Government-sponsored enterprises Fannie Mae and Freddie Mac have been
working through the REO inventory load they hold on their books, a move
that helped them report a profit yet again in the latest quarter.In the second quarter of this year, Fannie Mae’s REO inventory stood
at 96,796 compared to 166,787 properties it held in the third quarter of
2010. Freddie Mac is also reporting a large...
FICO, the nation’s most popular credit-scoring system, announced it is
tweaking some of the criteria used in coming up with consumers’ scores,
which could help consumers save more money in qualifying for mortgages
and other types of loans.The changes include reducing the toll that overdue medical bills can
take on credit scores, as well as removing other past penalties from
If the bank or government can’t save a person from foreclosure, can a
crowd? “Crowdfunding” sites are on the rise as desperate home owners
turn to trying to raise money from friends, family, and strangers to try
to stay current with their mortgage payments.
“Listings asking donors to ‘Help save my children's home’ and ‘Help
avoid foreclosure’ are popping up across dozens of fundrais...
Homeowners who fall behind on their property taxes may be tempted to take out a loan to pay off those taxes. However, the Better Business Bureau (BBB) strongly recommends doing a little homework first.According to the BBB, the homeowner should:
Call the taxing agency first. Most government agencies are willing to create payment plans and make other arrangements with those behind on t...
FICO Changing How it Figures Credit ScoresWASHINGTON, D.C. (Realtor.org) – Many Americans may soon find it easier to qualify for home loans thanks to changes FICO is making in how it calculates credit scores.The changes, which take effect this fall, include reducing the toll that overdue medical bills can take on credit scores and removing penalties from consumers who have paid off debts that had ...
While mortgage rates have been rising the last few months, they are
still historically low compared to the trend over the last four decades,
Freddie Mac says.
But rates as low as they were in November 2012 — when the 30-year
fixed-rate mortgage reached an all-time low of 3.31 percent — aren’t
likely to return any time soon, the mortgage giant says. Still, Freddie
assures borrowers that ...
U.S. housing affordability is slowly falling due to higher home prices and
qualifying income levels, despite borrowing costs from mortgage rates
remaining at their lowest readings of the year, according to the
National Association of REALTORS® latest reading on its Housing Affordability Index.
The median price for a single-family home in June rose 4.5 percent
year-over-year to $224,300. B...
The Loan Process made simple....In 10 Easy Steps (plus, interest rates for home loans have recently decreased to 4.1%... even more reason to get on the bandwagon and get pre-approved today!)The loan process can seem daunting at first... however, it doesn't have to be!There are two main people you need to have on your side to ensure that this process is stress-free: • Realtor• Loan Offic...
didn't shop much this summer, as weak retail sales revealed. But
business inventory levels remained steady. Meanwhile, industrial
production has strengthened thanks to improvements in manufacturing.
Automakers were key to the pickup.For the week ended August 15, 2014, the S&P 500 Index was up 1.2%
to 1,955 (for a year-to-date total return—including price change plus
Mortgage foul-ups are accounting for a growing number of complaints
recently filed with the Consumer Financial Protection Bureau. During the year the most complaints were about mortgages, loan
modifications, and foreclosure activities by servicers.
CFPB also has been sending investigators into mortgage-servicing
firms to check their accounts and uncover any “unfair and deceptive
Financial Planning Must Come Before Homeownership
Whether you’ve got
house envy about your best friend’s new place or just want to start building equity instead of renting, the first time
you think about becoming a homeowner is the moment you should start financial
While it may be
tempting to begin looking at homes for sale, you need to be financially
There are four rules home buyers should follow if they want sellers to accept their offer.
Be nice: While money is important, buyers should also
be likable and avoid making negative comments about the house or
discussing their renovation plans in front of the seller, keeping in
mind that sellers have an emotional connection to the property. "Don't
tell someone how bad, ugly, stupid, ...
Unemployment may be taking center stage during the presidential election, but home values and the housing market woes affect more people, according to a policy brief from the Progressive Policy Institute, a Washington think tank.While fewer than 1 in 10 Americans are unemployed, more than two-thirds are home owners, PPI says. In 16 presidential election battleground states (Nevada, Arizona, C...
Home owners who’ve made their mortgage payments on time could take advantage of record low interest rates under a plan unveiled by President Obama in his State of the Union speech last night.The proposed plan would cover home owners with mortgage loans guaranteed by Fannie Mae and Freddie Mac, as well as retail banks. Obama must seek Congressional approval to go forward with the plan.“I’...
By: G. M. Filisko
Published: February 25, 2010
Here’s how to clean up your credit so you get the least-expensive home loan possible.
Getting the loan that suits your situation at the best possible price and terms makes homebuying easier and more affordable. Here are seven ways to boost your credit score so you can do just that.
1. Know your credit score
Credit scores range from 300 to 850, an...