FICO revamps the way it calculates credit scores

By: Adrienne Francis FICO (Fair Isaac Corporation) announced today that at some point, later in the fall, it will be revamping the way it calculates credit scores. This is wonderful news for consumers and surely will help to increase credit scores because a low credit score could ultimately cause a consumer to pay a higher […]

What bank rejects the most mortgage applications?

This is a very interesting article on which banks reject the most loan applications. And what if you are rejected at one bank, is there still hope for you? Read on… Source The likelihood that a mortgage application will be approved varies widely by bank. Home-buyer rejection rates ranged from 11% to 34% in 2012 at […]

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15-year mortgage rate hits record low

SOURCE NEW YORK (CNNMoney) Mortgage rates continued to drop, with the 15-year fixed-rate loan hitting a record low, according to a weekly report from mortgage financier Freddie Mac.   The 15-year fixed rate fell to 2.61% this week from 2.64%, The previous record low of 2.63% was set the week of Nov. 21, 2012. An […]

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Some of the cheapest money we have ever seen!

We are in the midst of some of the cheapest money we have ever seen, and will likely ever see in our lifetimes.  Rates are still in the mid 3% celebrity porn (depending on your credit of course). That’s some cheap money, folks. Cheaper money means that your mortgage payments will be lower, or that you can reach a little […]

FHA Mortgage Update – Mortgage Insurance Premium Changes

FHA Mortgage Update – Mortgage Insurance Premium This mortgage update should be read by everyone who will be securing an FHA mortgage. These changes will have an affect on your mortgage payment and some of these changes will remain in effect for a long time. Please take a look: FHA Changes Effective for FHA loans […]

Looking To Buy A Home? Watch Out For These Mortgage Mistakes

SOURCE Getting a mortgage is no simple task: It’s a complex and time-consuming process, and perhaps one of the most significant events of our lives, at least in financial terms. Here are ten potential pitfalls to avoid: 1. Not checking your credit: Long before you begin searching for a mortgage, you should know where you […]

12 Mortgage Tips for 2012 Home Buyers

SOURCE Getting a mortgage loan has become challenging in recent years. Don’t expect that to change anytime soon. Lending standards will remain tight in 2012, but that doesn’t mean you won’t be able to snag a mortgage with an attractive rate. Savvy borrowers who understand the rules and prepare will improve their chances of success. […]

How Low Can Rates Go?

If your New Year’s resolutions include buying a house or refinancing, the Federal Reserve has you covered. It has committed to keep long-term interest rates low through next year, so a 30-year mortgage will be pegged about where it is now — 4.32 percent in New York — at least through spring, said Frank E. […]

Helping Homeowners Dig Out

WITH interest rates at historic lows, the expansion of a federal refinancing program could help more homeowners who owe more than their property is worth move out of higher-rate or adjustable loans into something more affordable and stable. The biggest change to the plan, called the Home Affordable Refinance Program, or HARP, raises the debt […]

Obama’s New Mortgage Refinance Plan: Questions and Answers

SOURCE WASHINGTON — Two big questions loom over the Obama administration’s latest bid to help troubled homeowners: milf porn Will it work? And who would benefit? By easing eligibility rules, the administration hopes 1 million more homeowners will qualify for its refinancing program and lower their mortgage payments — twice the number who have already. The program […]