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Interest Rates – WOW!

Just when you think that interest rates are as low as they are going to be, out comes an announcement of even a lower rate. Today, I received an email from a mortgage loan officer that 30-year fixed, the loan percentage is 4.5.  On Friday, it was 4.75. Now, is the difference due to tweaking of the qualifications for a home buyer to obtain this interest rate, I can’t answer. Obviously, that... [Read more]

Foreclosures Filings Near 4 Million in 2009

“RealtyTrac.com” shows that almost 4 million filings – defaults, foreclosure auctions, and bank reprosessions- took place in 2009 on a national basis.  This is 21% higher than 2008 which was previously the high.  That figure has gone from 885,468 in 2005 to the current figure.  Ironically, it could have been higher had not been for federal action as well as delays in bank processing.... [Read more]

WHAT DOES RESPA MEAN?

If you are in the process of purchasing a home, you will probably hear the word “RESPA” in connection with your loan.  As a result of new HUD regulations, RESPA h as become an important term that everybody involved in the loan process must understand. So what does “RESPA” stand for:  Real Estate Settlement Procedures Act.  As of January 1, 2010, HUD requires that loan originators issues... [Read more]