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State Name: New Jersey
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  • Sun, Jun 22 2014
  • 10:50 PM » Investors keeping nervous eye on housing this week
    Published Sun, Jun 22 2014 10:50 PM by CNBC
    Two crucial data releases will tell us if the housing market is treading water-or sinking.
  • 10:49 PM » Google's Nest Is Buying a Home-Monitoring Camera Company
    Published Sun, Jun 22 2014 10:49 PM by
    Dropcam will fall under Nest's privacy policy
  • 10:47 PM » In Yellen We Trust Is Bond Mantra as Inflation Threats Dismissed - Bloomberg
    Published Sun, Jun 22 2014 10:47 PM by Bloomberg
    In Yellen We Trust Is Bond Mantra as Inflation Threats Dismissed Bloomberg As the Federal Reserve works to extricate itself from the bond market, its influence over debt investors is only increasing and boosting the chance of a soft landing for Treasuries. While the Fed scales back the unprecedented stimulus that has inundated the ...
  • 10:46 PM » Do Home Buyers Need a Pre-Approval?
    Published Sun, Jun 22 2014 10:46 PM by The Huffington Post
    With bargaining power shifting from home buyers to sellers in an increasing number of local markets, buyers in competition with other buyers are looking for any edge they can get. One possible edge is a pre-approval letter (henceforth PAL) from a lender. Pre-Approval Defined: A PAL is a statement by a lender that a prospective buyer has the income, assets and credit to be approved for the mortgage required to purchase a house of some assumed value. To a prospective seller, the PAL is evidence that the prospective buyer can be taken seriously. It is not conclusive evidence, it is a lender's opinion rather than a commitment, and the opinions of some lenders are a lot better than the opinions of others. The Best PALs Carry the Signature of an Underwriter: Because an underwriter's job is accepting and rejecting loan applicants, they should be the one responsible for issuing a PAL. But underwriters dealing with loan applicants work with a complete file, which includes an appraisal, whereas PALs are based on incomplete information and no appraisal. For this reason, many lenders are reluctant to use underwriters to generate PALs and leave the task for loan officers. PALs issued by loan officers have much less credibility than PALs issued by underwriters, though a house seller may or may not recognize the difference. Realtors Like PALs: Realtors frequently recommend PALs to clients. PALs allow Realtors to avoid wasting their time on wannabe buyers who can't qualify for the loans needed to complete purchases. Why Lenders Offer PALs: Lenders view PALs as a way to generate more business on the assumption that some of the buyers obtaining PALs will return for a loan. But the borrower is not committed to the lender providing the PAL, any more than the lender is committed to making a loan. Weakness of All PALs: The major weakness of all PALs is that they are based on incomplete data that do not bind the lender issuing it. If the PAL shows an acceptable monthly mortgage...
    Click Here to Read the Full Article

    Source: The Huffington Post
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.70%
  • |
  • 15 Yr FRM 4.15%
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  • Jumbo 30 Year Fixed 4.73%
MBS Prices:
  • 30YR FNMA 4.5 103-32 (0-01)
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  • 30YR FNMA 5.0 105-24 (0-01)
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  • 30YR FNMA 5.5 106-27 (-0-10)
Recent Housing Data:
  • Mortgage Apps -2.60%
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  • Refinance Index -3.69%
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  • Purchase Index -1.98%