Mortgage Articles & News

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After Market-Moving Week, Move To Fixed Rate Mortgages Intensifies

Mortgage Applications for the week ending Feb. 3 decreased 1.2 percent over the previous week, according to today's survey results reported by the Mortgage Bankers Association. Purchase applica  ...more

Behind On Debt Payments? You Have Options

A good majority of Americans have some amount of debt these days. And attitudes toward being in debt have changed quite a bit over the years. But many don't even know that they have options tha  ...more

Fed Raises Short-Term Rates, Purchases Fall

Mortgage Applications for the week ending January 27 were down 5.1 percent over the previous week, according to today's survey results reported by the Mortgage Bankers Association. Although pur  ...more

Home Sales Look Good For Near Future

Sales of new single-family houses in December 2005 increased 2.9 percent from November's rate, according to the U.S. Census Bureau and Department of Housing and Urban Development. And, December  ...more

What Are Pre-Payment Penalties?

A pre-payment penalty is a penalty charged if the mortgage loan is paid off in its entirety earlier than the specified term of the loan. Pre-payment penalties are calculated as a percentage of the   ...more

Purchases And Refinances Increase, Defying Seasonally Slow Trend

Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Jan. 20, the Market Composite Index, which measures mortgage loan application volu  ...more

Low Long-Term Mortgage Rates Still Stimulate Housing

Single-family homes, town homes, condominiums and co-ops, which represent "total existing home sales," were down 5.7 percent to a seasonally adjusted annual rate of 6.60 million units. Ov  ...more

Where Can I Get A Down Payment?

Traditional thinking tells us that we need to save 20 percent of the home's purchase price as a down payment; the reasoning being to avoid private mortgage insurance, which can be costly. Howev  ...more

New Home Construction Falls, But Market Is Still Doing Well

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Homeowners Still Want Fixed Rates, Consolidations Expected

Mortgage Applications for the week ending January 13 were up 2.2 percent over the previous week, according to today's survey results reported by the Mortgage Bankers Association. Although purch  ...more

Three Ways To Build Equity

There are three different ways that a homeowner can build equity: 1) paying down mortgage principal, 2) making home improvements, and 3) through home appreciation.Building Equity by Paying Principa  ...more

Homeowners Continue To Refinance Out Of ARMs

Mortgages overall were down slightly for the week ending December 30, according to The Mortgage Bankers Association (MBA), but refinance activity showed healthy gains.Today's MBA Weekly Mortgag  ...more

Six Tips To Get Out Of Credit Card Debt

Now that the year is coming to an end, it's probably time you looked back on the year and figured out where your money went. Sure, some of it went to paying your mortgage and other household bi  ...more

Homeowners Can Still Refinance At Low Rates

The National Association of Realtors reported today that in November, existing homes sales for both single-family and condos declined.Single-family, townhomes, condominiums and co-ops, which repres  ...more

Despite Decline, Housing Still Strong

Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Dec. 23, the Market Composite Index, which measures mortgage loan application volu  ...more

New Home Sales For 2006 Look Good

Sales of new one-family houses in November 2005 went down 11.3 percent from October's rate, according to the U.S. Census Bureau and Department of Housing and Urban Development. However, Novembe  ...more

Home Purchases Still Strong, Long-Term Rates Still Low

Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Dec. 16, the Market Composite Index, which measures mortgage loan application volu  ...more

Number Of New Homes Increase For A Strong Year

An important economic indicator was released today by the United States Census Bureau - the Housing Starts report. This economic report tells us how many permits were approved in November 2005 to b  ...more

What Is A Construction Loan?

Many people prefer to custom-design their own home, perhaps because it's too difficult to find a home that meets all their needs or because they want a brand-new home. A construction loan is a   ...more

The Fed Raise Rates For Thirteenth Time In A Row

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Homeowners Still Looking For Fixed Rates

Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Dec. 9, the Market Composite Index, which measures mortgage loan application volum  ...more

Mortgage Basics For The First-Time Home Buyer

What is a Mortgage?A mortgage is a loan you take out to finance the purchase of your home. It's a legal contract stating that you promise to make a monthly payment until your loan is paid off.T  ...more

Job Growth Keeps Economy Growing, Fixed Rates Low

Mortgage applications shot up following a holiday shortened Thanksgiving week, according to a report issued today by the Mortgage Bankers Association (MBA). In the week ending on Dec. 2, the MBA  ...more

Conforming Loan Limits To Increase Significantly

Federal housing agency Fannie Mae is raising the conforming loan limit for single family homes from $359,650 to $417,000, an increase of $57,350. While Fannie Mae will make this effective in Januar  ...more

Low Long-Term Rates Continue To Spur Refinancing

The Mortgage Bankers Association (MBA) reported today that mortgage loan application volume decreased 1.8 percent in a holiday shortened week ending November 25. That figure was adjusted however to  ...more

October Proves Strong For Housing Sales

Sales of new one-family houses in October 2005 shot up 13% over September's rate, according to the U.S. Census Bureau and Department of Housing and Urban Development. In a joint report released  ...more

Employment, Consumer Confidence Continue To Drive Housing

The National Association of Realtors reported today that in October, existing homes sales for both single-family and condos declined moderately.Single-family, townhomes, condominiums and co-ops, wh  ...more

The Closing Process

You've found a home and a mortgage too, but there's one more step before you move in and start making mortgage payments. The closing.It used to be that applying for a mortgage was a diffic  ...more

Drop In Housing Starts No Indication Of Market Softening

An important economic indicator was released today by the United States Census Bureau -- the Housing Starts report. This economic report tells us how many permits were approved in October 2005 to b  ...more

Economy Strengthens, More Homeowners Look For Fixed-Rate Mortgages

In a holiday-shortened week, mortgage loan application volume for the week ending November 11 held steady, according to the Mortgage Bankers Association, declining just 0.6% on a seasonally adjuste  ...more

Buying A Home After Bankruptcy

The good news: Having a bankruptcy on your credit report does not mean you can't buy a home. Believe it or not, those who have gone through bankruptcy are actually encouraged to find ways to bu  ...more

As Economy Grows, Home Purchase Applications Remain Strong

Mortgage loan application volume for the week ending November 4 increased 2.3% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association's Weekly Mortg  ...more

Get Rid Of Your Adjustable Rate Now!

As expected, the Federal Reserve raised the Fed funds rate another quarter point on Tuesday. This was the 12th time in a row that the Fed has raised short-term interest rates, which adjustable rate  ...more

Lower Energy Prices, Employment Help Boost Home Sales

The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 28 was released today. Mortgage loan application volume decreased 4.8% on a seasonally adjuste  ...more

Low Rates, Employment Fuel Housing Demand

The U.S. Census Bureau and the Department of Housing and Urban Development announced today that In September 2005, sales of new, one-family houses were at a seasonally adjusted annual rate of 1,222  ...more

Forget About Pre-Approvals

It's widely believed that getting a pre-approval (also known as getting pre-qualified) is a way to speed up the process of getting a loan. However, this isn't necessarily true.The ProblemAn  ...more

Despite Rises In Short-Term Rates, Housing Remains Strong

Sales of existing U.S. homes were unchanged in September, performing at a 7.28 million unit pace. According to the National Association of Realtors (NAR), strong post-Katrina sales in the South hel  ...more

As Short-Term Rates Climb, Some Refinance To Fixed-Rate Mortgages

Today's Weekly Mortgage Applications Survey, a report released by the Mortgage Bankers Association, showed a decrease in mortgage applications for the week ending October 21, as compared to the  ...more

Low Long-Term Rates, Employment Fuel Housing Demand

The U.S. Census Bureau and the Department of Housing and Urban Development announced today that In September 2005, sales of new, one-family houses were at a seasonally adjusted annual rate of 1,222  ...more

What Is The Federal Reserve?

You've probably heard a lot lately about the Federal Reserve, commonly referred to as "the Fed". Recent economic news has focused on the Fed raising interest rates. It was also announ  ...more

Mortgage Applications Rise In Latest Survey

The Mortgage Bankers Association (MBA) reported that mortgage applications rose 4.3% last week after falling two weeks ago. The Purchase Index jumped 2.8% and the Refinance Index increased 6.4%. The  ...more

Three Days To Increasing Your Home’s Value

The Memorial Day holiday is upon us and this is the perfect time to take full advantage of the three-day weekend by improving the value and look of your home. Assuming the weather is favorable, there   ...more

Mortgage Rates Drop To Refinancing Boom Lows

Mortgage interest rates dropped again today. The rate decline came after the Institute of Supply Management reported that manufacturing activity in April was weaker than expected. The news sparked a  ...more

Rates Slide As Employment Report Is Released

This morning the U.S. Department of Labor released their "Employment Situation" report for the month of May 2005. This report measures the number of unemployed as a percentage of the labor for  ...more

Mortgage Applications Rise 6.5%

Mortgage applications increased last week, with the Refinance Index posting a significant gain, which isn't at all surprising.  Weaker than expected Manufacturing and Employment reports spark  ...more

Dis-ARM To A Low Fixed-Rate

If you currently have an adjustable rate mortgage (ARM) that's set to adjust within the next 12 to 18 months, you'll want to pay close attention. Long-term mortgage rates have unexpectedly dro  ...more

Should You Pay Points On A Mortgage?

What Are Points? Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. So, for example, 2 points on a $200,000   ...more

Refinance Activity Surges On Historically Low Mortgage Rates

The Mortgage Bankers Association reported in their weekly Mortgage Application Report that the seasonally-adjusted Purchase Index was up 10.4% and the Refinance Index spiked over 25% last week.Althoug  ...more

Housing Starts Rise To Fastest Pace In Three Months

This morning, the U.S. Commerce Department announced that housing starts rose 0.2% in May 2005. This was the fastest pace in three months. Experts largely attribute the increase to lower fuel costs   ...more

Get A Home Equity Credit Card

Home equity loans are a great way to use the equity in your home to finance big ticket items such as home improvements, paying off high-interest debt, financing a car, paying for college tuition or bu  ...more

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