http://blog.mortgage101.com Just another WordPress weblog Wed, 18 Nov 2009 18:13:36 +0000 http://backend.userland.com/rss092 en In today's tough economic times it is no surprise that many homeowners are struggling. For the first time ever, many people have gotten behind on their bills and as a result their credit scores have slipped. The good news is that a low credit score does not necessarily ... http://blog.mortgage101.com/2009/11/17/bad-credit-you-still-may-be-able-to-refinance-your-mortgage-to-a-lower-rate/ Speaking at the Economic Club of New York today, Federal Reserve Chairman Ben Bernanke seemed to imply that the mortgage markets may need the Fed’s help longer than he previously expected. Bernanke made it clear that the state of the U.S. economy is still frail. “The flow of credit remains constrained, ... http://blog.mortgage101.com/2009/11/16/more-fed-mortgage-support-may-be-in-order/ Home mortgage applications are on the rise giving a false impression that more homes are being sold. With mortgage rates dipping below 5%, homeowners looking to refinance account for the rise in loan applications. While mortgage applications for new homes declined, refinancing applications were up over 10%. Sadly, ... http://blog.mortgage101.com/2009/11/10/home-refinancing-applications-on-the-rise-while-new-home-mortgages-plummet-to-record-lows/ Zillow.com reported today that the number of underwater mortgages in the country is shrinking. According to its quarterly survey, 21 percent of all single-family homeowners during the third quarter of 2009 were underwater, or owed more than their homes were worth, a decrease from 23 percent during the second quarter. Good ... http://blog.mortgage101.com/2009/11/09/fewer-underwater-mortgages-%e2%80%93-but-why/ The U.S. House of Representatives voted Thursday to extend the first-time homebuyer tax credit through 2010 as well as offer a credit to more seasoned homebuyers. The vote was 403-to-12 and was widely expected to pass. The current tax credit has been in effect since January as a piece of President ... http://blog.mortgage101.com/2009/11/06/homebuyer-tax-credit-extension-overwhelming-approved/ Here's a riveting story from The New York Times that should fascinate people feeling threatened that they might lose their home in the current housing market meltdown. In a nutshell, the Times story by Gretchen Morgenson suggests that a home dweller being threatened by a bank with foreclosure on a first ... http://blog.mortgage101.com/2009/11/03/getting-evicted-maybe-not-yet/ The tables have really turned in the past couple years in terms of why American homeowners are refinancing. During the height of the housing boom, homeowners were borrowing against their equity like crazy, as their home values appeared to be headed quickly upward indefinitely. Now, however, Americans are house poor and ... http://blog.mortgage101.com/2009/11/02/homeowners-now-refinancing-mainly-for-savings-not-cash/ Mortgage interest rates moved a little higher during the past week, but overall this has been a great year for rates according to mortgage finance giant Freddie Mac on Thursday. The average rate on a 30-year fixed rate mortgage inched up to 5.03 percent, excluding points, from 5.00 percent the week ... http://blog.mortgage101.com/2009/10/30/mortgage-rates-little-changed-in-latest-week-but-yearly-average-is-great/ Home buyers again saw mortgage rates rise this week alongside word that the economy is beginning to improve. According to the Wall Street Journal, rates for a 30-year home loan rose above 5 percent for the first time since September, rising to 5.03 percent. Rates for 15-year fixed rate and ... http://blog.mortgage101.com/2009/10/27/mortgage-rates-rise-amid-news-of-decline-in-applications/ The Federal Housing Administration is set to implement a new set of rules November 2,  pertaining to mortgages made for condo-buyers. The new guidelines are aimed at protecting the FHA from mortgage fraud as well as minimize its risk of loss on condo foreclosures, but they will probably have the ... http://blog.mortgage101.com/2009/10/26/new-fha-condo-rules-could-keep-more-buyers-out-of-the-market/