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Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Mon Dec 17 2018, 5:11 PM
The last 2 weeks of the year can be quite volatile. .25% in terms of POINTS isn't too terrible in exchange for peace of mind. That said, Wednesday is the big day, regardless. I'd make a game-plan with your originator for Wednesday, and keep in mind that lenders are often quicker to reprice on Fed days.
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Ted Rood
Home Mortgage Loan Advisor, First Bank
on Tue Dec 11 2018, 4:20 PM
Hoping our slight pull-backs the last two days are just consolidation. Looks like resistance at 2.83 is going to be tough to breach.
Diane Aldridge
on Tue Dec 4 2018, 1:08 PM
I too lost my home. I tried to modify for six years because they were charging me 6.5% interest rate from 2007 til I lost my home in 2018. Their excuse was that I was never late with my payments. Trouble was in order to make my mortgage payments I racked up credit card bills trying to maintain the home and be a caretaker to my husband suffering from dementia. We were living on social security and my small pension. When he died in December 2017, my income then went to half and I lost my home and my car and filed bankruptcy through many tears.
Brandon BuysDallas
on Mon Dec 3 2018, 10:58 AM
thanks for this information as it is needed , selling a house is hard , you guys can try to check out brandonbuysdallas.com ,great point
FortHomeBuyers
on Mon Dec 3 2018, 9:19 AM
foreclosure will be delayed since houses will be destroyed check this blog out also https://www.forthomebuyers.com/blog/foreclosure-effects-in-fort-worth-tx/
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Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Wed Nov 28 2018, 3:50 PM
First time I ever heard buying your primary home as being part of a "Ponzi scheme", at least in terms of buying in high priced highly desirable areas. I have not read all of Hertz on the subject but assume from this column that is what he said. As far as my immediate geographic area which includes maybe 7 to 9 regions in the San Francisco Bay Area, we have seen significant drops in pricing at different periods in the past 50 years, but overall there is always a much higher increase in value. You may have bought an average Sunset district home in San Francisco for $40,000 in 1975 but today it is likely worth roughly $1,000,000 or so,. If history bears out, this will continue as long as the Bay Area continues to be a highly desirable place to live and work. On the other hand, someone once told me they sold their Colorado home for the same price they purchased it for 10 years previously...about 12 years ago. It is hard to time markets and obviously some areas bounce back from large drops in home values than others. In areas throughout the country that are not subjected to the periodic rapid and high increases in home prices...maybe people can buy at prices wherein they can still save money and maybe even eventually pay that home or the next upgrade in home off? Owning the primary home usually pays off if you keep it a long time even if having to eventually rent it out. Also, how many of we "LOs" have worked with clients who eventually own at least 5 or 6 properties? For all the headaches, owning investment properties generally provide good income and help build personal wealth.
Jason Sculos
on Wed Nov 21 2018, 10:34 AM
Best explanation I have heard regarding consolidation. Thank you for that!
Ellen Hakala
on Tue Nov 20 2018, 8:34 AM
Can you show us map of areas people can buy homes with sweat equity?
Susan Karen
on Tue Nov 6 2018, 11:10 AM
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Ellen Cook
on Fri Nov 2 2018, 8:11 AM
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walter hilshore
on Sun Oct 28 2018, 2:03 AM
To be very honest with you, all these blogs will keep you going back and forth on how to actually fix your credit score,but they wont help fix it, niether would they refer you to someone who actually knows how to fix it and believe me i have gone all around blogs to seek help, with no assistance gotten and that made me frustrated, but luckily for me i found an online company who with a little token helped me fix my credit score in little time, from 366 to 679, i even thought that was all they would do, then they went on and cleared my debts, and right now I'm on my way to getting my dream house, so if you actually looking to fix your credit score why not give this a try rather than wonder around for nothing, you can email them at creditassistancecompany@gmail.com. and trust me I wont refer them if they were not good.
sharon harston
on Wed Oct 24 2018, 12:54 PM
When I built my house in 1980 permits were about $445. Now permits would be close to $40,000, including the affordable housing fee, for a house around 1,500 square feet. We are within 45 minutes of the fires that burned about 6,000 houses in California. Many are overwhelmed by the permitting process and are leaving the area. We were looking into a second unit for son just before the fire. Things like road paving instead of a rocked surface requirements can more than double the cost of building when on a ranch with a long road. We are planning to put the house in a less than ideal site closer to the road due to paving requirements. There are many illegal and un permitted housing units in the rural areas. I think many are unpermitted as requirements and permits can literally double the cost of a new modest home. I question if local government really wants new modest housing, or just those who can spend over a $1,000,000 on a new house. We need to be able to build affordably. Seems like instead we hear mainly rent control and rent subsidies. Not often home OWNERSHIP and affordable housing go together here.
Jeffrey Miller
on Tue Oct 23 2018, 6:50 PM
If builders and investors can't benefit, why would they want to build homes?
Gerwyn Kato
on Tue Oct 23 2018, 5:26 AM
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CHENG gee
on Sat Oct 20 2018, 10:47 AM
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CHENG gee
on Sat Oct 20 2018, 10:46 AM
My ALS (amyotrophic lateral sclerosis) Symptoms started out with a "foot drop" on my left foot. From there my left leg lost all muscle tone and the entire left leg muscles are gone. Also my fingers and thumbs "contract" at times. Left arm loses muscle tone too. My family doctor said there is no cure for ALS, I was just living unhappy life till I saw a blog talking about Best Health Herbal Centre. So many people said positive things about their herbal product which I don’t believe at first. I showed my daughter what I saw online about their product and my daughter decided we shall give it a try. Few days later she purchased two bottle of ALS herbal remedy which they said I will use for only six weeks. My life changed automatically after six weeks of applying the herbal remedy as instructed. All my symptoms was terminated completely and am now living ALS FREE .. All Thanks to Best Health Herbal Centre for their good work in people’s life. For more details about their herbal product visit their Homepage www. besthealthherbalcentre .com
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memailbox
memailbox
on Fri Oct 12 2018, 3:54 PM
More proof of above statement. Subprime is back. https://www.cnbc.com/2018/10/12/thousands-line-up-for-zero-down-payment-subprime-mortgages.html
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memailbox
memailbox
on Fri Oct 12 2018, 3:07 PM
Be a part of or stop whats coming. Its not a mystery or a "puzzle". The cause is greed. CEOS, CFOS, Owners, Shareholders, Banks demand maximum income which means reduced or minimal income increases (squeeze). This is only a piece of the puzzle. Its not rocket science what happens next. Just need to use the long view. https://www.forbes.com/sites/stevedenning/2018/07/26/how-to-fix-stagnant-wages-dump-the-worlds-dumbest-idea/#75f782721abc This particular resulting dynamic which the Forbes article refers to as a "mystery" (one of many results greed causes) is not new either as recently as 2008. The saying is "housing causes and corrects recessions/depressions". The smart CEO/Investor asks "How do I/we profit from it". As home prices increase and wages stagnate, buying pool decreases. Growth/income stalls. Greed doesn't. Banks, FNM, FRM, FHA, VA, FED solution --> looser guidelines = new exotic mortgages are now encouraged and buyers previously unqualified for a home loan are suddenly approved in spite of previous regulations and consumer protections, which conveniently happen to have been "removed" prior to slowdown. Bubble creation (huge consumer owned real estate pool ripe for taking) avoided or sustained as long as possible (due to lessons learned from the previous 81, 90, 2001, and 2008 recessions) in order to maximize massive profits at shorter terms than stock market returns, 30 year mortgages, or government bonds (with minimal loss to income widget). Risky? No. Its real estate. Its going to sell and will be sold when the price is right for the current holder of the note. Banks/investors knew what the result of previous looser guidelines would be long before the 2008 recession hit. Massive defauts leading to massive foreclosures leading to massive buying and later selling opportunities. Tired of old income producing models. Why wait. Make your own income producing vehicle but do it on a massive scale with easy scapegoats. The consumer and the lenders who enable them. Don't be surprised. Rather, be prepared. Buy low, Sell high. Billionaire's rule: Wait for the panic, buy, buy, buy low and often. Wait for the calm, sell, sell, sell high and often. Billionaire's new mantra: Why guess the low price of a widget in order to maximize profit when you can control when the low price will happen. Buy low, sell high defined? Buy Low, Sell High. The practice of buying a security when its price is (or is perceived to be...
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Ted Rood
Home Mortgage Loan Advisor, First Bank
on Fri Oct 12 2018, 12:02 PM
Higher rates/home prices and the expansion of low down payment options has definitely impacted buyers' debt ratios. Increased property tax and insurance costs haven't helped either.
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Ted Rood
Home Mortgage Loan Advisor, First Bank
on Tue Oct 2 2018, 1:04 PM
This survey seems pretty meaningless. if you ask me. 3% down payment programs are widely available for the vast majority of homebuyers, and closing costs vary WIDELY by state and locality. If I'm a potential buyer and read I need 26K or more to buy a house, I'm probably renewing my lease.
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Ted Rood
Home Mortgage Loan Advisor, First Bank
on Wed Sep 26 2018, 9:15 AM
I have no doubt that rising rates and home prices have slowed home sales, Jim. Higher payments due to increased loan sizes/higher rates means less buyers qualify, decreasing demand, and boosting inventory.
Rob Daniel
on Wed Sep 12 2018, 3:21 PM
Exactly, Pauline Drake! Agreed!
Paulina Drake
on Mon Sep 10 2018, 12:17 PM
Why on earth would anyone want to hear from Angelo Mozilo? I guess now that subprime is rearing its ugly head, that orange smurf is back. Hasn't he done enough damage?
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Ted Rood
Home Mortgage Loan Advisor, First Bank
on Wed Sep 5 2018, 4:13 PM
It's true there are downsides as well. Wasn't intending to review both programs in their entirety in one piece, due to length. Yes, there are income limits, Yes, FHA rates "can" be lower, although MND shows best ex for FHA at 4.7% and 4.39% on FHA (so less than 3/8% difference). I was addressing the difference between FHA MIP being cancellable (previously) and NOT cancellable for lifetime of the loan as it is now. Yes, borrowers can ask their servicer to remove conventional PMI at 20% equity, and it's required to be removed at 22%.
WN
on Sat Sep 1 2018, 11:41 AM
You are also forgetting to mention FHA rates are about .500 lower. So the MI of .85 is really only .35. Also the rates for sub 680 kills the Home Ready. Frankly I see the main reason to use Home Ready is to exceed the FHA loan limits..
Lorena Gunn
on Sat Sep 1 2018, 10:43 AM
The Home Ready program also has income limits in many areas. FHA does not have income limits.
Ken Calvert
on Thu Aug 30 2018, 5:32 PM
You mean "Non-Occupant Borrower's NOT "Non-Owner Occupants! BIG difference!
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Scott Desmond
Scotdez
on Thu Aug 30 2018, 12:06 PM
I have reviewed the bulletin and do not see anything regarding the maximum income limits... Will this limit the ability to purchase a NOO property? Being able to qualify for two mortgage payments might mean that your income is too high for qualifying for a Home Possible Mortgage...?
Corrine Gaffin
on Thu Aug 23 2018, 5:13 AM
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John Talucci
on Mon Aug 20 2018, 11:28 PM
Inevitably it always appears rates move faster going up than they do going down...especially moreso now, since I am doing one last refi...go figure.
Dana B
on Fri Aug 17 2018, 8:54 PM
Josh, I think you give too much credit to the GSEs and investors as far as the LLPA schedules. Because these fees are passed onto the consumer either via rate or cost (discount), they are a v insurance pool that taxes low-risk borrowers to subsidize high-risk borrowers. Per Fannie's posted LLPAs, a borrower with a 719 mid, with a 23% DTI and 24months reserves, is hit with a 1.25 adjustment at a 76% LTV. Meanwhile, a borrower with a 640 mid and a potentially 50% DTI and no savings gets the same hit at 71%. Something tells me the risk of default is being unfairly shouldered by Mr. 719 on this rate/term example.
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josh darrimon
Branch Manager, Movement Mortgage
on Thu Aug 16 2018, 4:51 PM
The sweeps are crazy for sure. I'm not excited about the LLPA pricing/risk structure either but if it were that out of wack the marketplace would create a lower priced solution and I'm not seeing it.
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Patrick Nolan
Mortgage Originator, MCS Mortgage Bankers, Inc.
on Thu Aug 16 2018, 11:42 AM
As a former New Mexico State Police officer I like your analogy!
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Larry Gray
Senior Mortgage Banker, Guarantee Mortgage
on Fri Aug 10 2018, 3:13 PM
I understand Alessandro's point...some people with credit scores or credit issues that maybe currently prevent them from qualifying for most mortgage loans just need an exception made so they too can utilize their home equity to get them out from under debilitating monthly debt, Those that provide the loans have to calculate the maximum level of risk to what they and the many investors directly or indirectly involved feel is acceptable. You have to look to portfolio lenders who might loan at an overall risk level that is higher. When you find one the maximum cashout loan seems to always be to 80% loan to value. Rates tend to be at least a couple of points higher which can be discouraging. Sometimes one might be able to get to the minimum to get a better rate cashout loan by hanging in there and making timely payments as needed. As to the many thousands of people who do pay off mainly revolving debt through a mortgage loan refinance...there are plenty of people who realize they do not want to build up such debt again and do not. Many others need to be counseled on perhaps considering tearing up most of their credit cards after refinancing out of debt. I have clients who paid off revolving debt and reduced their loan from a 30 year fixed to a fifteen year fixed...or a 15 year fixed to a 10 year fixed to reduce their mortgage debt faster as well, As a mortgage planner, I strongly think we need to include debt counseling in the process.
Hank pawlowicz
on Tue Aug 7 2018, 4:54 PM
If they denied or not offered loan modifications they were entitled to and this cost the owners their home Wells Fargo should make them whole. Which should include them making sure these people get a home of equal value in an equal value area and pay it down to what their old home value would have been when they lost it. Then they should make sure the loan is the same as the home they lost after the modification! They should also make sure the cost of moving out and back into the new home is covered. Cost to them should not be a concern. Their credit should be cleared. $12,800 is nothing! It would not even cover a down payment or the added taxes it will cost these people for about 5 years they will pay more than they should have. This should hurt Wells Fargo as much as it did the people they injured.
Jonathan Ahlers
on Tue Aug 7 2018, 4:27 PM
I think its pronounced, "Scrumpf"
David Salisbury
on Mon Aug 6 2018, 3:16 PM
Alessandro, My experience in 40+ years is that if you payoff revolving and installment debt on a mortgage it tends to reduce payments and possibly raise credit scores but in most of those cases the borrower then gets more credit and more installment debt and they end up worse off than they were before. All you can rely on is past history to make future judgments. If it happens once, it usually happens again.
 

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