Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Mortgages
Mortgages
March 14, 2006
NatWest has new fixed mortgage for UK consumers
10 year fixed rate mortgage for UK borrowers was just introduced today by NatWest Mortgages. Fixed interest rate is at 4.99 per cent, borrowers can finance up 95 per cent. Another plus is that prepayments up to 10 per cent of the mortgage amount allowed each year with no prepayment penalties. UK mortgage consumers can prepay monthly or by lump sum. More from NatWest
Posted at 03:30 PM
March 13, 2006
Mortgage in Australia is not tax deductible
Mortgage payments in Australia are not tax deductible. I didn't know about until stumbled upon no tax cuts for Australian mortgage payers article.
Posted at 01:18 PM
Mortgage calculator
Mortgage calculator is very important, you can find them on the web. We put together few mortgage calculator links, that we think will help you:
Karl's mortgage calculator - uses Java, very interactive, nice charts, graphs foe amortization, prepayments, etc., can be slow to load especially if you don't have broadband connection
Mortgage-Calc -besides simple mortgage calculator, has debt consolidation calculator, mortgage refinancing calculators and others - nice site, quick and responsive
Loan lane mortgage calculator - our favorite, very simple and responsive has amortization calculator and prepayment calculator available after you calculate your payment
Posted at 12:59 PM
March 10, 2006
New fixed rate mortgage for UK consumers
New mortgage is introduced for UK borrowers by KENT Reliance Building Society. 25-year fixed rate mortgage offers 2 interest rates that depend on how much you borrow, among other things.
The rate is 4.98 per cent (5.2 per cent APR) if you borrow up to 75 per cent of the property’s value, and 5.5 per cent (5.9 per cent APR) if you borrow up to 95 per cent. More on fees and features of this UK mortgage ...
Posted at 02:45 PM
March 09, 2006
30 year mortgage jumps the highest in 2.5 years
Don't tell us we didn't warn you, and this is just the beginning. 30 year fixed mortgage rate is at 6.37% according to Freddie Mac and some predicting 7.00% before year end. Afraid that may happen sooner.
Posted at 01:35 PM
March 06, 2006
10-Year Note yield is at the highest since June 2004
The yield crossed 4.7% and currently is just under 4.74%. The interest rates will move accordingly - higher, but now much is not clear. The rates are still ridiculously low, Conforming 30 Year Fixed Rate Mortgage is around 6.250 - 6.375% and 15 Year Fixed Rate Mortgage is around 6.00%.
More telling is how close are the interest rates for Adjustable Rate Mortgages to the 30 year Fixed Rate Mortgage. The difference is about .250 - .375%. Rates on interest-only ARMs that are always higher, are pretty much the same as for 30 year Fixed.
Posted at 12:56 PM
March 02, 2006
Mortgage rates will go up as 10 Year Treasury Note broke 4.65% yield
10 Year Treasury Note did it again with the yield standing at 4.66% at this very moment. Of course we shall see the closing price and yield. The question is if this price drop will be sustainable and it will become a support point. Then it will go even higher and if this happens, expect 30 year fixed rate mortgage be 7 percent.
According to Bloomberg, "U.S. 10-year Treasuries fell the most in five weeks on speculation international investors will demand higher yields after the European Central bank raised interest rates."
Posted at 12:26 PM
February 27, 2006
UK mortgage lending hits record for January
As US real estate and mortgage market activity decreased significantly in January with a record number of unsold homes, UK lenders and banks enjoyed record high January in terms of mortgage origination.
Gross mortgage lending amount stood at £14.5 billion, the highest January figure on record and 25% increase compare with a year ago.
Posted at 11:35 PM
February 01, 2006
More sub prime lenders are targeted
Sub prime lending abuse has reached rather high numbers, and with Ameriquest Mortgage agreeing last week to pay $325 million to settle, and obliging to reform its operations, more sub prime banks and lenders are under scrutiny.
Sub prime lenders have made tons of money, quite literally, by lending to the people with credit problems. Since these folks had nowhere else to turn and badly wanted their own piece of American Dream, lenders like Ameriquest, Household International, Argent Mortgage, Long Beach Mortgage, BNC Mortgage and others, felt free to oblige. The result was sky high fees and interest rates on the mortgages that in turn were quickly resold to private and institutional investors for a hefty premium.
So right now, several State financial regulators teamed up on other cases involving sub-prime lenders, according to consumer services for Washington state's Department of Financial Institutions.
In 2002, Household, now owned by HSBC Finance Corp., paid a record $484 million to settle an investigation that involved almost every state.
With that said, sub prime lenders have filled a large void and offer many useful products, enabling many more people to become homeowners. Just navigate the sub prime waters very carefully.
More on Ameriquest, Ameriquest fees, sub prime fraud lending in Britain.
Posted at 03:20 PM
January 12, 2006
Mortgage volume increased in December
With fixed mortgage rates remaining quite low, Mortgage origination surged in December. Shares of the largest mortgage lender, Countrywide Financial jumped nicely on the news that December residential mortgage lending stood at $44 billion, rising 27 percent from December 2004. Mortgage loan funding for the fourth quarter totaled $133 billion, up 40 percent from last year’s fourth quarter.
Other lender stocks barely moved, notably Washington Mutual and Wells Fargo traded water for a few days, and Bank of America seems can't fully digest MBNA which it just swallowed.
In our opinion, Countrywide has become an unquestionable leader in mortgage lending. It offers the largest choice of products and services that are virtually impossible to beat today.
Posted at 05:38 PM
January 05, 2006
UK mortgage industry is booming
In Britain, the number of mortgages closed in November went up by 115,000. While US mortgage origination is down despite continuous low rates, the mere rate cut spur 50 percent jump in home loans compare with mortgage volume of November in 2004.
The home values are also increasing in Britain, though not as rapidly as some would like. Another bright side is that people unsecured credit card debt is significantly down.
UK subprime lending
UK bad credit mortgage is getting more common
Posted at 12:33 PM
January 03, 2006
Market is reversing rapidly after Federal Reserve meeting minutes release
Minutes released from Federal Reserve meeting held on December 13th, suggest a near end in interest rate hikes. That policy has been in place for about 2 years, and since June 2004, the Fed has raised rates 13 times pushing prime to 4.25%, the highest it has been in 4.5 years.
The most important change was that the Fed dropped language, describing interest rates as being too low, or accommodating. It usually signals that there are quite a few hikes still to come. Market responded immediately completely reversing itself from the morning decline.
Posted at 01:47 PM
10 Year Treasury Note has risen
Likely due to the Manufacturing Sector report that showed manufacturing in December slowed more than forecast and companies paid less for materials.
The yield has fallen to 4.36% which is close to 3 month low.
Posted at 11:02 AM
December 23, 2005
The yield on 10 Year Treasury Note broke 4.4% on the way down
Hmm, that is interesting, someone has been buying bonds for the last couple days. That is the lowest it was in December and comes after a government report showed new home sales in November fell by the most in 12 years.
The 30 year conforming fixed mortgage can be obtained at about 6.125% and the 15 year at 5.75%.
The 30 year jumbo is around 6.50% and the 15 year is around 6.125%.
Posted at 11:50 AM
December 22, 2005
10 Year Treasury Note yield is going down
Good news for mortgage shoppers, the yield is currently at 4.33%. It was just under 4.20% in the beginning of October. Will it go that low again?
Posted at 02:41 PM
December 16, 2005
Reverse mortgage popularity will go even higher
As many retirees see their pension benefits dwindling, Pension Benefit Guaranty Corporation (PBGC) business is booming. PBGC is the government organization that assumes responsibility for the pensions if the company you earned your pension from, terminates the pension plan. Basically, PBGC protects workers pension in cases where employer terminates its pension plan. It can be done when declaring bankruptcy, just like United and Delphi did. That is called Distress Termination. Or company may also terminate its pension plan by transferring it to PBGC, which is called Standard Termination.
The point is that pensions paid by PBGC often come short from the pension an employee expected from an employer. With rumors abound that GM is going to go bankrupt, many more workers can see their pensions smaller than they should be. Several much better doing US corporations may follow, as pension obligations hang heavy for Ford, IBM and others. To stay more competitive in the global market, these companies can terminate their pension plans. In 2005, PBGC has taken over the pensions of more than $265,000 workers and retirees. And I think more will have to join the club in a near future.
Many retirees who used to work for now bankrupt companies, lost the company stocks they accumulated for years, often decades of work. That happened with United, Delphi workers recently, with some having several hundred thousand dollars wiped out completely. Many others see their stock holding values greatly diminished.
That leaves the reverse mortgage as a very suitable supplemental income. Many retirees have their homes paid off or nearly so. They can borrow against the equity of their homes. With the higher limits for 2006, reverse mortgage is strong financial tool for many retired homeowners to consider. Just proceed with care.
See What is the reverse mortgage and related FTC's links:
Cashing In On Home Ownership
Get the Facts Before Cashing In On Your Home’s Equity
Posted at 01:34 PM
December 15, 2005
Bad credit interest only mortgages and option ARMs will be harder to get
Interest only mortgages and option adjustable rate mortgages have been keeping home sales and refinancing up. By providing low initial payments from 1 month to up to 10 years, these mortgage programs allowed virtually anyone to buy much more of a house than traditional home loans. After the initial low payment period expires, payments can go drastically up, reflecting much higher interest rate and the principal still owed. This creates a huge payment shock for a homeowner. Interest only and option ARMs are easy to qualify, and lenders have given these mortgages to many borrowers with bad credit and poor finances.
Now federal regulators are about to issue a warning which will make lenders think twice before giving either of these mortgage programs to a borrower in a bad financial or credit shape. Basically, the feds want to remind the banking and mortgage industry, that certain qualifications must be met by the borrower to obtain a high risk mortgage program.
What it means is fewer home buyers and fewer cash out refinances with bad credit.
Posted at 12:14 AM
December 14, 2005
10 Year Treasury Note yield takes huge dive
This one is big, down almost .1% to 4.44%. Obviously the street liked what it heard yesterday from the Federal Reserve. The Fed implied that there are only 2 or 3 hikes left on horizon for the interest rates.
Also the trade deficit came very high, at $68.9 billion, surpassing the old record of $66 billion set in September, as imports, mostly from China, where else, rose by 4.4%.
Trade deficit is very high and will lead to troubles in a near future, in my opinion. As much as I like lower interest rates due to the higher bond prices, I would like to see another reason for this.
Posted at 12:01 PM
December 12, 2005
Illegals can now buy homes in Illinois
You are illegally in the country but you work and pay taxes. That is fine, according to Gov. Rod Blagojevich and U.S. Rep. Luis Gutierez (D-Ill.)
A new state of Illinois program provides low interest loans and down payments on real estate for first time buyers including hard working illegal immigrants and low income people.
Posted at 10:46 AM
December 09, 2005
10 year treasury note yield bounces back
10 year bond is selling off today, hope you locked mortgage rates by now...
Posted at 12:59 PM
December 08, 2005
Higher reverse mortgage limits set for 2006
According to the National Reverse Mortgage Lenders Association, higher limits for 2006 are set for two reverse mortgage products, the federally insured Home Equity Conversion Mortgage (HECM), which has 90 percent market share of all reverse mortgages, and the Fannie Mae Home Keeper loan.
The new limits for HECM set depending on location, with the highest limit for major metropolitan area increased from $312,896 to $362,790. The lowest limit set for rural and non-metropolitan areas, increased from $172,632 to $200,160.
Home Keeper loan will increase in sync with conforming mortgage limit, to $417,000 from the current limit of $359,650. It is 50 percent higher for Alaska, Hawaii, and the U.S. Virgin Islands.
Posted at 10:30 PM
Interest rates can drop tomorrow by about .25%
with 10 Year Note Yield dropping sharply. Rising oil and gas prices sent stocks south with investors buying bonds.
Natural gas jumped 9.4% or $1.42 to $15.12 per 1,000 cubic feet, barrel of light crude went up $1.45 to $60.66.
Posted at 03:12 PM
December 07, 2005
10 -Year Treasury Note is stable
The yield has been in the range between 4.51 and 4.53 today, but we may be seeing another small jump in the coming days.
Posted at 12:49 PM
December 06, 2005
2006 FHA mortgage limits are increased
2006 FHA mortgage limits are indexed on the 2006 conforming loan limits. There are two categories - base and high cost.
Base limits
1-unit- $200,160, 2-unit - $256,248, 3-unit - $309,744, 4-unit - $384,936.
High cost limits
1-unit- $362,790, 2-unit - $464,449, 3-unit - $561,411, 4-unit - $697,696.
For individual counties, FHA loan limits may vary between the base and the high cost, depending on the median housing price for that county.
Posted at 11:01 AM
December 05, 2005
Public strongly supports retaining housing tax breaks
According to the National Association of Home Builders, two out of three survey participants or 68 percent wants to keep deductions for mortgage interest and state and local taxes instead of a plan that would simplify the current tax code.
Read related article on mortgage income tax deductions.
Posted at 04:09 PM
December 03, 2005
Large drop in demand for Option Arms as interest rates rise
Option ARM which has kept home sales and mortgage refinance going lost its allure as interest rates raised. Demand for Option adjustable-rate mortgages has dropped 25% in recent months, according to estimates by UBS AG. For those who missed this great mortgage product, Option ARM is deceptively cheap mortgage, which lets you choose from 4 payment options every month. I am not going to go into details, but you can get the idea here. Option ARMs also offer teaser rates of as low as .95 percent. The bottom line is, it is a great product that makes some otherwise unaffordable homes quite affordable, but the mortgagor must understand fully all the implications. One of them is it can lead to a rising loan balance due to a negative amortization.
A year ago, Option ARMs brought Washington Mutual which introduced it among the very first, roughly 40 percent of total mortgage volume. It is down to 29 percent in the third quarter. IndyMac Bancorp saw option ARMs volume fell to 31 percent in the third quarter from 39 percent the previous quarter.
Posted at 12:25 AM
November 29, 2005
2006 conforming mortgage limits raised significantly
In a move obviously intended to keep the real estate market strong, the Office of Federal Housing Enterprise Oversight (OFHEO) raised 2006 conforming loan limits significantly higher than was expected by many lenders and mortgage professionals.
For a single-family house, conforming loan limit now stands at $417,000. Limits for multi-unit loans for 2006 will be as follows: two-family loans $533,850, three-family loans $645,300, and four-family loans $801,950. The 2006 loan limit for second mortgages will be $208,500.
For Alaska, Hawaii, Guam and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.
Posted at 01:31 PM
November 20, 2005
Mortgage closing costs by state from bankrate.com
Bankrate published ranking of closing costs by state from every state including Hawaii and Alaska. New York is that most expensive and Wyoming is the least expensive. Check it out yourself. I wouldn't read into it too much, certain fees listed are not what they are ...
Posted at 12:02 AM
November 18, 2005
Lenders are introducing "interim" conforming loan limits - see the latest numbers
While expecting that Fannie Mae will announce the new official conforming loan limits for 2006 soon, many lenders have announced their own temporary conforming mortgage limits. They base the numbers on the Office of Federal Housing Enterprise Oversight (OFHEO) report that shows what was the home appreciation in the continuous 48 states.
Present 1-unit conforming mortgage limit is at $359,650. Here are the approximate numbers from several leading mortgage lenders:
For 48 contiguous states the conforming mortgage limits may go as far as:
$400,000 - 405,000 for one 1-unit property; $510,000 - 518,000 for 2-unit; $615,000 - 625,000 for 3-unit; $760,000 - 775,000 for 4-unit.
For Hawaii and Alaska the conforming mortgage limits may go as far as:
$600,000 - 605,000, for one 1-unit property; $768,000 - 775,000 for 2-unit; $925,000 - 940,000 for 3-unit; $1,150,000 - 1,165,000 for 4-unit.
Note that some lenders may have set lower limits. So it is important to shop around. Large lenders seem to set the highest limits. The new limits offer significant advantages for the home buyers as conforming mortgage often saves up to .5% of the interest rate compare with that of a jumbo loan.
Also the existing homeowners with jumbo rates on their mortgages can try to refinance with conforming rates.
Posted at 04:52 PM
Ameriquest is laying off 10 percent of total workforce
That is total of 1,500 employees. Ameriquest cites challenges ahead due to rising interest rates, etc. Ameriquest is the hardcore sub-prime lender, getting huge fees from those unfortunate fools, who either, unable or unwilling to find an alternative lender. Some call it predatory lending, as a matter of fact, Ameriquest settled for $325 million with several states over its mortgage lending practices.
Ameriquest president. Mr. Roland Arnall, self made billionaire by the way, is worth between 3-4 billions. He was recently nominated to become American Ambassador in The Netherlands.
Posted at 12:29 PM
November 16, 2005
10 Year Treasury Note is heading down
The yiled broke 4.5% in intraday trading. We'll be looking at a nice drop in mortgage rates tomorrow.
Posted at 01:33 PM
November 08, 2005
10 Treasury Note goes up
That is the only good news from today's market. The yield is pushed down by almost .8 to 4.56 percent. Nice drop, will see how it closes, tomorrow morning can be a little drop in interest rates, something like .25 percent.
Posted at 01:09 PM
November 04, 2005
Mortgage interest rates just going higher
10 Year Treasury Note yield crossed 4.6 percent yesterday, the first time since the end of March or so. The 30 year fixed conforming rate mortgage stands around 6.25 percent. 15 year fixed conforming averages 5.875 percent. When I call these numbers, I mean the simple fact - a person with good credit can easily get these rates if buying or refinancing, with paying no points whatsoever, only the closing fees.
Now, the important thing is trying to figure out what is going to happen with the 10 Year bond next. If sell off continuous steady as it has been for the last 3.5 months, even if mild as it has been, it will continue pushing the yield further up and mortgage interest rates will move in tandem. Just look at this trend staring with the very end of August, where it briefly touched 4 percent. From that point on, the trend has been up and up. Right now we are at the highest for the year. I would say that the rise will continue.
Posted at 01:51 PM
November 01, 2005
Reverse mortgage gains rapidly
Reverse mortgage origination has more than doubled from just a year ago. That is federally (FHA) insured reverse mortgage called Home Equity Conversion Mortgages.
The main reason is the growing awareness about this mortgage product due to aggressive marketing, still low interest rates and high cost of gas and health care that pushes many retires to dig into equity of their homes.
The by far top market for these federally insured reverse mortgage product is California, with New York being a distant second.
Reverse mortgage lets homeowners who are 62 or older to borrow against the equity in their home. They don't have to sell their home, give up title, or take on a new monthly mortgage payment. Before mortgaging your home using reverse mortgage, understand how it works. Here are two sites on reverse mortgage that can help you make an informed decision:
National Reverse Mortgage Lenders Assocation and Consumer Information On Reverse Mortgages. Both claim to be nonprofit, independent, etc.
Posted at 04:33 PM
October 25, 2005
Mortgage rates are poised to jump
Mortgage rates are expected to rise quite sharply tomorrow as 10 year Treasury Note yield closed above 4.5%. Today's 30 year conforming fixed rate mortgage is around 6.25 percent and 15 year is about 5.75 percent.
Posted at 05:19 PM
October 22, 2005
British banks may be entering sub prime market in Ireland
Irish real estate is booming and, so is mortgage industry. Irish banks have been doing well lately in conventional home loans and typically don't cater to the Irish folks with bad credit. So British banks, which already present in Ireland, may try to expand by grabbing somewhat neglected sub prime mortgage piece of the total pie. Actually few lenders that have been lending monies to customers with bad credit are owned by British banks.
Interesting to note the following:
- Loans for people with bad credit are called "adverse credit mortgage" loans.
- "According to estimates from the Independent Mortgage Advisers Federation, the adverse credit mortgage market in Ireland could reach €2 billion a year." It is over $3.5 billion.
- "Adverse credit mortgages are usually offered in Ireland at rates of up to 6 per cent, meaning that the lender generates double the margin of a conventional mortgage." The rates are very low compare to US sub prime mortgage rates, the margins are quite nice.
More on adverse credit mortgage lending in Ireland
Posted at 11:42 PM
Fixed rate mortgage interest has reached 15 months high
According to Freddie Mac's Primary Mortgage Market Survey, rates continue to rise. For the 30-year fixed mortgage, interest rates averaged 6.10 percent nationwide, with an average 0.5 point, for the week ending October 20, 2005. Last year at this time, the 30-year interest rate stood around 5.69 percent. This is the highest the 30-year interest rate has been since the week ending July 1, 2004, when it was 6.21 percent.
For 15-year fixed mortgage, interest rates were at 5.65 percent this week, with an average 0.6 point. A year ago, the 15-year fixed rate mortgage averaged 5.07 percent. This is the highest the 15-year mortgage rate has been since the week ending June 17, 2004, when it averaged 5.70 percent.
The interest rates for adjustable rate mortgages have gone up even sharper, with 1 year Treasury-indexed ARMs leading the way at 4.89 percent this week, up from last week when it averaged 4.85 percent. At this time last year, the one-year ARM averaged 4.02 percent.
Posted at 02:29 PM
October 13, 2005
Interest rates are going higher as 10 year treasury note yield rises
Mortgage rates are going higher as bond selling intensifies. The yield on 10 year treasury note was pushed today close to 4.50 percent.
According to Freddie Mac weekly survey, 30-year fixed rate mortgage averaged 6.03 percent, for the week ending October 13, 2005, up from last week's average of 5.98 percent. Last year at this time, the 30-year fixed rate mortgage averaged 5.74 percent.
The average for the 15-year fixed mortgage rare this week is 5.62 percent, up from last week when it averaged 5.54 percent. A year ago, the 15-year fixed mortgage rate averaged 5.14 percent.
As we predicted in our mortgage rates trend just last week. The mortgage rates will likely continue to head up for the next several weeks. Just watch ...
Posted at 02:29 PM
Mortgage income tax deductions may be lowered
"America Needs a Better Tax System" is the title of Statement by the Members of the President’s Advisory Panel on Federal Tax Reform.
I can't agree more with this statement, but when I heard that the honorable panel will recommend reduction of the mortgage interest deductions on your income tax, I felt somewhat strange. Mr. Bush instructed the panel to make sure that any revised code continues to promote home ownership. So, the panel said Tuesday, that while preserving tax incentives for home buyers is important, it was considering changes necessary to address issues of fairness and economic growth.
Currently, the interest on mortgages up to $1 million may be deducted at a home owner's top income tax rate. That is, the rate on which their last dollar is taxed. So the more homeowners make, the higher their tax rate, the more tax benefits are for them in mortgage deductions. Do you see anything wrong with that? I don't, you work hard, you deserve a break.
When you sell your home, which you have owned for at least 2 years, you can keep $250,000 free of any capital gain taxes, if you file income tax as a single person.
If you file jointly as a married couple, you can keep cool $500,000 without uncle Sam taking a big chunk. I like this one, it promotes marriage, nothing wrong with that.
So what is the problem? People sell their homes, buying new ones, spending money on everything from cars, boats, vacations to nursing homes they may need or whatever, providing jobs and further growth. Or they give to charity.
But you see, "those breaks are heavily skewed toward high-income tax payers", according to one panel member, James Michael Poterba, who is associate head of the economics department at MIT.
Another grievance is the deduction disproportionately benefits homeowners who itemize their deductions. If homeowners don't itemize, they just take the standard deduction, which they would get even if they didn't own a home. So itemize then, what is the issue?
Bunch of baloney if you ask me. I am the quint essential middle class American, and I do need the mortgage tax breaks, period. I already pay too much taxes, as far as I am concerned. And I do itemize, what is wrong with those people who don't?
May be, to further the growth and become more fair to the less fortunate Americans, less money, if at all, should be waisted on foreign aid.
But back to the proposals that the panel is considering and some of which can make it into final report, which is due Nov. 1.
- Reducing the mortgage amount on which interest may be deducted from the current $1 million.
- Replacing the mortgage-interest deduction with a tax credit, allowing all homeowners with a mortgage to get a tax break, not just those who itemize.
- Reducing the tax rate at which mortgage interest may be deducted. New rate would be a middle-income tax rate, say 15 - 25%t. That would preserve the benefits of home ownership for middle-income taxpayers, according to Poterba.
- Reducing the total capital gains exempted from tax.
- Combining the latter two - reduction of capital-gains exemption with lower deduction rate on mortgage interest.
To me it all sounds insane. The recommendation must be adopted by Congress, to become a law. And it has supposedly a very slim chance of passing in current Congress. Small consolation indeed, if you think that something like this is even being considered.
Read more about possible less friendlier mortgage tax breaks
Posted at 01:27 PM
October 05, 2005
Mortgage rates continue rising
Mortgage rates are inching still higher. Both conforming and jumbo mortgage rates have gained slightly over .125% compare with where they were last week.
30 year conforming fixed mortgage rate is 5.52 percent vs. 5.39 percent.
30 year jumbo fixed mortgage rate is 5.76 percent vs. 5.69 percent.
The mortgage rates are at the highest since April and if the trend continuous and it likely will, we are poised to break this year high which was around 5.70% for conforming 30 year fixed mortgage in March.
The mortgage rates are still quite low. Look at the rates in April of 2002, when 30 year conforming fixed was above 6.50 percent.
These rates are the national ones, your state may have slightly lower or higher interest rates.
Posted at 01:23 PM
October 04, 2005
Single family conforming mortgage limit will likely be raised to a $400,000 range
Effective October 3rd, certain banks will likely increase conforming mortgage limits. Since Fannie May hasn't announced new conforming limits for 2006, the rates suggested are estimates to the best of my knowledge and common sense.
For 48 contiguous states the conforming mortgage limits may go as far as:
$400,000 - 405,000 for one 1-unit property; $510,000 - 518,000 for 2-unit; $615,000 - 625,000 for 3-unit; $760,000 - 775,000 for 4-unit.
For Hawaii and Alaska the conforming mortgage limits may go as far as:
$600,000 - 605,000, for one 1-unit property; $768,000 - 775,000 for 2-unit; $925,000 - 940,000 for 3-unit; $1,150,000 - 1,165,000 for 4-unit.
Posted at 12:52 AM
September 30, 2005
Mortgage rates are looking to rise
The mortgage rates have risen to the highest level they have been in weeks. And trend will likely continue. There are many factors that contribute into this, but I would concentrate on the 10 Year Treasury Bond behaviour. As explained before, mortgage interest rates are directly tied to the yield of the 10 Year bond. If you look at the yield chart, there is an obvious trend to go higher. Sure it will deep here and there but the range it is going to stabilize in for some time, is going to be somewhere around 4.5%.
More on 10 Year Treasury Bond and interest rates.
Posted at 10:35 AM
September 23, 2005
Mortgage rates are going up
Mortgage rates have gone up on Thursday and Friday and will be higher on Monday. You can see the 10-year treasury bond yield increased from under 4.18% on Wednesday to about 4.5% at today's closing bell.
Mortgage rates will increase Monday by about .25 percent. Expect 30 year fixed interest rate to be between 5.75 and 5.875% percent and 15 year fixed around 5.50% for conforming loans. Conforming loans are limited at $359,650 for a one unit home.
Jumbo mortgage rates which start at $359,651 are higher than the conforming ones by about .25%.
Posted at 05:44 PM
September 19, 2005
Ohio mortgage brokers and appraisers contribute into foreclosure spike
Ohio mortgage brokers are trying to close more loans, just like any good loan officer would. But apparently they try too hard too often, as Ohio is leading the nation in mortgage defaults and subsequent foreclosures. Last year, about 59,000 foreclosure notices were filed in Ohio and in the first six months of 2005, 3.3 percent of Ohio mortgage loans went into foreclosure, more than triple the national average.
Ohio mortgage brokers are doing quite a bit of the predatory lending, convincing people to take very expensive home loans in terms of fees and amounts. As the result, many folks are getting so overextended with monthly mortgage payments that they are getting delinquent and subsequently foreclosed.
Not only Ohio mortgage brokers are to blame. They are getting plenty of help from appraisal companies that often inflate the home values. The home value is important when owners are looking to cash out in order to spent money elsewhere. For many people with bad credit, the high home value is critical to get such cash out mortgage refinancing. Mortgage brokers and appraisers make money regardless what happened after the deal is closed.
Who would've thought that Ohio has that many dishonest mortgage brokers out of all states?
See more on Ohio mortgage foreclosures and other Ohio mortgage matters
Posted at 11:38 AM
Ameriquest Mortgage can be very high on fees
Ameriquest Mortgage company pioneered mortgage telemarketing and, to a degree, set the standards for the sub prime mortgage industry. It sure helped to the many people to achieve debt relief using mortgage refinancing - by cashing money out of their homes and paying off an unsecured credit card debt. But Ameriquest Mortgage fees sometimes are quite staggering.
Recently I came across one deal where homeowner did $700,000 mortgage refinancing which was meant to be a free debt consolidation, by taking roughly $90,000 out to pay off his truck and some credit card bills.
Ameriquest Mortgage charged 2 points, that is $14,000 in fees just from the client. Not bad at all for Ameriquest and so much for the "free debt consolidation" for this client. He was self employed with the credit score of 640 and had about $24,000 in saving account. What people think when they do something like this is beyond me. Ah, and did I mention the interest rate? It was 7.5%.
Posted at 10:20 AM
September 18, 2005
California mortgage rate would go down if conforming mortgage limit is raised
California mortgage rates are pretty high, just as the home prices. Well, mortgage rates are about the same as anywhere, but California real estate, particularly in the Bay Area, is the most expensive in the US including Hawaii.
So California Mortgage Brokers Association released a report last month which suggests that housing would become more affordable in high cost areas, if only federal limit on conforming loans is raised from the current $359,650 to "the median house price, not to exceed 150 percent of the ceiling elsewhere." In the Bay Area, that would mean $539,475.
You can read the whole story titled "Expanding Home Ownership in High-Cost Areas, A Report on the Economic Benefits of Adjusting Conforming Loan Limits" at California Mortgage Brokers Association, but I would like to put two cents:
It is quite easy to qualify for a mortgage. No income, no asset, no employment verification mortgages are common. Interest only mortgage for up to 10 years are everywhere. Negative amortization mortgage which is cutely called Negam is game all around. What the hell, some programs let you even skip a payment or two.
I bought my home in the end of 2000, when conforming mortgage for a single family home was just raised from $250,000 to $275,000. From 2002, it was rising to $333,700, and this year it is at $359,650.
Where it is going to stop, no one knows. If the increase keeps this robust pace, the conforming mortgage limit will likely hit cool $1,000,000.
Posted at 10:17 PM
September 12, 2005
British homeowners can save a lot by remortgaging
What is called refinancing in the US is called remortgaging in ole good England. There is also something there, called Standard Variable Rate mortgage or SVR. It is a mortgage product that comes often with no prepayment penalty and a guarantee that your mortgage rate will never be more than 2% above the Bank of England base rate, among other features. The lender bases this rate on the Bank of England's (BOE) base rate, and so when the BOE's base rate changes the standard variable rate will change. So it is somewhat similar to US Home Equity Line Of Credit based on Prime Rate with Federal Reserve in BOE place.
Average British homeowner can today save at least 2 per cent by simply remortgaging with certain short term fixed programs. Most SVRs today are at and above 6 per cent and Portman Building Society offers two-year fixed-rate at 4.2 per cent.
The best way for the British consumer is to shop around starting with the following sites:
Moneyfacts
Moneysupermarket
Moneyextra
Or check with a qualified mortgage broker to "put pounds in your pocket".
Posted at 12:57 PM
September 07, 2005
Countrywide unveils new product that let's you lock interest rate up to 2 years
If you are building your dream home now, you may be rightfully concerned about what will happen with mortgage interest rates, when the house is ready and you must close. Now you can lock today's still very low rates up to 2 years. That should be sufficient for a builder to finish your construction. Builder Rate Cap from Countrywide allows you to do just that.
There are few stipulations of course, one of those is that your builder must be on the Countrywide approved list. The program also comes with upfront fees to guarantee interest rate cap.
We strongly recommend consulting qualified mortgage broker or contact Contrywide direct at 1-800-586-3974.
Posted at 08:33 PM
Sub prime mortgage lenders encourage fraud
British regulators uncovered widespread mortgage fraud in sub prime lending. Government regulators identified several mortgage companies that actively encourage clients to lie on their applications. The most common fraud is to inflate the income to qualify for the mortgage.
It sounds that goverment auditing is relatively new thing in UK, especillaly when it comes to smaller mortgage companies.
The other area where regulators have found frequent violations is debt consolidation mortgages. 67% of reviewed cases involving debt consolidation had some degree of questionable practices.
Posted at 08:07 PM
September 05, 2005
Mortgage Brokers Association to help Katrina's victims
MBA urges its members to offer mortgage relief to the homeowners in parts of Louisiana, Mississippi, Alabama and Florida, including temporary suspension or reduction of mortgage payments, or, in certain cases, modification of the terms of the existing mortgage.
Read this letter is in full.
Posted at 04:29 PM
August 31, 2005
Fannie Mae released the latest monthly summary
July activity showed few interesting numbers:
"
• Total lender-originated MBS issues rose to $43.3 billion from $40.0 billion in June, reflecting an increase in fixed-rate origination.
• Both the conventional single-family and multifamily delinquency
rates remained stable in June at 0.57 percent and 0.10 percent, respectively.
• ARM share of conventional mortgage applications fell by nearly 2 percent to 29.9 percent in July, the lowest monthly average ARM
share recorded since March 2004.
"
See the entire summary.
Posted at 11:44 AM
Mortgage lending drops to 3 year low
UK banks report that the mortgage lending has slowed down significantly. In fact, July showed the worst growth for the last 3 years. That include both purchases and refinances.
On the brighter side, the number of mortgages already approved but not yet funded, stood at a year high, thus giving some hope the mortgage industry.
Read more at Financial Times.
Posted at 11:26 AM
August 30, 2005
Declining mortgage market forces lenders to outsource loan processing
New York based Astoria Financial Corporation will outsource its mortgage loan servicing business to Dovenmuehle Mortgage Inc. of Schaumburg, Illinois beginning coming December. Astoria expects about $2 million of annual pretax savings beginning in 2006.
"George Engelke, Astoria's chief executive, said: "This action was driven entirely by economics ... The number of loans we service has decreased over the past several years, thereby lowering operating efficiency."
Dovenmuehle Mortgage was founded in 1844 and is the oldest mortgage banking company in the Midwest.
From Reuters
Posted at 11:53 AM
August 28, 2005
Mortgage applications are still declining
This is despite the still very lucrative interest rates that are kept in check by the retreating 10 Year Treasure Note. Last Friday its yield closed at just under 4.2% after climbing to 4.4% in first week of August.
30 year fixed mortgage rate was about 5.78% and 15 year fixed mortgage was at about 5.41% according to Mortgage Bankers Association.
Posted at 08:56 PM
August 25, 2005
UK mortgage lending activity fell in July
It was the slowest month since February with many consumers waiting for lower interest rates.
Total number of new mortgages (purchase and refinance) was 7 percent less compare with the one in June as Scotsman reports.
New Zealand mortgage industry also experienced some slowdown, but overall, it was a very strong year, according to NZCity.
Posted at 09:21 PM
August 22, 2005
New mortgage program for those who can afford it
This totally new mortgage program is offered by CMG Mortgage Services based in San Ramon, California. It is called "Home Ownership Accelerator". As the name implies, this mortgage is for the people who want to pay off their mortgages much faster than common 30 or even 15 year amortized loan allows. This home loan is set like a checking account, with homeowners regular income directly deposited each time they are paid and deducted from the balance of the loan. The homeowners can then write checks against the loan for their regular bills and expenses, which pushes the balance back up.
The obvious trick is to have financial discipline and write these checks very carefully. Otherwise, if the total amount of checks exceeds the amount of deposits, such a mortgage will quickly lead to a negative amortization thus turning the whole idea around. It will become "Home Ownership Decelerator".
Interesting, some say that you can achieve the same result with conventional 30 year mortgage doing extra payments to the principal, or take 20, 15 or 10 year mortgage, but here is the whole story with all the opinions at New Mortgage.
Posted at 09:20 PM
August 20, 2005
British banks will likely raise interest rates because of the higher inflation
Looks like inflation is creeping back. Not surprisingly with the oil well over $60 a barrel. But many analysts were slightly off the mark forecasting lower interest rates just few days ago, especially after Bank of England announced .25 percent interest cut. Now Bank just said that core inflation was at its highest in a decade.
All this means according to Financial Times that mortgage rates are not going to go lower, at least in a foreseeable future.
Meanwhile, the average US interest rate for 30 year conforming mortgage went down last week to 5.80% from 5.89%.
Posted at 06:25 PM
August 15, 2005
California may see growing mortgage defaults and foreclosures
Mortgage defaults and foreclosures have been very low in California and other hot real estate markets. Those having troubles meeting their mortgage obligations, were able to sell relatively easy and for a profit. At least to break even. But with the slowing real state market in California and nationwide except may be Florida, more people are expected to get stuck with their high mortgage payments. They will not be able to sell when they must, or will have to sell at much lower price than they hoped. This is from LATimes.
Add to this rising interest rates and very high number of interest only adjustable mortgages, you can see why some can get in troubles. Once the initial fixed and interest only period expires, many homeowners will face fully amortized (both, principal and interest) payment at significantly higher rate. And unable to sell.
Posted at 07:09 PM
British banks don't lower mortgage rates after .25% cut
This is from TimesOnline. Bank of England lowered rates by 0.25 percentage points, but leading British lenders like Barclays, Bank of Scotland and Bradford & Bingley have not cut their mortgage rates. Altogether, about 40 lending institutions kept this quarter-percent to themselves.
Many are saying that when rates are increased, the same banks don't wait a minute too long to raise their mortgage rates.
Posted at 06:59 PM
August 03, 2005
Can you get frozen out of mortgage?
Some mortgage brokers say it is going to happen for sure with new credit report laws that are slowly but surely spreading over the country.
When you freeze your credit report, it is locked down. Sure, it can be unfrozen but it will take some time. May be a day, may be a few. Meanwhile if you are looking for a mortgage, perspective lender or mortgage broker can't pull your credit report. No credit report and FICO score means no mortgage. Well at least not on the best terms. Same goes about other big loans.
Read more at MarketWatch.
Consumers can still take advantage of credit report freeze and be able to have their credit scores ready just by a little advanced planning. So if you are looking for home mortgage or car loan, be prepared to unfreeze your frozen credit reports just slightly ahead of time.
Posted at 01:49 PM
July 27, 2005
Mortgage loans are easier to obtain
This is very interesting piece from Pittsburg Post Gazette. It talks about banks loosening the standards one must meet to obtain a loan.
The paper notice that in spite of huge run up in already sky-high home prices, with all available mortgage products that literally have fueled real estate market, even more "novel loan products" are introduced.
"But lenders are making it still easier for borrowers to qualify for a loan. They are lowering the credit scores needed to qualify for certain loans, increasing the debt loads borrowers can carry and easing the way for borrowers to get loans while providing little documentation. In some cases, lenders are easing standards not only for homeowners, but also for the growing number of people buying residential real estate as an investment."
And it is across the board - when one bank relaxes its regulations the others join not to be outdone, sometimes with slightly different programs.
Read the article, it is fascinating. One can only wonder what is next?
Posted at 02:26 PM
Countrywide profit falls
If this is any indication, it may mean a lot leaner times ahead for many mortgage bankers. Countrywide which is the largest mortgage lender in US, reported that quarterly earnings fell 28 percent. The reason is that loan origination and subsequent sale of the loans to investors decreased significantly. Countrywide profits from mortgage banking went down almost 50 percent.
Washington Post further reports a strong competition in the mortgage industry that forces much lower loan margins.
As real estate market remains strong, the mortgage industry is becoming more competitive. Every day small and very aggressive banks and lenders are entering the picture. Quite a few have very low overhead and can price their loans more aggressively getting a bit bigger chunk of the market every day. Some of them also operate in certain regions where they can have strong present catering to local mortgage brokers. So big mortgage banks like Washington Mutual, Countrywide, Wells Fargo and the rest sometimes have difficulties competing with them.
You can also see more and more mainstream banks entering sub prime market directly or thru acquisitions.
Posted at 02:05 PM
Mortgage fraud must be reported in a timely fashion
Fannie Mae and Freddie Mac must report mortgage fraud rather quickly, the Office of Federal Housing Enterprise Oversight, or OFHEO said today.
There is still an ongoing discussion among others, on what is reasonable fraud reporting time.
The proposals vary from 4 days from discovering or suspecting fraud to 30 days to "prompt" notification.
This regulation will be publicized in Federal Register and goes in effect in 30 days from publication.
Mortgage fraud has very significant impact on the overall economy and is taken very seriously by FBI.
This came from Inman and here is full mortage fraud reporting proposal.
Posted at 01:36 PM
July 23, 2005
No Money Down real estate loan is gaining momentum across the globe
No Money Down mortgage has been going global for a while. It simply amazes us, at Bad Credit Advisor, how quickly it spread.
Very few banks in the USA wrote No Money Down home loans just several years ago. Now everyone here is into this and over the ocean too.
Irish banks are competing for the shrinking mortgage business and Ulster Bank just introduced 100 percent First Time Buyer mortgage.
Two other banks in Ireland have already announced similar programs.
No Money Down is a very powerful tool that gives some buyers much more buying power and also creates new buyers, thus helping to maintain robust real estate market.
Posted at 03:21 PM
July 22, 2005
Mortgage rates are up again but should improve ever so slightly on Monday
Mortgage rates went up this week. 10 year treasury bill yield went from around 4.18% on Monday to 4.28% on Thursday which was yesterday.
Today it closed at 4.23%. Meanwhile "cross country" 30 year fixed rate went from 5.66% to 5.73%.
It is a very small increase, f.e. on $200,000 mortgage this means less than $9 difference. The problem with many potential buyers is that they are still thinking in terms of the lowest mortgage rates two years ago. But then 10 year note was yielding just over 3.1%.
Posted at 04:06 PM
July 15, 2005
Federal banking regulators fret about certain mortgage programs
They are right, as we said before it is too easy to obtain mortgage these days. No money down, interest only, option ARM. But the one I like the most is True No Doc loan. You don't have to show income, any savings AND even work. 5% down payment and credit score of 620 and above qualifies you for a mortgage. You don't even have to go sub prime. Many leading A-paper lending institutions write those mortgages today.
As the result home prices are continue to go up. I am not talking about Miami or Las Vegas, I am talking everywhere.
I just heard on a radio that Mr. Greenspan something like this -
"We know that some area prices are very high but that is not our job to make them go lower."
In other words, let market correct itself. The only problem coming is, I think, the potential number of mortgage delinquencies.
Posted at 03:26 PM
July 14, 2005
Mortgage applications are down
Mortgage Bankers Association reports a sharp decline in consumer applications.
"Mortgage application volume is down 7.2 percent from the previous week, with applications for adjustable rate products experiencing an even steeper decline of 15.8 percent," said Michael Cevarr, MBA's director of member surveys. "As a result, the ARM share of applications, at 27.9 percent, is at its lowest level since March of 2004."
This is interesting and I'd say a bit troublesome trend, and the big question is if it's going to continue. The indicator to look at is 10-year treasury note. As I type its yield went up to 4.188%. Last Friday it was 4.04%. If the sell off continues, yield climbs higher and so will the mortgage rates.
Too many things including inflation, unemployment, oil, foreign bond buyers can influence the trend either way, but the very last thing economy needs these days is higher mortgage rates.
Posted at 12:29 PM
July 13, 2005
Mortgage industry expected to stay strong - that is according to the mortgage industry itself.
The Mortgage Bankers Association thinks that 2005 will be the third best year in history trailing only to 2002 and 2003.
It points out that existing home sales and new home building are remaining strong despite sky high energy prices and ever growing trade deficit. It also expects that the rates will go up, appreciation will slow down somewhat and home sales will rise 2 percent in 2005 nationally to a record level.
Then sales and construction will fall in 2006 and 2007. If not for this last more or less sane prediction, I would remind those who buy into this talk, of all the stock analysts in 1999 and 2000 who kept on saying that everything will be just fine, just keep on buying.
Posted at 04:42 PM
Will the licensing keep mortgage brokers from fraud?
As Denver Post reports, two mortgage brokers and a real estate agent got indicted for fabricating paperwork for illegal aliens to help them in obtaining mortgages.
The three were charged " ... with forgery, theft and conspiracy under the Colorado Organized Crime Control Act."
Pretty serious stuff and the Post goes on saying that there is no any licensing for loan officers in Colorado and anyone convicted in another state can relocate there and start writing mortgages.
The real estate agent was licensed of course.
Posted at 04:30 PM
July 10, 2005
Is affordable housing in America fast becoming unaffordable?
Are you a recent college grad and looking to buy something more or less affordable in Miami or Houston? Tough luck. For the first time home buyers times are really getting rough. If you live in any major metropolitan area or its close vicinity, to find something you can afford is close to impossible. Sure you can still buy a place but it will be quite far from the action.
When I graduated from college in December of 1991, I was making $38,500 to start. Not bad for someone who delivered pizza in his early American days and moonlighted as a contractor security guard at sprawling Motorola campus for $6 in hour.
I bought my first condo in a nice north suburb of Chicago, albeit in the most affordable section of it. The price was $92,000 and with 7 year balloon at 7.5% I still had money for brand new car and even few bucks to go out. I also paid monthly association fee of $242 that included gas, heat, water, pool, tennis courts and decent acreage of grass.
It was tight but at least I could pull it.
Well, 14 years later that affordable place is still the most affordable housing there but the price increased somewhat, to just around $170,000. Association fee is about $330, still all-inclusive.
But there are very few single first time buyers there. Who can afford it when the average salary increased very little compare with those of 14 years back. The hottest jobs today are said to be in the accounting with salaries going to high $40s and even low $50s to start.
So what, try to buy a place for $170,000 and the rest of works, car, gas, etc. on $50,000 a year.
Read more on today's "affordable housing"
Posted at 11:23 PM
July 09, 2005
Bad credit mortgages going mainstream
Even good old England is not immune to the bad mortgage craze sweeping across the developed world. Myfinances.co.uk reports that more "major high-street lenders are increasingly moving into the non-traditional sectors as competition in the mainstream market forces them to seek opportunities and profit margins elsewhere."
Bad credit mortgage means sub prime market. Just like here in US, big banks started with A- or alternative A, then got into hardcore sub prime either by themselves like Countrywide or through acquisitions like Washington Mutual when it bought Long Beach mortgage.
Basically the whole notion of credit worthiness is a joke these days. Almost everyone is qualified, what the hell. No wonder, foreclosure buyers are getting fat and happy.
Posted at 10:56 PM
Condo sale is going strong in Las Vegas and Florida.
The numbers are simply staggering. Condos are being built as we speak, snore, swim and whatever else. Condo sales in Las Vegas are simply crazy. They build them overlooking hotels on the strip. They still appreciate more. A friend bought a studio overlooking Bellagio for $700,000 and 9 months later it is $800,000.
In Florida it is even worse. Folks are sleeping on the streets overnight to get a shot at the best units. Any condo under a million goes very fast. At least there you can get an ocean view.
How that all can be bought even with all the influx of US and foreign money is mind boggling. More and more creative financing likely, especially for condo flippers.
Some smart people are sitting on the side with few billions ready. There are few vulture funds waiting for foreclosures, bankruptcies and construction projects that never going to finish.
Condo bubble may be coming soon ....
Posted at 10:18 PM
July 08, 2005
Danger of interest only mortgage
According to Mortgage Bankers Association, 63% of all loans originated in the second half of 2004 were Interest Only and Adjustable Rate Mortgages (ARMs).
People think that they can live in a lot more house than they would able to afford with regular fully amortized loans. Then they hope to sell it and make a fortune in the ever red hot real estate market.
What if the market cools off just a bit? And what if you stuck with the huge mortgage when it becomes fully amortized and the rate is higher than before. Since the majority of the interest only mortgages are ARMs with interest-only payment good only for the fixed part of such an ARM. If you have 3/1 Interest Only ARM at 5%, in three years you will have to start paying principal at often significantly higher rate. Then what?
The 2005 will be even worse we think. Actually, Option ARM is getting so popular these days that it is no longer funny. It is advertised as the cure from the debt.
We at BCA think that Option ARM in reality could be very dangerous for the consumer since it offers very easy trap of Interest Only payments plus Negative Amortization.
Posted at 01:26 PM
July 07, 2005
Average Credit Score
The sub prime market has introduced another gig, average credit score.
Some people can benefit from this model quite a bit.
Lenders are trying to get business, wonder what else is coming.
See this article on average credit score.
Also, check Novastar Mortgage
Posted at 02:40 PM
July 06, 2005
Bad credit mortgage is easier to obtain with Credit Advantage from Argent
Bad credit mortgage is what my clients needed and needed badly.
His FICO score was 497, 508 and 526. Her credit score I am afraid to mention - 411, 465, 471. They owed around $38,000 in credit cards and seriously considered Chapter 7. The monthly payments were about $4,200 a month with all sorts of late penalties and fees. The interest rate they were paying was roughly 16%.
The only way out was to use their house and so we did with cashout-refinance. They got tax-deductible interest of 8.65%, no prepayment penalty with Argent's Credit Advantage mortgage.
Argent takes the highest credit score, 526 in this case, not the middle one. You have to verify income. Maximum Loan to Value was 85% in this case.
Anyway, new mortgage monthly payment is only about $900 more than the previous one. The total $38,000 in credit card debt was paid off at closing.
Check out Argent at http://www.argentmortgage.com
Posted at 10:25 PM
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