Mortgage Tips
Simple tips to help you save money on your mortgage.Ownit Mortgage Solutions Shuts Down
Ownit Mortgage Solutions, a wholesale mortgage lender, closed its doors Monday amid unfavorable market conditions. While this seems like just another story of a fairly large home lender shutting down during the so-called housing bubble bust, it’s why it shut ... Read More »
Option ARM Loans Still Most Touted Mortgage Program
After considerable negative press, the option-arm, or pick-a-pay loan continues to be the most touted by mortgage companies, mortgage brokers, and loan officers. Despite the fact these types of loans have been highly scrutinized for their dangerous tendencies, the trend ... Read More »
Stubborn Sellers, Patient Buyers Rule the Market
You’d think everyone would be trying to sell their home after the big profits they made in the past few years. Well, they are selling, but no one is buying. Mainly because sellers aren’t willing to part with their beloved ... Read More »
Fed Sees Cooler Housing Market as Autumn Approaches
The Federal Reserve reported Thursday that the housing market had cooled substantially, with the Fed’s 12 major regions suffering soft sales, lower sales prices, and a higher stock of unsold inventory. The Fed described the economy as “moderate or mixed”, ... Read More »
A Little Lesson About Loan Officers
Over the past five years the mortgage industry has seen an explosion in growth. With super-low mortgage rates and a vast array of loan programs available, new purchases and refinances surged. And along with that boom came an influx of ... Read More »
Pick-a-Default-or-a-Foreclosure-Pay Mortgage
Pick-a-pay mortgages, otherwise known as negative amortization loans, have surged in popularity in the last five years – so much so that they’ve been highly featured, and in turn scrutinized, from USA Today to the cover of Business Week. The ... Read More »
Slow Housing Market, Great Interest Rates?
Housing starts dropped to a three year low last month, and for the first time in 11 years housing prices have dropped. This is based on a median price comparison from year to year data from August 2005 and August ... Read More »
Feds Pause Rates, But is it Enough to Save Mortgage?
Fed Chairman Ben Bernanke left the federal funds rate unchanged Wednesday, steady at 5.25%. It’s the second month in a row that the fed decided to leaves rates as they are, and many feel this could be the end of ... Read More »
Mortgage is Dead
The mortgage industry is dead. Either that, or people haven’t come back from their Labor Day holiday yet. Or maybe it’s the fact that school is starting up again and people have other things on their mind. Either way, I ... Read More »
Mortgage Rates Are Low, But Where’s the Business?
Mortgage rates have been on a downward trend for the past month or so, ever since the fed paused the rate hikes, but business is still nowhere near the levels of a year ago. And anyone looking to refinance their ... Read More »
