FHA Streamline Loan Requirements
FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.
If you have a conventional loan you wish to refinance with an FHA refinancing loan, you’ll need to apply with the usual credit check, employment verification, debt-to-income ratio requirements and other considerations. An FHA Refinancing loan can get you many of the same results—if you refinance from a conventional loan to an FHA-insured refinancing loan you may get better rates and lower payments.
For those who do have an FHA home loan, the other requirements for FHA Streamline include:
Being current on the existing loan with all mortgage payments made on time for the last year.
You must own the original property for at least six months before you can qualify for refinancing.
To refinance you’ll need an FHA-approved lender. If you don’t want to use your current lender, any bank you choose must be FHA approved.
FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.
Closing costs must be paid up front or arranged for through a “no-cost” FHA Streamline loan. You may also choose to include the closing costs into your loan a “with appraisal” FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount.
There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions.
The 203(k) has a minimum of $5,000. The maximum loan amount is $35,000. This amount is added to your mortgage for weatherizing your home, removing lead paint and many other home improvements that don’t involve major alterations of the home.
You are required to use at least one contractor to do the repair work. Self-help renovations are not allowed unless the borrower can prove they have proper expertise.
When choosing a contractor, FHA guidelines state you must get an estimate which is broken down into specifics regarding the costs of each project. Contractors must sign an agreement to do all the work included in the estimate for the amount and within the time specified.
You must obtain all permits required by law.
There are restrictions on 203(k) Streamline refinancing loans. You cannot use the 203(k) loan to do major structural repairs such as altering a load-bearing wall or work that needs architectural plans. If your home improvement work exceeds $15,000 the FHA requires you to have a third-party inspection after the job is done.
You are permitted to make two payments to each contractor. If you do the work yourself as a qualified builder, the same rule applies.
When borrowing under the FHA Streamline 203(k) program you must “close out” the loan when the work is complete. According to FHA.gov, you may be required to furnish “mortgagor’s acknowledgement of satisfactory completion…mortgagee’s inspection report(s), change orders, mortgagee accounting of the escrow funds, and record of disbursements.” It’s important to keep records of these items and more to prove the work was completed according to the agreement and in a timely manner.
end.
If you currently have an FHA loan with a rate higher than 6% now is a great time to consider refinancing down to 5.5%. Remember - NO APPRAISAL OR INCOME CHECK NEEDED! The process is so easy and costs very little. I am fully approved to process these transactions and can close a streamline refinance in as little as 2 weeks! Call me if you need help determining if you qualify!
Friday, August 28, 2009
Thursday, August 27, 2009
Treasury Pushing Servicers To Take Preventive Actions
by Jann Swanson on 8/27/2009 at 10:01am
According to the Center for Public Integrity, a private non-partisan firm with the slogan “Investigative Journalism in the Public Interest,” when pressure from Congress and the White House proved ineffective in motivating some reluctant lenders to modify mortgages, the Treasury Department started the Home Affordable Modification Program (HAMP) in hopes of spurring those lenders to action. The program has as much as $50 billion at its disposal to help up to 4 million homeowners stay current on their mortgages. To modify a loan companies participating in the program have to agree to drop mortgage payments to an amount equal to 38 percent of the borrower’s monthly income. The Treasury Department then does a dollar match if the company reduces the payment further to as little as 31 percent. The borrower must successfully complete a three-month trial before the modification becomes permanent.
In return for arranging these modifications, HAMP will pay an incentive to the lenders that can be as much as $4,000 for each successful modification of a delinquent mortgage. A reward of $1,500 is available for modifying mortgages that are still current.
Well guess who is getting all soft, squishy, and eager to help the poor homeowner now?
According to the Center for Public Integrity, of the 25 top companies participating in the program, (44 companies have signed on) at least 21 were “heavily involved in the subprime lending industry.” Most were servicing subprime loans, but several were also subprime lenders.
These firms stand to collect more than $21 billion in taxpayer funds from the program although no incentives will be paid until a borrower completes the trial period.
The Center’s information came from a search of public records and was featured on its website in an article written by John Dunbar entitled You Broke it, You Fix it?
According to Mr. Dunbar, the five companies slated to reap the most cash from the program are:
Countrywide Home Loans Servicing - $5.2 billion. Countrywide’s former parent company was ranked as the top subprime lender in the country on an earlier list compiled by the Center. It is now owned by Bank of America which will collect a total of nearly $7 billion from its ownership of Countrywide and two other subsidiaries.
J.P. Morgan Chase Bank – 2.7 billion. No. 12 on the Center’s subprime list, J.P. Morgan also owns EMC, a former Bear Stearns subsidiary, slated to get $707 million.
Wells Fargo Bank NA, Des Moines, Iowa — $2.4 billion. Wells Fargo was another major player in the subprime debacle. It stands to get over $3 billion from modifications in its own portfolio and that of Wachovia Bank which it purchased after that bank failed.
American Home Mortgage Servicing Inc., Coppell, Texas — $1.3 billion. This is a former subsidiary of American Home Mortgage Investment Corporation which was ranked by the Center as the 22nd largest subprime lender before it declared bankruptcy in 2007.
CitiMortgage Inc., O’Fallon, Missouri — $1.1 billion. A major subprime lender and recipient of billions in federal bailout money.
Others at the top of the Center’s list include GMAC Mortgage, $1 billion; Litton Loan Servicing, 774.9 million; and HomEq Servicing, $674.
And, of course, what list of this nature would be complete without a subsidiary of AIG getting some piece of the dough.
Mr. Dunbar does not identify them by name but says that two firms that have settled charges of illegal collection practices brought by federal regulators and another that voluntarily surrendered its bank charter after it was placed under federal supervision are also on the list.
end.
Very Interesting! If you have a loan that you are looking to modify reference this information to your lender. Many people that I speak to tell me the lenders are not willing/able to modify their loan. It doesn't make sense. If HAMP is paying lenders up to $4000 for each successful modification and it is putting homeowners in a better position then why not do it???? What is holding these lenders back? Stay in constant contact with your lender until they give a solid explanation why your loan does not qualify for a modification. Call me if you want my advice or your particular situation!!!
According to the Center for Public Integrity, a private non-partisan firm with the slogan “Investigative Journalism in the Public Interest,” when pressure from Congress and the White House proved ineffective in motivating some reluctant lenders to modify mortgages, the Treasury Department started the Home Affordable Modification Program (HAMP) in hopes of spurring those lenders to action. The program has as much as $50 billion at its disposal to help up to 4 million homeowners stay current on their mortgages. To modify a loan companies participating in the program have to agree to drop mortgage payments to an amount equal to 38 percent of the borrower’s monthly income. The Treasury Department then does a dollar match if the company reduces the payment further to as little as 31 percent. The borrower must successfully complete a three-month trial before the modification becomes permanent.
In return for arranging these modifications, HAMP will pay an incentive to the lenders that can be as much as $4,000 for each successful modification of a delinquent mortgage. A reward of $1,500 is available for modifying mortgages that are still current.
Well guess who is getting all soft, squishy, and eager to help the poor homeowner now?
According to the Center for Public Integrity, of the 25 top companies participating in the program, (44 companies have signed on) at least 21 were “heavily involved in the subprime lending industry.” Most were servicing subprime loans, but several were also subprime lenders.
These firms stand to collect more than $21 billion in taxpayer funds from the program although no incentives will be paid until a borrower completes the trial period.
The Center’s information came from a search of public records and was featured on its website in an article written by John Dunbar entitled You Broke it, You Fix it?
According to Mr. Dunbar, the five companies slated to reap the most cash from the program are:
Countrywide Home Loans Servicing - $5.2 billion. Countrywide’s former parent company was ranked as the top subprime lender in the country on an earlier list compiled by the Center. It is now owned by Bank of America which will collect a total of nearly $7 billion from its ownership of Countrywide and two other subsidiaries.
J.P. Morgan Chase Bank – 2.7 billion. No. 12 on the Center’s subprime list, J.P. Morgan also owns EMC, a former Bear Stearns subsidiary, slated to get $707 million.
Wells Fargo Bank NA, Des Moines, Iowa — $2.4 billion. Wells Fargo was another major player in the subprime debacle. It stands to get over $3 billion from modifications in its own portfolio and that of Wachovia Bank which it purchased after that bank failed.
American Home Mortgage Servicing Inc., Coppell, Texas — $1.3 billion. This is a former subsidiary of American Home Mortgage Investment Corporation which was ranked by the Center as the 22nd largest subprime lender before it declared bankruptcy in 2007.
CitiMortgage Inc., O’Fallon, Missouri — $1.1 billion. A major subprime lender and recipient of billions in federal bailout money.
Others at the top of the Center’s list include GMAC Mortgage, $1 billion; Litton Loan Servicing, 774.9 million; and HomEq Servicing, $674.
And, of course, what list of this nature would be complete without a subsidiary of AIG getting some piece of the dough.
Mr. Dunbar does not identify them by name but says that two firms that have settled charges of illegal collection practices brought by federal regulators and another that voluntarily surrendered its bank charter after it was placed under federal supervision are also on the list.
end.
Very Interesting! If you have a loan that you are looking to modify reference this information to your lender. Many people that I speak to tell me the lenders are not willing/able to modify their loan. It doesn't make sense. If HAMP is paying lenders up to $4000 for each successful modification and it is putting homeowners in a better position then why not do it???? What is holding these lenders back? Stay in constant contact with your lender until they give a solid explanation why your loan does not qualify for a modification. Call me if you want my advice or your particular situation!!!
Tuesday, August 25, 2009
Bill Seeks Expansion of Home Buyer Tax Credit
by Jann Swanson on 8/25/2009 at 9:42am
If Congress enacts legislation currently in front of the House Ways and Means Committee, the current popular First Time Home Buyer Tax Credit will be extended beyond its current expiration date and greatly expanded.
HR 2801, Home Ownership Moves the Economy (HOME) Act of 2009, introduced by Howard Coble (R-NC) would continue the availability of the credit into 2010 and allow all home buyers to take advantage of the program. The credit is due to expire on December 1, 2009.
The current legislation grants a one-time credit of 10 percent of the home’s purchase price up to a maximum of $8000 to first time homebuyers or those buyers who have not owned a house in the last three years. Homebuyers can chose to claim the credit either retroactively on their 2008 return or on their 2009 obligation. If the buyer does not owe enough taxes to cover the credit the balance will be refunded to them in cash.
The full tax credit is available to U.S. citizens with incomes under $75,000 or $150,000 for couples filing jointly and a reduced credit applies to buyers with incomes up to $95,000 and $170,000.
Unlike an earlier housing stimulus program, the credit does not have to be repaid unless the homeowner sells the house in less than three years.
Congressman Coble’s legislation would remove both the income restriction and the requirement that the home be a first-time purchase.
There have been calls from a number of quarters, to extend the program to buyers who close on a house beyond the current December 1 deadline. The National Association of Realtors and the National Association of Homebuilders among other credit the program at least in part with the recent rebound in housing sales.
The homebuilders group has been urging its members to lobby for just such a program as that proposed by the Home Act claiming that were the tax credit to be extended one year and made available to all home buyers it would increase home sales by 383,000 units and create nearly 350,000 jobs.
end
WOW! Sounds like a great idea to spike home sales. As a mortgage lender I'm seeing a large increase in purchase loans in the past 45 days and many are 1st time homebuyers purchasing partly because of the tax credit. This is good information to know... thanks for reading MortgageAlli's blog!
If Congress enacts legislation currently in front of the House Ways and Means Committee, the current popular First Time Home Buyer Tax Credit will be extended beyond its current expiration date and greatly expanded.
HR 2801, Home Ownership Moves the Economy (HOME) Act of 2009, introduced by Howard Coble (R-NC) would continue the availability of the credit into 2010 and allow all home buyers to take advantage of the program. The credit is due to expire on December 1, 2009.
The current legislation grants a one-time credit of 10 percent of the home’s purchase price up to a maximum of $8000 to first time homebuyers or those buyers who have not owned a house in the last three years. Homebuyers can chose to claim the credit either retroactively on their 2008 return or on their 2009 obligation. If the buyer does not owe enough taxes to cover the credit the balance will be refunded to them in cash.
The full tax credit is available to U.S. citizens with incomes under $75,000 or $150,000 for couples filing jointly and a reduced credit applies to buyers with incomes up to $95,000 and $170,000.
Unlike an earlier housing stimulus program, the credit does not have to be repaid unless the homeowner sells the house in less than three years.
Congressman Coble’s legislation would remove both the income restriction and the requirement that the home be a first-time purchase.
There have been calls from a number of quarters, to extend the program to buyers who close on a house beyond the current December 1 deadline. The National Association of Realtors and the National Association of Homebuilders among other credit the program at least in part with the recent rebound in housing sales.
The homebuilders group has been urging its members to lobby for just such a program as that proposed by the Home Act claiming that were the tax credit to be extended one year and made available to all home buyers it would increase home sales by 383,000 units and create nearly 350,000 jobs.
end
WOW! Sounds like a great idea to spike home sales. As a mortgage lender I'm seeing a large increase in purchase loans in the past 45 days and many are 1st time homebuyers purchasing partly because of the tax credit. This is good information to know... thanks for reading MortgageAlli's blog!
Monday, August 24, 2009
How to win the credit score game.
To get the best deal on a loan, you need some new strategies to bump up your score - and keep it there.
By Carla Fried, Money Magazine contributing writer
August 24, 2009: 5:06 AM ET
Money Magazine) -- Borrowing money today requires impressing an increasingly hard-to-please crowd. With creditors of all kinds more cautious than ever, you need an A+ application to land the best terms -- and that means an A+ credit score, the number lenders use to judge your risk of default.
The most commonly used credit scoring system, called FICO, rates people from a very risky 300 to a pristine 850. And right now we're in the middle of a credit score crunch: "You need a 750 or better today to have the same treatment you got with a 700 two years ago," says John Ulzheimer, president of consumer education at Credit.com.
John D'Onofrio, CEO of Autoloandaily.com, seconds that: "Two years ago a 680 was enough to get a great car loan rate. Today it's often the minimum to qualify at all."
Think you're still in the clear? Don't be so sure. Lenders have been making changes that could cause your score to slip from excellent to average. Improve and protect your number with these strategies:
Learn your score. You have three FICO scores, based on your credit reports at the three credit bureaus: Experian, Equifax, and TransUnion. The numbers tend to be in the same ballpark, so pony up $16 to get one representative score at myfico.com. You can get an estimate free at Creditkarma.com. But the FICO score gives you a better sense of what lenders see.
Scout for mistakes. Your scores are only as good as the information they're based on. And a third of people who've pulled their reports have found errors, according to a Zogby poll. That's good reason to read your report.
When you buy your FICO score, you'll get a copy of the report it was based on. Get gratis histories from the other bureaus via annualcreditreport.com (you're entitled to one free from each bureau every 12 months).
Spot an error? Request a correction, following the instructions on the bureau's website. Let's say the size of a credit line was misstated or an account was mistakenly marked delinquent. Getting the error fixed could raise your score as much as 200 points, says Ulzheimer, who has also worked for Equifax and FICO.
Never, ever be late. As you'll see in the pie chart on the right, the biggest chunk of your credit score comes from your payment history. Just one late payment can shave 100 points off a 750-plus credit score, says Ulzheimer. Lenders can't tattle on you to the bureaus until you're 30 days past due, adds credit expert Gerri Detweiler. But don't risk it. For all your bills, enter recurring due-date reminders on your computer calendar.
Missed a payment? Get back on track within the next 30 days, and you should "get back the lion's share" of points lost, Ulzheimer says. More than 90 days late? The damage can stick for years. If it was a one-off lapse, call your issuer and plea for a good-will adjustment to your credit report. (It's a long shot.)
Remember the magic 20%. The second-biggest factor in your score is how much you owe vs. how much credit has been extended to you. The part of this that's easiest to finesse is your credit card utilization rate, or your total card balances compared with your total credit limits, as well as each card's balance relative to its limit.
Example: If you've charged $5,000 on cards and have $50,000 in credit, your rate is 10%. For the best score today, 10% is ideal, but you can probably creep up to 20% and keep a high rating.
Unfortunately, with banks lowering credit limits and canceling unused cards, it's harder to maintain such a low percentage. In the previous example, if your available credit is cut to $20,000, your rate shoots to 25%. That could sink your score by as much as 50 points, says Ulzheimer. The lesson: Know your limits, watch for changes, and stay under 20% on each card and in total (0% if you'll be applying for a loan soon).
Already above 20%? Paying down debt is the obvious way to lower your utilization rate, but another strategy is to apply for an additional credit card to increase your overall credit limit. That may cause you to lose a few points in the short term -- so don't do it if you're about to apply for a mortgage -- but it should pay off in the long run.
Keep oldest cards in play. As noted, credit issuers these days are eagerly canceling cards that are not in use. Besides reducing your limit and increasing your utilization ratio, having an account closed can hurt you in another way, especially if it's among your older ones.
See, 15% of your score rides on the length of your credit history. The longer you ably manage revolving debt, the better you look. So don't cancel your oldest cards. And don't let them get canceled on you: Move a recurring charge to each so they stay active.
Already ditched or been ditched? A new card (see previous) can help with your utilization rate, but there's little you can do to help the "history" component of your score, except to keep other old accounts in use.
Accept fate on the rest. There are other factors involved in your score, but they're not so easy to manipulate. For example, 10% is based on how well you manage a mix of credit types, such as mortgages, car loans, and credit cards. But you don't want to go out and, say, finance a car just for a score boost; besides, you can easily get 750-plus with just a few well-tended credit cards.
Along the same lines, 10% is based on "new credit," but the effects of a new application can be positive or negative, depending on your history.
In other words, if you want to be among the crème de la credit crème, accept what you can't change, and focus on what you can.
By Carla Fried, Money Magazine contributing writer
August 24, 2009: 5:06 AM ET
Money Magazine) -- Borrowing money today requires impressing an increasingly hard-to-please crowd. With creditors of all kinds more cautious than ever, you need an A+ application to land the best terms -- and that means an A+ credit score, the number lenders use to judge your risk of default.
The most commonly used credit scoring system, called FICO, rates people from a very risky 300 to a pristine 850. And right now we're in the middle of a credit score crunch: "You need a 750 or better today to have the same treatment you got with a 700 two years ago," says John Ulzheimer, president of consumer education at Credit.com.
John D'Onofrio, CEO of Autoloandaily.com, seconds that: "Two years ago a 680 was enough to get a great car loan rate. Today it's often the minimum to qualify at all."
Think you're still in the clear? Don't be so sure. Lenders have been making changes that could cause your score to slip from excellent to average. Improve and protect your number with these strategies:
Learn your score. You have three FICO scores, based on your credit reports at the three credit bureaus: Experian, Equifax, and TransUnion. The numbers tend to be in the same ballpark, so pony up $16 to get one representative score at myfico.com. You can get an estimate free at Creditkarma.com. But the FICO score gives you a better sense of what lenders see.
Scout for mistakes. Your scores are only as good as the information they're based on. And a third of people who've pulled their reports have found errors, according to a Zogby poll. That's good reason to read your report.
When you buy your FICO score, you'll get a copy of the report it was based on. Get gratis histories from the other bureaus via annualcreditreport.com (you're entitled to one free from each bureau every 12 months).
Spot an error? Request a correction, following the instructions on the bureau's website. Let's say the size of a credit line was misstated or an account was mistakenly marked delinquent. Getting the error fixed could raise your score as much as 200 points, says Ulzheimer, who has also worked for Equifax and FICO.
Never, ever be late. As you'll see in the pie chart on the right, the biggest chunk of your credit score comes from your payment history. Just one late payment can shave 100 points off a 750-plus credit score, says Ulzheimer. Lenders can't tattle on you to the bureaus until you're 30 days past due, adds credit expert Gerri Detweiler. But don't risk it. For all your bills, enter recurring due-date reminders on your computer calendar.
Missed a payment? Get back on track within the next 30 days, and you should "get back the lion's share" of points lost, Ulzheimer says. More than 90 days late? The damage can stick for years. If it was a one-off lapse, call your issuer and plea for a good-will adjustment to your credit report. (It's a long shot.)
Remember the magic 20%. The second-biggest factor in your score is how much you owe vs. how much credit has been extended to you. The part of this that's easiest to finesse is your credit card utilization rate, or your total card balances compared with your total credit limits, as well as each card's balance relative to its limit.
Example: If you've charged $5,000 on cards and have $50,000 in credit, your rate is 10%. For the best score today, 10% is ideal, but you can probably creep up to 20% and keep a high rating.
Unfortunately, with banks lowering credit limits and canceling unused cards, it's harder to maintain such a low percentage. In the previous example, if your available credit is cut to $20,000, your rate shoots to 25%. That could sink your score by as much as 50 points, says Ulzheimer. The lesson: Know your limits, watch for changes, and stay under 20% on each card and in total (0% if you'll be applying for a loan soon).
Already above 20%? Paying down debt is the obvious way to lower your utilization rate, but another strategy is to apply for an additional credit card to increase your overall credit limit. That may cause you to lose a few points in the short term -- so don't do it if you're about to apply for a mortgage -- but it should pay off in the long run.
Keep oldest cards in play. As noted, credit issuers these days are eagerly canceling cards that are not in use. Besides reducing your limit and increasing your utilization ratio, having an account closed can hurt you in another way, especially if it's among your older ones.
See, 15% of your score rides on the length of your credit history. The longer you ably manage revolving debt, the better you look. So don't cancel your oldest cards. And don't let them get canceled on you: Move a recurring charge to each so they stay active.
Already ditched or been ditched? A new card (see previous) can help with your utilization rate, but there's little you can do to help the "history" component of your score, except to keep other old accounts in use.
Accept fate on the rest. There are other factors involved in your score, but they're not so easy to manipulate. For example, 10% is based on how well you manage a mix of credit types, such as mortgages, car loans, and credit cards. But you don't want to go out and, say, finance a car just for a score boost; besides, you can easily get 750-plus with just a few well-tended credit cards.
Along the same lines, 10% is based on "new credit," but the effects of a new application can be positive or negative, depending on your history.
In other words, if you want to be among the crème de la credit crème, accept what you can't change, and focus on what you can.
Friday, August 21, 2009
Bernanke: Economy could grow soon
Fed chief thinks there is a good chance for the economy to return to growth in near-term -- but the recovery could be slow due to continued high unemployment.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: August 21, 2009: 11:54 AM ET
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said that the U.S. economy is about to start growing again, although he cautioned it will be a slow recovery with continued high unemployment in the near term.
Speaking at an annual symposium in Jackson Hole, Wy., Bernanke echoed a statement made by the Fed earlier this month, saying that "economic activity appears to be leveling out, both in the United States and abroad."
Bernanke went a step further though, indicating that "prospects for a return to growth in the near term appear good."
But the central bank chief warned that problems remain in financial markets around the globe, and that with banks facing "substantial" additional losses ahead, businesses and consumers will continue to have trouble accessing credit.
"Because of these and other factors, the economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels," he cautioned.
Fed watchers said they were not surprised by Bernanke's somewhat cautious outlook. They said the Fed chairman doesn't want to be pushed into raising interest rates or pulling back on other stimulus the Fed has pumped into the economy over the past year.
"The challenge he has now is that if he times the exit strategy too early, you risk a new recession a year or more from now." said Lakshman Achuthan, managing director of Economic Cycle Research Institute.
But Sung Won Sohn, economics professor at Cal State University Channel Islands, said he doesn't believe that Bernanke is playing an expectation game.
Sohn thinks Bernanke is truly worried about a weak recovery, despite some forecasts of strong gains ahead. He said the Fed chairman is right to be concerned since consumers have yet to really resume spending.
"You need consumers to go on a spending spree. Even if they wanted to, they can't because they can't get the credit,"
But Sohn said there is a risk in Bernanke being too cautious in talking about a recovery because it can become a self-fulfilling prophecy.
"Clearly business people would think twice about hiring people based on his view the recovery will be sluggish," he said.
Still, investors chose to focus on the positive part of his outlook. Stocks moved higher as Bernanke's remarks, along with a stronger than expected home sales report, fueled even more hopes that the economy has hit bottom. The Dow Jones industrial average was up more than 140 points in late-morning trading.
Defending the bailouts
Bernanke spent much of the speech reviewing the economic crisis that unfolded last September in the wake of the bankruptcy of Lehman Brothers and near collapse of insurer AIG (AIG, Fortune 500).
He defended the actions of the Fed, Treasury Department and Congress, as well as major governments around the world, in their response to the crisis. He said those actions likely prevented the financial panic from plunging the world into a far more serious economic downturn, possibly even a depression.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: August 21, 2009: 11:54 AM ET
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said that the U.S. economy is about to start growing again, although he cautioned it will be a slow recovery with continued high unemployment in the near term.
Speaking at an annual symposium in Jackson Hole, Wy., Bernanke echoed a statement made by the Fed earlier this month, saying that "economic activity appears to be leveling out, both in the United States and abroad."
Bernanke went a step further though, indicating that "prospects for a return to growth in the near term appear good."
But the central bank chief warned that problems remain in financial markets around the globe, and that with banks facing "substantial" additional losses ahead, businesses and consumers will continue to have trouble accessing credit.
"Because of these and other factors, the economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels," he cautioned.
Fed watchers said they were not surprised by Bernanke's somewhat cautious outlook. They said the Fed chairman doesn't want to be pushed into raising interest rates or pulling back on other stimulus the Fed has pumped into the economy over the past year.
"The challenge he has now is that if he times the exit strategy too early, you risk a new recession a year or more from now." said Lakshman Achuthan, managing director of Economic Cycle Research Institute.
But Sung Won Sohn, economics professor at Cal State University Channel Islands, said he doesn't believe that Bernanke is playing an expectation game.
Sohn thinks Bernanke is truly worried about a weak recovery, despite some forecasts of strong gains ahead. He said the Fed chairman is right to be concerned since consumers have yet to really resume spending.
"You need consumers to go on a spending spree. Even if they wanted to, they can't because they can't get the credit,"
But Sohn said there is a risk in Bernanke being too cautious in talking about a recovery because it can become a self-fulfilling prophecy.
"Clearly business people would think twice about hiring people based on his view the recovery will be sluggish," he said.
Still, investors chose to focus on the positive part of his outlook. Stocks moved higher as Bernanke's remarks, along with a stronger than expected home sales report, fueled even more hopes that the economy has hit bottom. The Dow Jones industrial average was up more than 140 points in late-morning trading.
Defending the bailouts
Bernanke spent much of the speech reviewing the economic crisis that unfolded last September in the wake of the bankruptcy of Lehman Brothers and near collapse of insurer AIG (AIG, Fortune 500).
He defended the actions of the Fed, Treasury Department and Congress, as well as major governments around the world, in their response to the crisis. He said those actions likely prevented the financial panic from plunging the world into a far more serious economic downturn, possibly even a depression.
Thursday, August 20, 2009
Mortgage Rates are at 6 week LOW
There was nothing but good news in the Weekly Mortgage Applications Survey this morning. Average rates for a 30-year mortgage fell 23 basis points to a 6-week low at 5.15%, helping demand for purchases, refinancing, and new mortgages to all advance.
Demand for refinance-related loans climbed 6.9% in the week ending August 14, nearly erasing the 7.2% decline it had seen in the previous week. The fresh activity helped the Market Composite Index ― which tracks the volume of mortgage applications ― to advance 5.6% in the week, an encouraging contrast when compared to the 4-week average of -0.1%.
In addition, the Purchase Index continued to rise for the third consecutive week, jumping 3.9% to put the 4-week average at +1.5%. Since late February purchases have risen more than 10%.
“The large swings in mortgage rates over the past month have resulted in see-saw like activity in the Refinance Index,” the report said. “By contrast, the purchase activity has not been deterred by interest rate volatility, and has continued to trend gradually upward.”
“The market is finally turning the corner after a severe three-year slump,” said BMO analyst Sal Guatieri before the release. He and others are expecting the Existing Home Sales Index to report its fourth consecutive monthly increase on Friday, which would be the longest string of advanced in five years.
Mortgage rates vary across the country but the state average is below 5.5% ― an historically low rate ― in all 50 states. According to a report from Zillow.com published yesterday, lenders in Washington and California offer the lowest rates with an average of 5.25%, while rates in Illinois are currently the highest at 5.44%.
Brad Geisen, president of Foreclosure.com, said it is prices rather than mortgage rates that are causing the increase in activity. "Probably the biggest driving factor for home purchasing right now is price," he said. "During the housing boom, a lot of first-time home buyers were squeezed out of the market, but now property values have come down enough where they can afford it."
David Adamo, CEO of Connecticut-based Luxury Mortgage, also said recently that confidence was the driver of new sales, not interest rates. He added: "Once the general psychology of the market place returns to normal we will see the purchase activity substantially improve which will restore our housing market and overall economy."
Demand for refinance-related loans climbed 6.9% in the week ending August 14, nearly erasing the 7.2% decline it had seen in the previous week. The fresh activity helped the Market Composite Index ― which tracks the volume of mortgage applications ― to advance 5.6% in the week, an encouraging contrast when compared to the 4-week average of -0.1%.
In addition, the Purchase Index continued to rise for the third consecutive week, jumping 3.9% to put the 4-week average at +1.5%. Since late February purchases have risen more than 10%.
“The large swings in mortgage rates over the past month have resulted in see-saw like activity in the Refinance Index,” the report said. “By contrast, the purchase activity has not been deterred by interest rate volatility, and has continued to trend gradually upward.”
“The market is finally turning the corner after a severe three-year slump,” said BMO analyst Sal Guatieri before the release. He and others are expecting the Existing Home Sales Index to report its fourth consecutive monthly increase on Friday, which would be the longest string of advanced in five years.
Mortgage rates vary across the country but the state average is below 5.5% ― an historically low rate ― in all 50 states. According to a report from Zillow.com published yesterday, lenders in Washington and California offer the lowest rates with an average of 5.25%, while rates in Illinois are currently the highest at 5.44%.
Brad Geisen, president of Foreclosure.com, said it is prices rather than mortgage rates that are causing the increase in activity. "Probably the biggest driving factor for home purchasing right now is price," he said. "During the housing boom, a lot of first-time home buyers were squeezed out of the market, but now property values have come down enough where they can afford it."
David Adamo, CEO of Connecticut-based Luxury Mortgage, also said recently that confidence was the driver of new sales, not interest rates. He added: "Once the general psychology of the market place returns to normal we will see the purchase activity substantially improve which will restore our housing market and overall economy."
Wednesday, August 19, 2009
Will the Government extend the $8000 tax credit past Nov. 30th 2008??
Why would the government extend the program?
While there has been no official word on extending the home buyer tax credit, many believe it will be continued past the current December 1, 2009 deadline. The reason behind this thinking is that the tax credit was originally issued to encourage buying activity. Bringing more buyers into the market should have a positive effect on demand helping to level home prices. Think of it this way, if the goverment's tax credit program brought buyers into the market that would not have otherwise purchased a home, they would be benefiting the demand side of a supply/demand relationship. One of the main reasons home values have declined (excluding the initial price correction itself) is because there is now more supply than demand on the market. This causes buyers to have an upper hand ("buyers market" = more sellers than buyers), and encourages sellers to lower their prices to attract the few buyers in the market. When one seller reduces their price it starts a chain reaction against other sellers in the same market with similar homes. The fastest way to stabilize home prices is by bringing more buyers to the market, which will then, in theory equalize supply and demand. This would cause home prices to flatten and potentially begin appreciating. The general thought is that the government may extend the program because we have not fully seen this happen. Extending the program would allow more time for buyers to take advantage of the program and hopefully fuel a stabilization of home prices.
Why would the government not extend the program?
Ultimately this is just the other side of the coin. If the government feels that it has accomplished its goal (to help stabilize the market), than there is no reason to extend the program. Whether or not this has happened is an opinion and is difficult to determine. What cannot be disputed is that home value declines have slowed dramatically over 2009, and in some markets values have begun to appreciate. Either way, we are unlikely to have any information as to whether they will extend or not until we are very close to the existing deadline. The government has a history of waiting until the last moment before deciding to extend or cancel programs (eg. 'cash for clunkers').
What does this mean to me?P
Plainly put, if you are on the fence about buying, get off and go buy. If you are simply holding out because you believe you may be able to get a better deal, and are risking a free $8,000 to do it, the risk is probably not worth the reward. If the government chooses not to extend we will likely not know that until the last week or so of November. The current program says you must be signed, closed, and transferred by December 1st. If you found out near the end of November that the program was not to be renewed it would be too late to find a home, negotiate an offer and close a loan. In the end you would not be able to capitalize on the program should they decide not to renew.
Additionally interest rates continue to be at or near historic lows, and the unseen factor in this is that a rise in rates of only .25% or .50% (which would still leave rates near historic lows) can wipe out all of your purchase price savings. In the end it is very likely that no one will know the fate of the home buyer credit until we are much closer to the deadline.
The answer is simple, now is a great time to purchase! Rates are at historic lows, the $8000 tax credit will pay YOU back come tax time and the market is still near or at the bottom in many areas of the country.
While there has been no official word on extending the home buyer tax credit, many believe it will be continued past the current December 1, 2009 deadline. The reason behind this thinking is that the tax credit was originally issued to encourage buying activity. Bringing more buyers into the market should have a positive effect on demand helping to level home prices. Think of it this way, if the goverment's tax credit program brought buyers into the market that would not have otherwise purchased a home, they would be benefiting the demand side of a supply/demand relationship. One of the main reasons home values have declined (excluding the initial price correction itself) is because there is now more supply than demand on the market. This causes buyers to have an upper hand ("buyers market" = more sellers than buyers), and encourages sellers to lower their prices to attract the few buyers in the market. When one seller reduces their price it starts a chain reaction against other sellers in the same market with similar homes. The fastest way to stabilize home prices is by bringing more buyers to the market, which will then, in theory equalize supply and demand. This would cause home prices to flatten and potentially begin appreciating. The general thought is that the government may extend the program because we have not fully seen this happen. Extending the program would allow more time for buyers to take advantage of the program and hopefully fuel a stabilization of home prices.
Why would the government not extend the program?
Ultimately this is just the other side of the coin. If the government feels that it has accomplished its goal (to help stabilize the market), than there is no reason to extend the program. Whether or not this has happened is an opinion and is difficult to determine. What cannot be disputed is that home value declines have slowed dramatically over 2009, and in some markets values have begun to appreciate. Either way, we are unlikely to have any information as to whether they will extend or not until we are very close to the existing deadline. The government has a history of waiting until the last moment before deciding to extend or cancel programs (eg. 'cash for clunkers').
What does this mean to me?P
Plainly put, if you are on the fence about buying, get off and go buy. If you are simply holding out because you believe you may be able to get a better deal, and are risking a free $8,000 to do it, the risk is probably not worth the reward. If the government chooses not to extend we will likely not know that until the last week or so of November. The current program says you must be signed, closed, and transferred by December 1st. If you found out near the end of November that the program was not to be renewed it would be too late to find a home, negotiate an offer and close a loan. In the end you would not be able to capitalize on the program should they decide not to renew.
Additionally interest rates continue to be at or near historic lows, and the unseen factor in this is that a rise in rates of only .25% or .50% (which would still leave rates near historic lows) can wipe out all of your purchase price savings. In the end it is very likely that no one will know the fate of the home buyer credit until we are much closer to the deadline.
The answer is simple, now is a great time to purchase! Rates are at historic lows, the $8000 tax credit will pay YOU back come tax time and the market is still near or at the bottom in many areas of the country.
Tuesday, August 18, 2009
Possible Reprice Alert (for the worse) FYI...
Following a global sell in equities yesterday, prices of mortgage backed securities rose into a range not visited since late July. The rally in secondary markets helped mortgage rates fall to monthly lows. When this happens rates tend to drop as they did yesterday.
But will it last?
Although mortgage rates fell to previous August lows yesterday, it may not last long if stocks decide pessimism was unwarranted. There has however been a change in market sentiment. Fundamental economic releases, mainly consumer related data, should soon start to have more of an effect on mortgage rates.
Data Releases of the Day...
First out this morning from the U.S Department of Commerce was the monthly Housing Starts report. This data provides investors the monthly change in the number of new homes that have started construction. The number is reported on an annualized pace and recent reports have shown housing starts to be improving. This month economists’ expected this trend to continue.
The data shows that housing starts in July declined by 1% to an annualized pace of 581,000 following last month’s 6.5% increase. This is the first monthly decline in 3 months. On a yearly basis, housing starts are still down a whopping 37.7%! To give you a perspective on how far the new housing sector has fallen, during the peak of the housing boom housing starts was on an annualized pace of over 2 million units! This report does provide evidence of the housing sector to be bottoming but does not indicate an improving sector.
The final piece of economic data was the Producer Price Index which tracks the monthly change in the average price of a fixed basket of goods received by producers. If the costs of products purchased by producers are increasing, they tend to pass along that higher cost to the end consumer resulting in inflation. The report shows that inflation on the producer level declined sharply from last month further providing evidence that inflation is not a concern. Headline PPI declined by 0.9% while the core rate declined 0.1% both beating economists’ expectations.
After the data was released Treasury futures prices shot higher and MBS price followed suit. However, once again, it appears there is not much motivation in the market to drive MBS prices higher as trader's quickly took profits following the rapid price appreciation. It appears that we will continue yesterday’s trend of moving sideways in a range as the markets wait for confirmation of a new trend or correction back to previous price levels. ..we refer to this as "wait and see mode".
I mention often to my customers that each time rates have approached the current levels they don't remain there very long. If you can lock today under 5.25%, you should consider doing so as any indication of positive economic news can result in a quick and sudden move higher in mortgage rates.
Reports from fellow mortgage professionals indicate mortgage rates are mostly unchanged from yesterday (slightly higher). This places the par 30 year conventional rate mortgage in the 4.875% to 5.125% range for the most qualified consumer. In order to qualify you must have a FICO credit score of 740 or higher, a loan to value of 80% or less and pay all closing costs including one point loan origination/discount/broker fee. As always, you can elect to pay less in fees and secure a higher mortgage rate or you can pay additional fees to buy the rate lower.
As I've mentioned before good economic news is not good for Mortgage Rates. If you have a loan application that is unlocked now would be a great time to lock in!
Sorry I have been off the blog for a few days. Please contact me if you are ready to lock in your rate!!!
- MortgageAlli
But will it last?
Although mortgage rates fell to previous August lows yesterday, it may not last long if stocks decide pessimism was unwarranted. There has however been a change in market sentiment. Fundamental economic releases, mainly consumer related data, should soon start to have more of an effect on mortgage rates.
Data Releases of the Day...
First out this morning from the U.S Department of Commerce was the monthly Housing Starts report. This data provides investors the monthly change in the number of new homes that have started construction. The number is reported on an annualized pace and recent reports have shown housing starts to be improving. This month economists’ expected this trend to continue.
The data shows that housing starts in July declined by 1% to an annualized pace of 581,000 following last month’s 6.5% increase. This is the first monthly decline in 3 months. On a yearly basis, housing starts are still down a whopping 37.7%! To give you a perspective on how far the new housing sector has fallen, during the peak of the housing boom housing starts was on an annualized pace of over 2 million units! This report does provide evidence of the housing sector to be bottoming but does not indicate an improving sector.
The final piece of economic data was the Producer Price Index which tracks the monthly change in the average price of a fixed basket of goods received by producers. If the costs of products purchased by producers are increasing, they tend to pass along that higher cost to the end consumer resulting in inflation. The report shows that inflation on the producer level declined sharply from last month further providing evidence that inflation is not a concern. Headline PPI declined by 0.9% while the core rate declined 0.1% both beating economists’ expectations.
After the data was released Treasury futures prices shot higher and MBS price followed suit. However, once again, it appears there is not much motivation in the market to drive MBS prices higher as trader's quickly took profits following the rapid price appreciation. It appears that we will continue yesterday’s trend of moving sideways in a range as the markets wait for confirmation of a new trend or correction back to previous price levels. ..we refer to this as "wait and see mode".
I mention often to my customers that each time rates have approached the current levels they don't remain there very long. If you can lock today under 5.25%, you should consider doing so as any indication of positive economic news can result in a quick and sudden move higher in mortgage rates.
Reports from fellow mortgage professionals indicate mortgage rates are mostly unchanged from yesterday (slightly higher). This places the par 30 year conventional rate mortgage in the 4.875% to 5.125% range for the most qualified consumer. In order to qualify you must have a FICO credit score of 740 or higher, a loan to value of 80% or less and pay all closing costs including one point loan origination/discount/broker fee. As always, you can elect to pay less in fees and secure a higher mortgage rate or you can pay additional fees to buy the rate lower.
As I've mentioned before good economic news is not good for Mortgage Rates. If you have a loan application that is unlocked now would be a great time to lock in!
Sorry I have been off the blog for a few days. Please contact me if you are ready to lock in your rate!!!
- MortgageAlli
Thursday, August 13, 2009
US Cities are showing signs of a housing bottom
The National Association of Realtors (NAR) released its quarterly metropolitan home sales report yesterday.
While most people are focusing on the continued large year/year price drops, I have not heard anyone focusing on the fact that most cities showed sequential (qtr/qtr) price gains for the first time in roughly 2 years!
For the country as a whole, median sales prices rose +4% in Q2 vs. Q1 of this year. The median home price in the U.S. rose to $174,100 (which is still -15.6% below year-ago levels). Here are some of the largest quarterly increases for some notable cities:
San Francisco (+18%), Boston (+16%), Washington D.C. (+14%), Dallas (+11%), and Chicago (+10%).
Additionally, some of the cities that have been most cited for outsized speculation in recent years have also shown renewed stabilization: San Diego (+5%), Los Angeles (+3%), New York (+2%), Phoenix (+1%) and Miami (+1%).
We know that one datapoint does not make a trend, but I also know that these quarterly sales prices have been dropping every quarter since mid-2007. So this bounce is notable, and from here we'll just have to see if the trend is sustainable.
Hopefully home prices have now fallen sufficiently from their prior highs, up to 50% in many cities, that buyers feel better about stepping up. The low mortgage rates and first-time buyer tax credits should continue to bolster demand as well.
Here is a look at some of the year/year price declines in some of those notable cities I mentioned:
Boston: -8.3%
Chicago: -20.7%
Dallas: -0.2%
Los Angeles: -25.7%
New York: -16.3%
Phoenix: -36.1%
San Diego: -20.2%
San Francisco: -33.8%
Washington D.C.: -14.0%
Two other notable cities that are still seeing declines are Ft. Myers (-52.8%) and Las Vegas (-39.7%).
Overall, home prices have fallen by record amounts in nearly all cities. For the first time in roughly two years, we are seeing a sequential uptick in home prices.
With the home affordability index near multi-decade highs, the odds are increasing that this single datapoint of rising home prices could further cement the notion that housing has bottomed, and that would have positive implications for home prices, consumer confidence, personal spending, as well as the overall economy and stock market.
While most people are focusing on the continued large year/year price drops, I have not heard anyone focusing on the fact that most cities showed sequential (qtr/qtr) price gains for the first time in roughly 2 years!
For the country as a whole, median sales prices rose +4% in Q2 vs. Q1 of this year. The median home price in the U.S. rose to $174,100 (which is still -15.6% below year-ago levels). Here are some of the largest quarterly increases for some notable cities:
San Francisco (+18%), Boston (+16%), Washington D.C. (+14%), Dallas (+11%), and Chicago (+10%).
Additionally, some of the cities that have been most cited for outsized speculation in recent years have also shown renewed stabilization: San Diego (+5%), Los Angeles (+3%), New York (+2%), Phoenix (+1%) and Miami (+1%).
We know that one datapoint does not make a trend, but I also know that these quarterly sales prices have been dropping every quarter since mid-2007. So this bounce is notable, and from here we'll just have to see if the trend is sustainable.
Hopefully home prices have now fallen sufficiently from their prior highs, up to 50% in many cities, that buyers feel better about stepping up. The low mortgage rates and first-time buyer tax credits should continue to bolster demand as well.
Here is a look at some of the year/year price declines in some of those notable cities I mentioned:
Boston: -8.3%
Chicago: -20.7%
Dallas: -0.2%
Los Angeles: -25.7%
New York: -16.3%
Phoenix: -36.1%
San Diego: -20.2%
San Francisco: -33.8%
Washington D.C.: -14.0%
Two other notable cities that are still seeing declines are Ft. Myers (-52.8%) and Las Vegas (-39.7%).
Overall, home prices have fallen by record amounts in nearly all cities. For the first time in roughly two years, we are seeing a sequential uptick in home prices.
With the home affordability index near multi-decade highs, the odds are increasing that this single datapoint of rising home prices could further cement the notion that housing has bottomed, and that would have positive implications for home prices, consumer confidence, personal spending, as well as the overall economy and stock market.
Wednesday, August 12, 2009
Breaking News from the Associated Press
BREAKING NEWS
updated 4 minutes ago
WASHINGTON - The Federal Reserve delivered a vote of confidence in the recovery on Wednesday, saying economic activity is "leveling out." The central bank also signaled that it would soon end one of its programs aimed at propping up the economy.
The Fed said it would gradually slow the pace of its program to buy Treasury securities so that it will shut down at the end of October, versus September. The program is aimed at lowering rates on mortgages and other consumer debt, a move to spur Americans to spend more.
What's Alli's take? Well we are in no way out from under the problems facing our economy. This is not good news for those who are waiting for "rates to drop down to 4%"!!! If the Fed stops the bulk purchase of Mortgage Backed Securities we will see rates on the rise, maybe as early as next month!
Folks, please call me if you are on the fence about refinancing. My promise to you: I am not here as a salesperson but only as an advisor. I'll be the first to tell you if refinancing is not the best option for you right now or of course tell you the benefits of why it is.
Until tomorrow... MortgageAlli's signing off
updated 4 minutes ago
WASHINGTON - The Federal Reserve delivered a vote of confidence in the recovery on Wednesday, saying economic activity is "leveling out." The central bank also signaled that it would soon end one of its programs aimed at propping up the economy.
The Fed said it would gradually slow the pace of its program to buy Treasury securities so that it will shut down at the end of October, versus September. The program is aimed at lowering rates on mortgages and other consumer debt, a move to spur Americans to spend more.
What's Alli's take? Well we are in no way out from under the problems facing our economy. This is not good news for those who are waiting for "rates to drop down to 4%"!!! If the Fed stops the bulk purchase of Mortgage Backed Securities we will see rates on the rise, maybe as early as next month!
Folks, please call me if you are on the fence about refinancing. My promise to you: I am not here as a salesperson but only as an advisor. I'll be the first to tell you if refinancing is not the best option for you right now or of course tell you the benefits of why it is.
Until tomorrow... MortgageAlli's signing off
Tuesday, August 11, 2009
The future of rates...
The Taylor Bean & Whitaker news is a blow to a mortgage industry already struggling with higher interest rates. Friday’s could-have-been-worse jobs report sent Treasury yields to their highs of the year. Futures are pricing in a Fed rate increase by the end of the year. Though the economy could still stumble – where is the real growth going to come from – rates could push higher this week. The market is coming to grips with an economy that is no longer on the ropes. In the months ahead, it is likely that mortgage rates will be range-bound, pushing towards 6.00% when the economic news is good, and falling back to 5.00% when the news is bad.
So this isn't anything new to me! Rates have been on the rise slowly so there is really no time like the present to get your loan in process if it makes sense for you. The key to getting the best rate is having your loan in process so when the rates takes a dip we are in a great position to lock, maybe even on a 15 day which is always a better price.
So this isn't anything new to me! Rates have been on the rise slowly so there is really no time like the present to get your loan in process if it makes sense for you. The key to getting the best rate is having your loan in process so when the rates takes a dip we are in a great position to lock, maybe even on a 15 day which is always a better price.
Monday, August 10, 2009
Just another Monday...
No major headlines have hit the markets this morning. In fact, retail news this morning has been positive, which in a way confirms that the shallow sell-off today doesn’t reflect a real drop in sentiment. The rest of the week should bring further confirmation that the economy turned a corner as the third quarter began in July. Thursday’s retail sales report is expected to show a broad rebound led by the “cash for clunkers” car-buying program that buoyed spirits in the last week of the month. Consumer sentiment is also expected to increase, while jobless claims and inflation each moderate. All in, the week ahead should bring further optimism to the markets.
What will happen to interest rates you ask? Well I wouldn't wait for the rate you were quoted last month becasue it may be long gone. Positive news in the economic world typically means interest rates are on the rise. If a refinance makes sense for you at the rates as of today then I suggest you lock your loan!
What will happen to interest rates you ask? Well I wouldn't wait for the rate you were quoted last month becasue it may be long gone. Positive news in the economic world typically means interest rates are on the rise. If a refinance makes sense for you at the rates as of today then I suggest you lock your loan!
Sunday, August 9, 2009
MortgageAlli Website is Up & Running!
It's a hot day in Fairfax,VA! I'm sitting by the pool and just finished my website... thanks Alivia for the help!
I'm looking forward to providing you daily info on rates and an industry news on this blog. If you are a customer please subscribe to my RSS feed so you can get quick rate info via email.
For more information about Allison Olweiler (aka MortgageAlli), Access National Mortgage & ArcLoan, and a quick rate quote visit www.mortgagealli.com.
I'm looking forward to providing you daily info on rates and an industry news on this blog. If you are a customer please subscribe to my RSS feed so you can get quick rate info via email.
For more information about Allison Olweiler (aka MortgageAlli), Access National Mortgage & ArcLoan, and a quick rate quote visit www.mortgagealli.com.
Saturday, August 8, 2009
Subscribe to:
Posts (Atom)
