By Dennis Norman, on August 22nd, 2009 Dennis Norman
By: Dennis Norman
All the news lately about the housing market, home sales in particular, has been encouraging and showing signs of stabilization in the real estate market and demonstrating that the real estate market may have seen the worst. Just when you think you may be through the storm though you see another dark cloud lurking in the distance. For the real estate market this dark cloud could very well be mortgage delinquencies and foreclosures.
At the end of this week the Mortgage Bankers Association reported that serious mortgage delinquencies (homeowners that are 90 or Continue Reading →
By Dennis Norman, on August 20th, 2009 Dennis Norman
According to Freddie Macs weekly mortgage market survey the interest rate on home mortgages dropped to a new three-month low. The survey shows the interest rate on a 30 year fixed rate mortgage averaging 5.12 percent with 0.7 percent in fees and points this week, down from 5.29 percent last week. Last year at this time, the 30 year interest rate averaged 6.47 percent.
The interest rate on a 15-year fixed rate mortgage averaged 4.56 percent with 0.7 percent in fees this week, down from 4.68 percent last week. Last year at this time the 15 Continue Reading →
By Dennis Norman, on August 15th, 2009 Freddie Mac announced that in the second quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or fixed. In fact, ninety-nine percent of prime borrowers who originally had a conforming ARM selected a new conforming fixed-rate mortgage when they refinanced.
While 30-year fixed-rate mortgages still tend to be the preferred loan, more borrowers are choosing 15-year fixed-rate loans than before. “When interest rates hit very low levels for fixed-rate mortgages, borrowers often take tis opportunity to lower their interest rate and shorten their loan term,” said Frank Nothaft, vice Continue Reading →
By Dennis Norman, on August 14th, 2009 Dennis Norman
According to a report issued by First American CoreLogicmore than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, are in a negative equity position. In addition, according to the CoreLogic report, there are an additional 2.5 million mortgaged properties that are approaching negative equity. Negative equity and near negative equity mortgages combined account for nearly 38 percent of all residential properties with a mortgage. The numbers for St. Louis are a little better than the U.S. numbers. In St. Louis, 170,871, or 29.50 percent of all properties with a mortgage, are in negative equity. Continue Reading →
By Dennis Norman, on August 8th, 2009 Dennis Norman
By: Dennis Norman
Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.
This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness of scams such as this and hopefully help prevent more victims of such scams. The press release describes in detail how they allege this scam was carried out. To read the FBI press release click here, or just read below as I have published it Continue Reading →
By Dennis Norman, on August 6th, 2009 Dennis Norman
According to Freddie Macs weekly mortgage market survey mortgage rates decreased slightly for the week ending August 6, 2009 from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.22% with 0.6% in fees and points, down from 5.25% the week before. Last year at this time, the 30 year rate averaged 6.52%.
Rates on 15 year fixed-rate mortgages decreased slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.73% and 1 year ARM’s as well as 4.78%. This time last year these arms Continue Reading →
By Dennis Norman, on August 4th, 2009 Lawrence Yun, Chief Economist, NAR
By: Dennis Norman
Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June showing pending sales in the U.S. were up for the fifth consecutive month, the first time in six-years for such a streak.
Here in the Midwest pending home sales were only up 0.8% from May, but were up a whopping 11.6% from this time a year ago, the largest year over year increase of the four regions in the U.S.
The pending home sales index for the Midwest rose 0.8% to 89.9 from a level Continue Reading →
By Dennis Norman, on August 3rd, 2009 Dennis Norman
Late last week the Federal Reserve Board proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with home mortgages and home equity lines of credit.
These changes are just proposed at this point and are being offered for public comment for 120 days at which time the Fed Reserve will review comments and decide whether or not to put the changes into effect.
Ben S. Bernanke
“Consumers need the proper tools to determine whether a particular mortgage loan is appropriate for their circumstances,” said Federal Continue Reading →
By Dennis Norman, on August 1st, 2009
Dennis Norman
By: Dennis Norman
Buying a home should be a dream come true not a nightmare of worry and stress. A new Federal Reserve Board publication, “5 Tips for Shopping for a Mortgage,” will help consumers avoid potential pitfalls and make well-informed decisions when choosing a home loan. Financing the purchase of a home is one of the most complex financial decisions that consumers make. The Federal Reserve’s latest “5 tips” guide is designed to help home buyers find the mortgage that is best for them. The complete guide is available here however a summary of Continue Reading →
By Dennis Norman, on July 31st, 2009 Dennis Norman
By: Dennis Norman
Today we pick up where we left off yesterday with my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. here in St. Louis.
If you missed part one, two, or three, there are links to both at the end of this post. And now, the final part of the E-View TM:
Q-This is a good time probably to address the Internet. There appear to be hundreds of lenders on the Internet for the consumer to choose from in addition to their local lenders. Do you think there Continue Reading →
By Dennis Norman, on July 30th, 2009 Dennis Norman
By: Dennis Norman
Today we pick up where we left off yesterday with my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. here in St. Louis.
If you missed part one or two, there are links to both at the end of this post. And now, part three of the E-View TM:
Q-I have seen a lot of reports about “jumbo” loans and rates being artificially high on those loans. What is a “jumbo” loan and have the rates been affected in a negative way as a result of the Continue Reading →
By Dennis Norman, on July 29th, 2009
H. John Frank, Jr., President, Paramount Mortgage Co.
By: Dennis Norman
Yesterday I did the first post of my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. located here in St. Louis.
Today we continue with part two of the E-View TM:
Q-How many states require mortgage brokers/bankers to be licensed? Does licensing protect the consumer in your opinion? If so, how? If not, why not?
A-I don’t know how many states require licenses, but later this year (I believe around the 1st of August) most, if not all, states Continue Reading →
By Dennis Norman, on July 28th, 2009 Dennis Norman
By: Dennis Norman
It seems home mortgages are in the news daily lately: record-low interest rates, record-high foreclosure rates, the sub-prime mortgage mess, lack of jumbo loans and so on. It’s confusing at best and causing much concern for many people wishing to buy a home or refinance their existing home mortgage.
H. John Frank, Jr., President Paramount Mortgage Co.
To find out just what is going on in the home mortgage world today I turned to someone I have known for over 20 years that is a highly respected St. Louis mortgage banker, Continue Reading →
By Dennis Norman, on July 24th, 2009 Dennis Norman
According to Freddie Macs weekly mortgage market survey mortgage rates increased slightly this week from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.20% with 0.7% in fees and points, up from 5.14% the week before. Last year at this time, the 30 year rate averaged 6.63%.
Rates on 15 year fixed-rate mortgages increased slightly as well, up to 4.68% from 4.63% the week before, 5/1 ARM’s held about the same at 4.74% and 1 year ARM’s as well as 4.76%. This time last year these arms were 6.18% and 5.49% respectively.
Continue Reading →
By Dennis Norman, on July 18th, 2009 Dennis Norman
By: Dennis Norman
Freddie Macs weekly mortgage market survey mortgage rates dropped this past week, making it the third week in a row rates came down.
The survey shows 30 year fixed rate mortgages averaging 5.14% with 0.7% in fees and points, down from 5.20% the week before. This is the lowest rate reported in Freddie Mac’s survey for a 30 year fixed rate loan since May. Rates on 15 year fixed-rate mortgages dropped very slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.83% and Continue Reading →
By Dennis Norman, on July 16th, 2009 By: Dennis Norman
Recently the The Office of the Comptroller of the Currency issued a Consumer Advisory. The Advisory contains consumer tips for avoiding mortgage modification scams and foreclosure rescue scams.
The advisory states; “Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home. If you’re falling behind on your mortgage, others may know it too – including con artists and scam artists. They know that people in this situations are vulnerable and often desperate.”
The OCC suggests that before you do business with someone Continue Reading →
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