It’s important to remember that mortgage companies are just trying to protect themselves. They want to make sure that, whether or not you can make your mortgage payments, they will get paid. One way they can feel more secure is if you take on a cosigner who has substantial assets or a much higher credit score or income than your own.
(New York Times) — As least until recently, we’ve been in the midst of a refinancing boom. So consumers applying for refinancings should at least expect some delays. While lenders are leery about releasing details about how long refinancings are taking to close today versus a year ago, some are willing to admit that processing times are […]
(Wall Street Journal) — Mortgage rates, after hitting record lows this summer, are rising. But the rates are still tantalizing for borrowers looking to refinance out of an onerous loan. For the week ended Dec. 9, the average rate for 30-year fixed loans was 4.46%, according to Freddie Mac, up from 4.17% in early November […]
(Wall Street Journal) — Rising government borrowing costs have driven mortgage rates to their highest level in six months, challenging the still-shaky housing market and the Federal Reserve’s efforts to boost the U.S. economy. The rate for a 30-year, fixed-rate mortgage averaged 4.61% this week, according to the weekly survey from government-backed mortgage firm Freddie […]
(LA Times) — Here’s a homeowner credit torture scenario that might have happened to you, and now has a major real estate lobby on Capitol Hill demanding immediate reforms. Say you’ve had a solid payment record on just about all your accounts — three credit cards, your first mortgage, home equity line and other important […]
(LA Times) — When the Federal Reserve recently rolled out its plan to pump $600 billion into the credit markets, many homeowners and buyers might have figured that because mortgage interest rates are now likely to fall again, why not postpone the loan application they were contemplating? Fed Chairman Ben S. Bernanke offered implicit support for that […]
(U.S. News and World Report) — Interest rates have never been lower. It seems that just about every week mortgage rates set a new low. And this week the Fed is expected to undertake a second round of quantitative easing, QE2 for short, by buying up more government debt. As a result, incredibly lowinterest rates may go even […]
Bargain shoppers find a surplus of options in reworking home loans.