From the monthly archives: May 2010
ownpayment Mortgage

How Much Can I Afford?

By On May 9, 2010 · In Mortgage

How much mortgage money can I qualify to borrow?

This is typically the number one question mortgage professionals are asked by new clients.

Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.

In other words, what makes for a comfortable long-term [...]

Continue Reading →

Markets Ignore The April Jobs Report And It’s Good News For Mortgage Rates

By On May 7, 2010 · In Jobs

Despite 290,000 jobs created in April 2010 — nearly twice the expected amount — and a 40 percent upward revision of March’s numbers, mortgage rates are essentially unchanged. In a normal environment, rates would be higher. Today is not normal.

Continue Reading →

1 In 8 Banks Tightened Prime Mortgage Standards Last Quarter

By On May 6, 2010 · In Mortgage Guidelines

The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks.

Continue Reading →

March Pending Home Sales Point To Stronger Spring Market

By On May 5, 2010 · In Pending Home Sales

Today’s home buyers should consider making offer sooner rather than later. Looking at the data, it appears the best time to have found a “deal” on a home may have been in February.

Continue Reading →

Fannie Mae Tightens Guidelines On ARMs And Interest Only Products

By On May 4, 2010 · In Mortgage Guidelines

For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages.

Continue Reading →

What’s Ahead For Mortgage Rates This Week : May 3, 2010

By On May 3, 2010 · In Weekly Review

Mortgage markets improved last week on tame inflation data, a benign statement from the Federal Reserve, and ongoing credit problems in Greece. The factors combined to drop conforming mortgage rates to their lowest levels in 6 weeks.

Continue Reading →