Federal rules now require mortgage lenders and brokers to give consumers better estimates of the costs they incur when taking out home loans, and mandate a standard three-page Good Faith Estimate that urges consumers to shop around for the best loan and helps them compare lenders’ offerings. TO read the full post, please visit:
http://www.brokerforyou.com/brokerforyou/new-2010-home-mortgage-rules.html
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California legislators put a hundred million dollars on the table for first time homeowners to grab. Were they surprised when takers actually accepted the offer? Apparently this is so. They are now attempting to put more money in the coffers for this give-away. The program is a tax credit that spreads across three years, in three equal payments, for buyers of new homes. The definition of new home is that it must be a single family residence, detached or attached, and never previously occ
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A recent research report from the University of Chicago?s Booth School of Business and Northwestern University?s Kellogg School of Management reports that of the large number of mortgage defaults across the country, 26% were what they call strategic. This report defines strategic as one in which the mortgage default was a calculated, done by homeowners who have the money to make the payments. The owners decided that the homes negative equity position indicates to them it would be economicall
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It seems that the decision makers running the Fannie Mae and Freddie Mac government refinance programs did not learn anything from the current, and continuing, housing bust. If bad loans got us into the current mess, why do Fannie and Freddie think that more bad loans will get us out? In a recent press release it was announced that the two government-owned agencies will now refinance loans up to 125% of the current home?s value! Does this spell trouble for the FHA home loans? All facts fr
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