Mortgage Tips

Simple mortgage tips to help you better prepare for the mortgage process and ideally save money on your mortgage.

Countrywide News Dissected

August 16, 2007 No Comments »

Ever since the now infamous Merrill analyst Countrywide downgrade and the accompanying bankruptcy comment, the news media and bloggers throughout the nation have been going nuts. At this point, it’s almost impossible not to read or hear a report about ... Read More »

Countrywide Bankruptcy Fears

August 15, 2007 No Comments »

***Click here for today’s news: 1/8/08 Countrywide shares plunge on bankruptcy rumors. The inevitable happened today. Shares of Countrywide, the largest mortgage lender in the United States took a relatively large tumble after an analyst downgrade and fresh bankruptcy fears. ... Read More »

Mortgage Brokers May Need to Dust Off Resumes

August 10, 2007 No Comments »

As the mortgage crisis widens, particularly with the latest news regarding limited liquidity, it makes sense to wonder if correspondent and wholesale lending will be the next to go. We’ve already seen a large number of mortgage lenders shut down ... Read More »

Countrywide and WaMu Spread Liquidity Fears

August 10, 2007 No Comments »

Two of the largest U.S. mortgage lenders came forward today, saying difficult market conditions would likely hurt operations in the near term. Both Countrywide and Washington Mutual cited the issue of liquidity, noting that the secondary mortgage market had become ... Read More »

Stated Income Loans Going Away

August 9, 2007 No Comments »

I’ve heard from several sources that stated income loans, also known as “liar’s loans” may become a thing of the past as mortgage lenders continue to tighten underwriting guidelines. In the last five plus years, stated income documentation was the ... Read More »

More Mortgage Woes

August 7, 2007 No Comments »

Just what is this whole mortgage business built on anyway? Check out my newly updated list of closed lenders! HomeBanc is exiting the mortgage loan business and seeking the sale of remaining assets. Countrywide, the nation’s largest mortgage lender, will ... Read More »

Subprime Dead, Alt-A Next in Line

August 3, 2007 No Comments »

Now that subprime mortgage is completely blown out, many credit rating agencies are turning their attention towards Alt-A loans, which are typically reserved for borrowers with good, not great credit, and reduced documentation and limited reserve requirements. Below is a ... Read More »

New York Pledges $100 Million to SONYMA Refinance Program

July 30, 2007 No Comments »

The state of New York and the mortgage industry have come together to create a new program called “Keep the Dream” administered by the State of New York Mortgage Agency, or SONYMA, to stop loan foreclosure. The new loan program ... Read More »

Mortgage Bubble Byproduct: Homeowner Education

July 17, 2007 No Comments »

All this talk about the mortgage industry hitting a wall has actually turned into something really positive. The housing bubble and subprime blowout have generated a dialogue about mortgages nationwide, with the surprising byproduct being education. Through all the stories, ... Read More »

Pay Rate vs. Teaser Rate

June 28, 2007 No Comments »

If you scan through mortgage programs and lender rate sheets you may have come across mortgage lingo such as “pay rate” or “teaser rate”. Though the two terms are sometimes used interchangeably by loan officers, mortgage lenders, and mortgage brokers, ... Read More »