U.S. Existing Home Sales Get a December Boost
One of the main economic indicators – especially now that the housing market is such a big focus of the economy — is the U.S. existing home sales data. This is data that takes into account how many homes (already built) were sold in a month. The news just came out for the December existing […]
Mortgage Lender News: Bank of America, John Thain and Bankruptcy
Things just keep getting messier for Bank of America. Early last year, Bank of America was seen as a solid, financially sound, company that could swoop in and save failing financial institutions. Indeed, that is just what everyone thought had happened when Bank of America bought Countrywide last year. However, in hindsight, that looks like […]
Housing Market News: Housing Starts Fall
One of the lead indicators of the health of the housing market is how many housing starts there are. Another indicator is the number of building permits issued. Today, though, the news looks pretty bleak, as December housing starts and permits show a drop. Mortgage News Daily reports on today’s housing market data:
Housing starts, which […]
FHA Loan: Low Down Payment, Credit Score Not a Big Deal
Right now, it can be difficult to get a home mortgage loan at a good interest rate. It can be hard to get a home mortgage loan at any rate. This is because mortgage lenders have changed their lending standards since the credit market crisis and the subprime lending crash. To get the best interest […]
FDIC Asks Banks to Report on How They Spent TARP Funds
One of the biggest scandals of the economic bailout bill passed last fall has to with how the $350 billion set aside for banks through TARP funds was spent. The money was meant to be spent in helping Americans avoid foreclosure. It was supposed to loosen up cash flow and banks were supposed to use […]
30 Year Fixed Mortgage Rate Falls Below 5%
For the first time ever, the 30 year fixed mortgage rate dropped below 5% last week. The 15 year rate actually rose, to 4.65%. This has many people rushing to refinance — if they can. One of the biggest problems with refinancing to the new low mortgage rate is that falling housing values have destroyed […]
Higher Loan Limits In New Economic Stimulus Bill
After approving TARP funds recently, Congress is not turning its attention to a new economic stimulus package. This new package is ostensibly designed to help regular folks, rather than to benefit mostly mortgage lenders and banks and other Wall Street types. One of the provisions in the new economic stimulus is said to be higher […]
Finance News: TARP, Bank of America and Tax Cuts
It’s getting crazy out here in the world of finance. Chances are that what is going on right now will affect us for quite some time to come. But that isn’t going to stop our leaders from continuing its policies. No matter that they probably won’t help accomplish stated short term and long term economic […]
Tax Liens Take Second Place to Other Liens
In the past, when you have a tax lien placed on your home in order for the IRS to try to get you pay what you owe, it is difficult to refinance or sell your home. This is because a tax lien means that the IRS has first claim to the money. Mortgage lenders who […]
Now is a Good Time To Buy a Second Home ? If You Can Get Approved
Even though the economy is doing fairly poorly right now, and even though the housing market is in trouble, for those who are looking, there are plenty of opportunities available. Indeed, the current low home values and prices offer an interesting chance for you to buy a second home. And, even though the interest rate […]
