Have you had some late payments in the past?  Who hasn't?  If you have been on time with your bills for the past year without getting any new late payments or collections you may be eligible for a fha refinance.  Fha refinances are not credit score based and are intended for borrowers who can prove their income and have been on time with their payments for the past year.  The advantage of fha is the interest rates are usually a bit lower than conventional and only require a 3% down payment.  This is the only mortgage program that will allow you to obtain mortgage insurance with less than a 620 credit score.  The down payment and closing costs can come as a gift from a family member.  Only 500 dollars of your own funds are required and the seller can pay up to 6% closing costs as well.  Seek out the ...

Internet mortgages or how to avoid deception.com

An increasing number of astute borrowers are using the internet to shop for the best mortgage rates.  Unfortunately, it is easy to forget that the rates reflected on the rate monitor web sites are advertisements, specifically designed to generate leads for the companies who pay fortunes to have their rates listed.

The other day, while the most competitive local mortgage companies were quoting 30 year fixed rates at around ...

I just received an offer in the mail from my mortgage company.  It is to inform me that a terrific program is available which will automatically save me thousands of dollars in scheduled mortgage interest payments.  I know a little something about mortgage financing, so let’s break it down and see if it makes sense.

The announcement suggests that instead of making a full mortgage payment each month, I make half a payment every 14 days. ...

We have seen some pretty significant changes in the mortgage industry this past week.  100% financing is still available but you must have at least a 680 credit score to obtain.  Some of the major banks are taking away the 100% programs all together and limiting maximum financing to 95%.  The mortgage insurance companies will no longer insure these loans in the event of a foreclosure and the lenders have to adapt and overcome.  Their are several changes that are supposed to be taking place next week and I will provide additional information as I recieve it.  Another major change is that mortgage insurance companies are no longer insuring second home cashouts or investment property cashouts above 80%.  I am going to call the mortgage insurance companies next week and report what I find. 

It is a misconception to assume that the when the fed cuts interest rates mortgage rates automatically drop.  Usually mortgage rates move in the opposite direction.  When the fed cuts the interest rates the loans that are affected by this cut are lines of credit, auto loans and credit card loans.  This cut can also affect adjustable rate mortgages tied to the libor rate and actually move the rate lower.  What affects mortgage rates are mortgage backed securities.   When the fed makes the interest rates tied to some investments (money markets, cd's, savings accounts) drop.  When these interest rates drop portfolios take a hit.  Have you taken a look at your IRA's lately??    The reason the fed is lowering short term interest rates (the interest rate banks charge for loaning money to each other) is to help prevent a recession.   Once this ...

The feds have reduced interest rates and are expected to do so again.
What does this mean? It means anything financed will be at a lower rate.
Now is the time to purchase a home or refinance the one you have.

The good news is that rates in Clear Lake Texas haven't been this low
in years. The not so great news is that the feds are lowering interest
rates to encourage spending and prevent a possible recession. One the economy is stabalized the rates will increase. 

Now the first step to taking advantage of the lower interest rates is
choosing the right mortage professional and getting a financial check
up.

If you are interested in a free f ...