activity Worsens
Third-quarter purchase and issuances at Freddie Mac fell $74 billion from the second quarter and $58 billion from a year earlier, according to a monthly summary of operational information. During just September, secondary purchases were down $33 billion from September 2007. Residential delinquency of at least 90 days on Sept. 30 rose 11 basis points from Aug. 31 to its highest level in at least seven years.
Keep on payin’!
You may already own some mortgage-backed securities in your 401(k), so keep up your payments!
Rates continue to slide
It appears that the average rate on a 30-year fixed has fallen about three-quarters of a percentage point in the last week.
Mortgage banker questions
What will the mortgage industry look like in a few years?
Many places to park down-payment cash
There are many ways to gain interest while saving for a down payment, says Dr. Don Taylor.
Georgia Bank Shut Down
The Georgia Department of Banking and Finance has closed down Alpha Bank and Trust, a news release said. An order from the Superior Court of Fulton County named the Federal Deposit Insurance Corporation as receiver. Stearns Bank, N.A., has acquired Alpha’s insured deposits.
Keep car until credit score improves
A woman should clean up her credit score before trading in a car, says Bankrate car columnist Terry Jackson.
6 Lenders Lose FHA Approval
Origination approval agreements were terminated on July 1 for six companies under the Credit Watch Termination Initiative, according to a Federal Register notice. The U.S. Department of Housing and Urban Development terminates FHA approval when loans endorsed over the prior 24 months from a mortgagee have a default and claim rate in excess of HUD’s national rate and more than 200 percent of the local HUD region’s rate. HUD said loans which have already been underwritten and approved by a direct endorsement underwriter may still be submitted for insurance endorsement. But other loans in process must be transferred to another FHA-approved lender.
Attorney can mop up collections fiasco
Professional help can unwind a mess made by a bank and collection agency, says Bankrate car columnist Terry Jackson.
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In the last week, the average rate on a 30-year fixed has gone up about three-quarters of a percentage point.
Mortgage banker questions
What will the mortgage industry look like in a few years?
Existing Home Sales Pick Up 5.5% to 5.18 Million in September
Existing home sales rose more than expected to an annualized pace of 5.18 million units in September, a 5.5% advance in the month, following August’s unrevised sales pace of 4.91 million units, according to the National Association of Realtors (NAR). Economists were expecting September’s sales pace to improve to only 4.95 million units. Read More Now
Save money by growing your own food
Growing some of your own food saves money, and you don’t need a big plot of land.
Rates continue to slide
It appears that the average rate on a 30-year fixed has fallen about three-quarters of a percentage point in the last week.
Long-Term Rates Ease After Mid-Month Jump
Mortgage interest rates reversed the stunning increases seen the previous week, erasing almost all of the gains seen in fixed rate products according to Freddie Mac’s weekly Primary Mortgage Market Survey for the week ended October 23. “Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist… Read More Now
Save money by growing your own food
Growing some of your own food saves money, and you don’t need a big plot of land.
FDIC Chair Promotes Increased Incentives for Mortgage Modifications
While the media today focused mostly on the testimony of former Federal Reserve Chairman Alan Greenspan before the Senate Banking Committee, there was other news coming out of the hearing. Federal Deposit Insurance Corporation Chairperson Sheila Bair told lawmakers about her plans to use methods pioneered by several existing programs to encourage mortgage servicers to increase the pace of loan modifications for homeowners facing foreclosure. Read More Now
Keep on payin’!
You may already own some mortgage-backed securities in your 401(k), so keep up your payments!
Buy your own mortgage bond?
When you own a mortgage-backed security, you don’t own any mortgages. You own the right to receive the principal and interest payments.
...
You may already own some mortgage-backed securities in your 401(k), so keep up your payments!
Buy your own mortgage bond?
When you own a mortgage-backed security, you don’t own any mortgages. You own the right to receive the principal and interest payments.
Angry spouse can’t stop wife’s purchase
A man furious with his wife will have to live with the car she bought, says Bankrate car columnist Terry Jackson.
Car odometer may be robbing your cash
Car odometer that is off by 5 percent could cost you major dollars, says Bankrate car columnist Terry Jackson.
Keep car until credit score improves
A woman should clean up her credit score before trading in a car, says Bankrate car columnist Terry Jackson.
Existing Home Sales Pick Up 5.5% to 5.18 Million in September
Existing home sales rose more than expected to an annualized pace of 5.18 million units in September, a 5.5% advance in the month, following August’s unrevised sales pace of 4.91 million units, according to the National Association of Realtors (NAR). Economists were expecting September’s sales pace to improve to only 4.95 million units. Read More Now
Long-Term Rates Ease After Mid-Month Jump
Mortgage interest rates reversed the stunning increases seen the previous week, erasing almost all of the gains seen in fixed rate products according to Freddie Mac’s weekly Primary Mortgage Market Survey for the week ended October 23. “Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist… Read More Now
Many places to park down-payment cash
There are many ways to gain interest while saving for a down payment, says Dr. Don Taylor.
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Mortgage Guaranty Insurance Corp. has implemented changes to its underwriting parameters. Among the changes are tighter debt-to-income ratios, lower loan-to-values and higher credit scores. The updated guidelines apply to mortgage insurance applications received on or after Nov. 24.
Long-Term Rates Ease After Mid-Month Jump
Mortgage interest rates reversed the stunning increases seen the previous week, erasing almost all of the gains seen in fixed rate products according to Freddie Mac’s weekly Primary Mortgage Market Survey for the week ended October 23. “Long-term mortgage rates fell this week amid news of tame inflation and a weaker housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist… Read More Now
Rates Continue to See Saw
In its Primary Mortgage Market Survey for the week ending Oct. 23, Freddie Mac reported the average 30-year fixed-rate mortgage at 6.0 percent. The 30-year was down more than 0.4 percent from a week earlier. But last week, the 30-year average surged more than one-half percent.
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Sometimes, damaging your credit is the lesser of two evils and necessary so you can move on, says Dr. Don Taylor.
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Bankrate readers show how they are reducing their need for gas by driving in the most efficient manner.
Save money by growing your own food
Growing some of your own food saves money, and you don’t need a big plot of land.
Bernanke talks, rates tank
Mortgage rates were heading up — and then Fed Chairman Ben Bernanke talked about the economy.
Finding money to save
Planning can help you find money to put into savings.
Should you buy the warranty?
Don’t waste your money on extended warranties: They cost a bundle and are not used very often.
