The newly passed Frank Dodd Bill has a risk retention rule that states anyone originating a home loan must retain 5% in reserves against that loan. Basically Congress is requiring lenders to put a little more skin in the game. This sounds like it makes sense, but let's take a closer look at what this might mean for the market and for homebuyers. First of all, this rule applies to conventional Continue Reading about New 30% Down Payment Rule Might Hurt Housing Market!
Mortgage Update? Tuesday December 14th 2010 Rates are on the move AGAIN! The MBS Market is down over 100 basis points again and rates are headed for or are already at 5%. I will keep you posted through the week. Why are rate going up? The risk of inflation has increased which creates risk on the yield of the mortgage backed securities. This has caused the mortgage bond prices to Continue Reading about Mortgage Rate Update and Its NOT Good News!
The Blood Bath Continues! Ok guys, we have lost another 100 Basis Points today so in the last 48 hours we have lost 234 basis points int he mortgage bond market! I am not sure how to put that into perspective but HUGE is not nearly a big enough to describe it. Continue Reading about Fort Mill Mortgage Rates Going Up?
Loan officer Olan Carder with American Security Mortgage sent out a video today to real estate agents with a couple mortgage tips or recommendations. Here is recap of Olan?s message? Olan?s first message is about potential home buyers. If you are waiting for the new year to make a home purchase decision or closing, you may want to know mortgage rates are inching up slightly. Olan sees momentum Continue Reading about Dec 2010 Mortgage Tips For Fort Mill Home Buyers
I meet with Liz Ciardi,? Home Mortgage Consultant with Wells Fargo Home Mortgage, this past week . She past on timely information about the Home Buyer Tax Credit that expires in April. The following is a summary of the Wells Fargo Home Mortgage Tax Credit information brochure: Seize This Opportunity Little time remains for you to take advantage of the Federal Home Buyer Tax Credit. Along Continue Reading about Take Advantage of the Federal Home Buyer Tax Credit Before It?s Too Late.
Rates are at record lows, but do you qualify for those rates? If you haven't heard about these record low mortgage rates in Tega Cay, you might want to check into having the internet hooked up to that rock you've been living under.? The news is everywhere that mortgage rates are super low, but the real question is, "Can you qualify for them?" It really doesn't matter how great something is if Continue Reading about How to Qualify for the Best Rates!
It does not look like mortgage rates are going to fall much below current record lows as lenders become flooded with refinances. The Federal Reserve has been on a mission to get long term interest rates lower in order to help spur the economy.? One of the biggest areas of focus has been mortgage rates, with a promise of $500 Billion to purchase mortgage bonds.? This promise was just raised to Continue Reading about Tega Cay Mortgage Rates Going Lower?
Have you ever wondered what a "good" credit score looks like? Read below to find out... A "good" credit score is a very relative term because "good" means different things to different people.? I know mortgages, so although I have an idea of what a auto lender might think is a "good" score, I can tell you for sure what it takes to get a mortgage! The current minimum score for most home Continue Reading about What is a Good Credit Score?