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Mortgages: How Are Rates Determined?

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Mortgage rates are determined by a number of factors, including market conditions, your personal credit history and the size of your downpayment. One of the biggest factors in the mortgage rate you get as a homebuyer is the Federal Funds Rate, an interest rate determined by the Federal Reserve that affects inter-bank loans and transactions. […]

FHA Insurance Premium Increase Update

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According to data provided by the FHA, whether or not the increases in Federal Housing Administration premiums will bring its insurance fund back to good health is dependent on the borrower paying the higher fees for at least seven years of the mortgage. In August, the Senate approved a bill that would allow the FHA […]

Reverse Mortgages Can Be a Solution for Some

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Simply stated, a reverse mortgage allows you to tap into the equity of your home, allowing you to stay in the home for as long as you like. Unlike a traditional mortgage — where you make monthly payments of principal and interest — a reverse mortgage has no monthly payments. The mortgage is paid off […]

2nd Credit Checks Won’t Be Required

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Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing. In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says applicants will need to come […]

Fed Unveils Slew of Mortgage Rules

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The Federal Reserve recently unveiled a slew of rules aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans. The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators […]

More Borrowers Are Paying Down Their Mortgages

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Even with record-low mortgage rates, many refinancing borrowers are choosing to pay down their loan balances rather than borrow more money. According to a recent report by Freddie Mac, “cash-in” borrowers – those who reduced their principal balance by paying in additional money at the closing table – represented 22 percent of all borrowers who […]

Mortgages Safer But Harder to Get

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Mortgages Safer But Harder to Get Now that Senate and House negotiators have reached a compromise on new financial regulations, we know what will happen to the mortgage industry if the bill passes and how it will impact your ability to buy a house. Those freewheeling days of no-money-down, liar loans are dead. Instead you’ll […]

House Approves Flood Insurance Reform

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House Approves Flood Insurance Reform The US House of Representatives have approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program (NFIP) for five years. The provision, which extends the program to Sept. 30, 2015, passed by a wide margin, 329 to 90, with support from both Democrats and Republicans. It […]

Time For Homeowners to Refinance Mortgages?

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Time For Homeowners to Refinance Mortgages? Interest rates vs. costs and declining values are key factors to consider when refinancing your home. Is now the time for you to consider refinancing? Mortgage expert Chip Cummings answers some key questions in this Fox News interview… Have a question or comment about mortgage refinancing in today’s market? […]