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By Robert Fishel, on September 1st, 2010
As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent [...]
By Robert Fishel, on August 26th, 2010
STEP 1 Get pre-qualified for a loan: talk with your mortgage banker.
Determine your “mortgage goals.” Review your credit history and sources of income. Do you have money set aside for a down payment? Do you have an “ideal payment range” you would be comfortable with? [...]
By Robert Fishel, on August 18th, 2010
Every borrower’s situation is different. My goal is to provide various options/loan programs that are available to meet the borrower’s needs. When considering a refinance, the [...]
By Robert Fishel, on August 11th, 2010
In the next few days, look for FHA to implement further changes to strengthen its financial situation. An audit in late 2009 showed that the capital ratio of its Mutual Mortgage Insurance Fund (MMIF) had fallen below its statutorily mandated threshold. Over the past few months, [...]
By Robert Fishel, on August 4th, 2010
A home mortgage is the largest debt of most consumers and is nothing to take lightly or approach without diligence and care.
Here are some tips to help guide you and help you avoid the pitfalls that are out there:
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By Robert Fishel, on July 28th, 2010
Fannie Mae Rolls out New Loan Quality Initiative (LQI) Program – Tightens underwriting requirements and aims to reduce borrower fraud.
These rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed.
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By Robert Fishel, on July 21st, 2010
WHAT IS A CREDIT SCORE?
Simply stated, credit scores area statistically-based tool to assess the future performance of a borrower.
Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of [...]
By Robert Fishel, on July 14th, 2010
The mortgage industry has underwent some dramatic changes in the past year as has the regulations and rules the industry must comply with. Lender’s are barely able to keep up with everything new so it’s not surprising home-buyers have many questions when it comes to obtaining a mortgage to buy a home. [...]
By Robert Fishel, on July 7th, 2010
After a close brush with a deadline that could have impacted tens of thousands of home buyers, Congress passed an extension of the Home buyer Tax Credit closing deadline.
The extension is included in the Home Buyer Assistance and Improvement Act and will prevent as many as 180,000 [...]
By Robert Fishel, on June 30th, 2010
The state of Missouri funded a $15 million tax credit incentive program in January of this year to help spur home sales, but few have taken advantage of the program.
Now, Missouri home buyers must complete the purchase of their home by August 31, 2010 to take advantage of [...]
By Robert Fishel, on June 23rd, 2010
Fannie Mae and Freddie Mac have become two of the nation’s largest landlords. Both institutions took over a foreclosed home roughly every 90 seconds during the first three months of the year. As of the end of March, they owned over 160,000 houses.
The inventory of Fannie [...]
By Robert Fishel, on June 16th, 2010
Fannie Mae and Freddie Mac notified the New York Stock Exchange (NYSE) of its intent to delist its common and preferred stock. The Federal Housing Finance Agency (FHFA), the conservator for Fannie and Freddie, has directed the companies to delist their common stock and their preferred stock from the NYSE. “FHFA’s [...]
By Robert Fishel, on June 9th, 2010
Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial. The Federal Trade Commission said two mortgage-servicing units of Countrywide, which [...]
By Robert Fishel, on June 2nd, 2010
After the problems we have seen over the past couple of years in the real estate, mortgage and banking industries it is not surprising we have seen massive legislative changes brought about which make it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers will see when they attempt to [...]
By Robert Fishel, on May 26th, 2010
The National Flood Insurance Program, known as the NFIP, lapsed March 28 this year and left many pending home sales in limbo.
Congress and President Barack Obama temporarily reinstated the program 18 days later on April 16 as part of a bill that also extended unemployment benefits [...]
By Robert Fishel, on May 19th, 2010
It’s all about Europe debt crisis…
Trading action in the mortgage markets have been and continue to be influenced by the ongoing concern over Europe’s debt crisis. This uncertainty has overshadowed a growing amount of data flow from our own economy that is signaling or own recovery. This uncertainty continues to drive capital into dollar denominated [...]
By Robert Fishel, on May 12th, 2010
A few months ago, it was widely believed that the Fed’s massive purchase of mortgage backed securities was keeping long-term interest rates artificially low in order to stimulate the economy. It’s been six weeks since the Fed stopped buying mortgage backed securities, and there is no sign that that the end of the purchase program [...]
By Robert Fishel, on May 5th, 2010
Constantly changing headlines involving the European financial crisis (Greece, possibly Portugal) along with the uncertainty of the stock market should make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing.
These issues should be enough to limit or prevent mortgage rates from moving higher in the near future.
St. Louis Mortgage Interest Rates – May 5, [...]
By Robert Fishel, on April 28th, 2010
Realtors, home buyers and sellers are rushing to complete sales agreements before the tax credit for home purchases expires this week; home buyers must have a deal by April 30 and close by June 30 to qualify for a tax break up to $8,000 for first-time home buyers and $6,500 for those moving to a [...]
By Robert Fishel, on January 27th, 2010
The mortgage market will be besieged this week by a wave of worry…demand concerns related to Treasury auctions to the question about what happens if Fed Chairman Bernanke is not confirmed for another term… uncertainty seldom pushes rates lower.
St. Louis Mortgage Rates – January 27, 2009 *
30-year fixed-rate mortgage 5.00% no points
15-year fixed-rate mortgage 4.375% [...]
By Dennis Norman, on January 13th, 2010
St. Louis mortgage rates this week remain unchanged on fixed rate loans this week but dropped slightly on ARM’s according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – January 13, 2009 *
30-year fixed-rate mortgage [...]
By Dennis Norman, on January 7th, 2010
St. Louis mortgage rates this week bounced around a bit with 30 year fixed rate mortgages and ARM’s decreasing slightly while 15 year fixed rate mortgage rates increased according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates [...]
By Dennis Norman, on December 30th, 2009
St. Louis mortgage rates inreased again this week bringing 30 year rates above 5 percent according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – December 30, 2009 *
30-year fixed-rate mortgage 5.25% no points
15-year [...]
By Dennis Norman, on December 15th, 2009
St. Louis mortgage rates inched up slightly this week but remained at near record-lows according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – December 15, 2009 *
30-year fixed-rate mortgage 5.00% no [...]
By Dennis Norman, on December 9th, 2009
St. Louis mortgage rates remained at near record-lows this week, with only the 30 year fixed rate mortgage rates increasing slightly, according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – December 9, 2009 [...]
By Dennis Norman, on December 2nd, 2009
St. Louis mortgage rates remained at near record-lows this week according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates - December 2, 2009 *
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By Dennis Norman, on November 25th, 2009
St. Louis mortgage rates remained at near record-lows this week according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – November 25, 2009 *
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By Dennis Norman, on November 17th, 2009
St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – November 17, 2009 *
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By Dennis Norman, on November 10th, 2009
St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – November 10, 2009 *
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By Dennis Norman, on November 4th, 2009
St. Louis mortgage rates dropped this week according to St. Louis-based Paramount Mortgage Company.
Low interest rates and the homebuyer tax credit, which is close to getting extended beyond the current expiration date of November 30th, should be tempting to buyers.
St. Louis Mortgage Rates – November 4, 2009 *
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