It’s nearly impossible to refinance your house these days without the lender requiring an appraisal (unless you’re a lucky FHA borrower getting a streamlined refinance–and we’ll talk about that tomorrow). And normally the biggest part of determining what your home is worth is the sales prices of nearby homes. But should the prices of foreclosure and short sale properties be counted when calculating what your property is worth? Continue reading ‘Feeling Undervalued? The National Association of Home Builders Agrees’
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A story in the LA Times this morning let us know it’s official–what’s been rumored for weeks has happened. The Obama administration eased eligibility rules Wednesday for its Home Affordable Refinance Program (HARP) , lifting the maximum loan-to-value ratio to 125% from 105%–making refinancing available to more people (like us here in Nevada!) whose homes are worth less than their mortgages. Continue reading ‘Now More Under Water Homeowners Can Play the HARP. 125% Mortgages Available.’
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In May 2009, a little-known law snuck in like a thief and clobbered a lot of homeowners over their unsuspecting heads. This is referred to as the Home Valuation Code of Conduct or HVCC. It’s intent was to make sure that the appraisal you got on your property was accurate–not inflated to help a favorite Realtor or lender close a deal, or to get additional business from anyone who stood to make money on your mortgage or home purchase. But often the road to Hell is paved with good intentions. Continue reading ‘Refinancing May Get a Lot Easier Very Soon’
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Anyone considering refinancing their mortgage under the Making Home Affordable plan had to be scared to death after looking at Fannie Mae’s new risk-based pricing adjustments. The Loan Level pricing Adjustment matriax, aka the Chart of Death, added prohibitive surcharges to refinances for nearly anyone without perfect property and perfect credit. But as of July 1, 2009, refinancing through the making Home Affordable program will be a lot less scary and a lot less expensive. Continue reading ‘HARP Refinancing: A Change for the Better’
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What does it mean when a lender claims he or she is “absorbing your mortgage costs”? Or what about an advertisement offering “No Cost” mortgages? Of course, there are costs associated with getting a home loan–a lot of costs. And the lender has to disclose them to you on a form called a Good Faith Estimate (GFE). So, when a lender claims it is absorbing your costs or “giving” you a “no-cost” loan, you will see a bunch of fees on your GFE. Then, the form shows all these fees being reversed or designated “paid by lender.” Continue reading ‘In Mortgage, Sometimes There Is a Free Lunch’
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This looks like an IRS form, doesn’t it? But look closer. It’s a solicitation from a company (that doesn’t even provide its name or address) trying to get you to sign on with a dubious mortgage “help” service. Don’t even think of signing up with a company that would resort to such tactics. Especially to perform services that you can do yourself for free. Call (800) 569-4287 to find a HUD-approved counselor near you.
Continue reading ‘Fraud: Is this What it Looks Like?’
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What does it mean when a lender claims he or she is “paying your mortgage costs?” Well, it looks like that’s what they are doing because of the way many structure your Good Faith Estimates (GFEs). You’ll see a boat load of charges, and then (phew!) it shows the lender reversing or paying the fees. But there’s no free lunch! Continue reading ‘Mortgage Refinance: No Free Lunch, But Tasty in the Right Circumstances’
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It’s pretty slick. You want to buy or refinance your home, you’re worried about the economy, and of course there’s always someone looking to prey on those fears. Don’t let them. Continue reading ‘Mortgage Life and Disability Insurance: Good Deal or Industry Steal?’
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Who’d have thought? Today, lenders are putting limits on how LOW an adjustable rate mortgage rate can go. Just like caps on interest rate adjustments help protect borrowers, interest rate floors protect lenders. Continue reading ‘When Your ARM Hits the Floor’
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Who would have thought “mortgage” would be everyone’s favorite cocktail party topic?! And listening to the misconceptions flying around you’d have to conclude that everyone at the party was drunk. So here’s a quick course on mortgage rescue. Continue reading ‘The Unofficial Mortgage Rescue Guide’
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