Latest News in Mortgages and Home Loans- April 21, 2009

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Advantages to Buying a Foreclosure
Right now, many people are considering buying a home. With low mortgage interest rates and low home prices, there are a lot of great deals out there. If you can buy a foreclosure, there are even better deals. Real Estate Pro Articles points out that there are some definite advantages to buying a foreclosure:
Today, foreclosed […]

Refinancing When You Have a HELOC
Many people are interested in refinancing their homes right. This is not a big surprise, since mortgage interest rates are at historic lows. There are some great deals out there on 30-year fixed loans — and even better deals on 15-year fixed loans.

One of the issues that comes up, however, is that of refinancing when […]

Reverse Mortgages Gaining in Popularity
Reverse mortgages are gaining in popularity as older Americans turn to them to supplement dwindling earnings from their retirement accounts. Indeed, reports Golden Gateway Financial in a press release, there has been a substantial increase in the amount of people choosing a reverse mortgage:
According to the Housing and Urban Development (HUD), HECM reverse mortgage volume […]

Mortgage Rates Drop Dramatically
Mortgage rates are at lows not seen for decades. And, since Freddie Mac began officially tracking rates in August 1991, things have not been this good for mortgage borrowers. MarketWatch offers interest rate information for this past week:

The 30-year fixed-rate […]

President Obama Unveils Mortgage Modification Program
Since the middle of February, we have been waiting for concrete details about President Obama’s mortgage modification program. Today, he announced the details of the plan to create a l
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oan modification that the administration says will help keep 9 million people in their homes. JPMorgan Chase, Wells Fargo and Citigroup have all agreed […]

Canceling Your Credit Card Could Hurt Your Chances of Getting a Home Loan
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Right now, many people seemed inclined to cancel credit cards and go with cash. There is a movement, in this time of recession, to get back to the sound basics of finances and get rid of debt. For many people, getting rid of credit cards is the way to do this. […]

Are the FDIC?s Commitments Higher Than Thought?
We here about the FDIC, which guarantees deposits in institutions. Indeed, the FDIC recently increased the amount of money it insures to $250,000 per account. However, there are some concerns about whether or not the FDIC would be able to cover this amount. Additionally, some think that commitments the FDIC already has could be higher […]

Wells Fargo Forecasts Profits
The big news today is that Wells Fargo is forecasting a Quarter 1 profit of $3 billion. The news prompted a stock market rally in the financial sector that brought all of Wall Street higher today. I
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ndeed, the news about Wells Fargo profits has many optimistic that the worst is […]

FHA Loans Performing Well in this Economic Climate
Even though the Federal Housing Administration is experiencing problems due to loan defaults and foreclosures, FHA loans are still performing relatively well. When you compare FHA loans to subprime loans, they are performing admirable. Indeed, the FHA is expected to be able to weather the current mortgage market crisis and recession in better shape than […]

?Sticky? Asking Prices Slowing Existing Home Sales
I read something interesting over the weekend in a local newspaper. It is a story about how sellers are refusing, in some cases, to lower the asking prices on their homes. This is a development that is contributing to the slowdown in home sales in some real estate markets. Andrea Mitchell offers this insight into […]

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