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Loans and Closings

Negotiate Your Closing Costs

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Many customers don’t realize that closing costs are negotiable, mortgage experts tell The New York Times. “There’s a lot of room for negotiation in the costs of closing and consumers should examine every charge and not hesitate to challenge them and try to bring them down” says Barry Zigas, director of housing policy at the…

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Home Loans to Get Costlier

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Borrowers with Fannie Mae-backed loans will face higher borrowing costs and interest rates, even if they have a perfect credit score, starting on April 1. The agency is imposing a “loan-level price adjustment” on several mortgages, in which borrowers will be charged more in cost or higher interest rate based on how much down payment…

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Freddie Mac is getting much tougher on borrowers!

The derogatory credit policy as outlined below must be applied to all Freddie Mac loans, including loans run through LP. Be sure you understand the consequences before you make a credit altering decision! Short Sale: All short sales are now considered derogatory credit If the short sale was due to extenuating circumstances, the recovery time…

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Interest Rates Predicted to Rise in 2011

Barring any big announcement from the Federal Reserve, rates on 30-year fixed–rate mortgages will climb to 5.1 percent by the end of 2011, the Mortgage Bankers Association predicts. Jay Brinkmann, chief economist of the MBA, said he expects applications for mortgages to purchase homes to stay about the same as they were in 2009, higher…

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Getting a Mortgage is More S.A.F.E. Than Ever!

On July 30, 2008, President Bush signed a federal bill known as the S.A.F.E. Act. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 requires that all states participate in a national register of mortgage loan originators (MLOs), and states must license any MLOs that do not work for an insured depository regulated…

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Hopeful Signs for Housing Remain

    Eye on the Economy Hopeful Signs for Housing Remain While much of the country is in the middle of the hottest summer in recent memory, residential construction appears to be just entering an early spring with hopeful signs of more meaningful growth ahead. At first glance, the June housing starts report appeared to…

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Best Time to Build a Home is Now

Home prices are increasing and interest rates will never be lower. The best time to build or buy is now! U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index. May was the fourth straight month prices showed a year-over-year increase.…

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Federal Homebuyer Tax Credit Closing Deadline Extended

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create…

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Home Building Economic Information

Check out the latest from the respected Economists of the National Association of Home Builders. The Home Buyer Tax Credit Is Over, Now What? In the aftermath of the deadline for the home-buyer-tax-credit, which advanced a significant amount of housing demand into April, monthly housing indicators turned negative. Single-family starts fell 17% in May to…

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Best Time to Build a Home is Now

Mortgage Rates Hit an All-Time Low Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac. Do not expect these rates forever. Once the economy picks up rates will raise quickly. Build now to lock in these rates…

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