Lenders are actively quoting 4.75% to very well-qualified 30yr fixed borrowers, but 4.875% still looks more prominently offered.
Tuesday, December 28, 2010
Can you file bankruptcy if unemployed?
Some good tips for unemployed students with debt who see no way out of a financial situation.
Friday, August 20, 2010
Refinance Wave Economic Stimulus
At Tuesday’s summit on housing finance, Pacific Investment Management’s Bill Gross plugged a plan floated a few weeks ago that would allow millions of homeowners to refinance their mortgages at today’s rates, which are the lowest in generations.
Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.
Refinance Loan Rates, a web resource designed to help consumers reconsider the value of home refinancing saw a sudden surge of traffic on the site. What does this 30% increase in refinance rate search activity indicate? "All this talk seems to be drawing some attention from homeowners looking for mortgage payment relief." Says Mark Askew, web resource manager. "I say, let's keep talking about it."
Mr. Gross said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.
Refinance Loan Rates, a web resource designed to help consumers reconsider the value of home refinancing saw a sudden surge of traffic on the site. What does this 30% increase in refinance rate search activity indicate? "All this talk seems to be drawing some attention from homeowners looking for mortgage payment relief." Says Mark Askew, web resource manager. "I say, let's keep talking about it."
Friday, February 26, 2010
Don't Make These Mistakes Seeking Legal Advice.
Don't make these mistakes seeking legal advice.
1. Getting charged an initial consultation fee
2. Spending your free consultation time trying to get info off your cell phone
3. Bringing only a verbal complaint to the office
4. Getting upset because you were not prepared for your free consultation session
Before you make the phone call or visit a legal office get prepared. How and save hundreds, even thousands in consultation fees. How? Visit our blog and get a free preparatory checklist for the following cases.
1. Class Action Lawsuits
2. Car Accident lawsuits
3. Divorce Negotiations
4. Injury Compensation
5. Lead Paint Illness
6. Mortgage Fraud
7. Home Foreclosuer
8. Faulty Consumer Products
9. Property Damage
10. Medical Malpractice
11. Business Bankruptcy
12. Personal Bankruptcy
13. Credit Card Fraud
It's practical, logical and free
1. Getting charged an initial consultation fee
2. Spending your free consultation time trying to get info off your cell phone
3. Bringing only a verbal complaint to the office
4. Getting upset because you were not prepared for your free consultation session
Before you make the phone call or visit a legal office get prepared. How and save hundreds, even thousands in consultation fees. How? Visit our blog and get a free preparatory checklist for the following cases.
1. Class Action Lawsuits
2. Car Accident lawsuits
3. Divorce Negotiations
4. Injury Compensation
5. Lead Paint Illness
6. Mortgage Fraud
7. Home Foreclosuer
8. Faulty Consumer Products
9. Property Damage
10. Medical Malpractice
11. Business Bankruptcy
12. Personal Bankruptcy
13. Credit Card Fraud
It's practical, logical and free
Monday, December 21, 2009
Feds Leave Rates At Record Lows
For sometime rates on home mortgage loans have been impacted by records lows. Many consumers and lenders wondered whether the feds would allow rates to rise during the holiday season. The Feds left short-term interest rates at record low levels. This leaves observers with a number of questions.
1. Does this mean the economy is making a turn for the better?
2. How will this stance impact home mortgage loans?
3. Will the stance help bolster the economy in 2010?
The Fed’s interest-rate committee voted unanimously yesterday to keep the key Fed funds rate unchanged in a zero- to 0.25-percent range. The central bank also said the U.S. economy is showing signs of life.
As a result, the Fed spoke of curtailing rate cuts and rate stays in the future and plans curtail moves that shower financial firms with the cash to make business and consumer loans. Termination of an initiative to pump $1.4 trillion into the home-loan market to drive U.S. mortgage rates down is said to occur by March 31.
1. Does this mean the economy is making a turn for the better?
2. How will this stance impact home mortgage loans?
3. Will the stance help bolster the economy in 2010?
The Fed’s interest-rate committee voted unanimously yesterday to keep the key Fed funds rate unchanged in a zero- to 0.25-percent range. The central bank also said the U.S. economy is showing signs of life.
As a result, the Fed spoke of curtailing rate cuts and rate stays in the future and plans curtail moves that shower financial firms with the cash to make business and consumer loans. Termination of an initiative to pump $1.4 trillion into the home-loan market to drive U.S. mortgage rates down is said to occur by March 31.
Thursday, December 10, 2009
Preventing Mortgage Fraud
Present confidential financial and personal information only to someone you trust and who works for the mortgage company in your behalf.
Research lender history and establish that the lender is licensed and in good standing before giving out any information. If you have doubts, call your state department of banking and finance
Be thoroughly honest and let the mortgage company know you are holding them to the same standard. When completing the loan application and answering questions during the application process do not guess at it. If a company rep tries to put down information that is inaccurate understand that this act gives him leverage and a feeling of liberty to rack of fees as if you are paying him to do you a favor and get this loan through. Accept no illegal favors!
Keep copies of everything you provide to the Lender and everything you are required to sign.
Review the Good Faith Estimate of Closing Costs that is required to be given to you by your Lender. Popint out fees you do not understand or with which you disagree. Require written confirmation of the interest rate lock-in once you have agreed to lock in a rate.
Read and understand all of the documents presented to you before you sign them and always questions even if you think you understand.
By all means proceed with caution if you are not required to put money down – or, even worse, if you receive money back
Do not create a false identity or use someone else’s identity or social security number to obtain a loan.
Do not provide, or pay anyone else to provide, false information about your employment, income, credit or bank
Do not accept payment for use of your name, credit or social security number.
If a loan has false or misleading information including appraisals with inflated values do not approve the processing of such loan. If down payments or earnest money did not come from you, or rental lease information is inaccurate do not close the agreement.
Down payments go to your real estate agent or the seller of the home you are purchasing. If you have doubts about who really owns the home you are purchasing, call the county tax assessor to verify the current owner and find out when they took ownership.
Sign your own papers during the loan process and allow nothing to process without your written approval and authorization.
Be wary of any incentive offer to get “paid” for purchasing a home. The buyer brings a certified check to closing.
Additional fees or costs associated with the loan after the loan closes are likely bogus. If someone asks you to do this, refuse and obtain legal advice. Find a local mortgage fraud department or lawyer.
Research lender history and establish that the lender is licensed and in good standing before giving out any information. If you have doubts, call your state department of banking and finance
Be thoroughly honest and let the mortgage company know you are holding them to the same standard. When completing the loan application and answering questions during the application process do not guess at it. If a company rep tries to put down information that is inaccurate understand that this act gives him leverage and a feeling of liberty to rack of fees as if you are paying him to do you a favor and get this loan through. Accept no illegal favors!
Keep copies of everything you provide to the Lender and everything you are required to sign.
Review the Good Faith Estimate of Closing Costs that is required to be given to you by your Lender. Popint out fees you do not understand or with which you disagree. Require written confirmation of the interest rate lock-in once you have agreed to lock in a rate.
Read and understand all of the documents presented to you before you sign them and always questions even if you think you understand.
By all means proceed with caution if you are not required to put money down – or, even worse, if you receive money back
Do not create a false identity or use someone else’s identity or social security number to obtain a loan.
Do not provide, or pay anyone else to provide, false information about your employment, income, credit or bank
Do not accept payment for use of your name, credit or social security number.
If a loan has false or misleading information including appraisals with inflated values do not approve the processing of such loan. If down payments or earnest money did not come from you, or rental lease information is inaccurate do not close the agreement.
Down payments go to your real estate agent or the seller of the home you are purchasing. If you have doubts about who really owns the home you are purchasing, call the county tax assessor to verify the current owner and find out when they took ownership.
Sign your own papers during the loan process and allow nothing to process without your written approval and authorization.
Be wary of any incentive offer to get “paid” for purchasing a home. The buyer brings a certified check to closing.
Additional fees or costs associated with the loan after the loan closes are likely bogus. If someone asks you to do this, refuse and obtain legal advice. Find a local mortgage fraud department or lawyer.
Insurance Fraud Reporting Checklist
Be Prepared. It's better to have more information than needed then to have less. Keep in mind fees are incurred when you have to have more meetings than necessary to resolve your case. Someone get's paid and therefore someone pays. Your first defense when reporting insurance fraud is going to the state fraud bureau and the National Insurance Fraud Crime Bureau.
1. Full details of the suspected scam - Less is not more when reporting fraud. More details are better than less in all cases so rport all that you know or that time and form space will allow.
2. Dates, names - Date of fraudelent transactions
3. Organizations involved, including phone numbers and addresses (if relevant)
4. Insurance company or companies that were defrauded or did the defrauding (if relevant)
5. Amount of money you think was lost - Provide payment statements
6. Documents and other written material - Provide application approval letters and any policy information
7. Other information you think is helpful
2. Dates, names - Date of fraudelent transactions
3. Organizations involved, including phone numbers and addresses (if relevant)
4. Insurance company or companies that were defrauded or did the defrauding (if relevant)
5. Amount of money you think was lost - Provide payment statements
6. Documents and other written material - Provide application approval letters and any policy information
7. Other information you think is helpful
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