Mortgage Updates

Here in Florida millions of families have homes and mortgages but that number is sharply decreasing. The housing boom has cooled and now many can’t seem to afford the houses that were once their dream homes.
In August of this year alone there were 16,533 closures in Florida and it doesn’t look like this problem will [...]

Everyone has been predicting the real estate bubble bust but surprisingly the price of new homes is rising instead of falling. This number was shown in May and managed to surprise even those in the business.
The Commerce Department reported that sales of new single-family homes increased by 4.6 percent in May to a seasonally adjusted [...]

In the past decade there has been a rise in single women buying homes for themselves. Many of these women say that they want to the freedom and want to pay their own mortgage instead of spending years paying rent for an apartment.
Many of these women are also focused more on their career and tend [...]

The mortgage rates in Hawaii had been on the rise for some time now. I can understand that, who doesn’t want a home in beautiful Hawaii? I would move their if I could afford it, but alas I can’t and the way that rates were going up, it appears that many others couldn’t as well.
That [...]

Ten men were arrested with charges ranging from conspiracy to mail fraud. They scammed millions in a real estate/mortgage fraud in which one person would buy a house, a partner would appraise it at a much higher value and flip it (sell it), usually the very same day.

Patrick McGee, Thomas Griffin, Edward Young and Fransene Berry were [...]

Of course, this only works if you own the home fully yourself (well, only works to the best benefit) … but why pay a commission to a mortgage agency or bank?  Offer the mortgage to the buyer yourself. Grab your lawyer, set up an amortization statement and statement of purchase, and take the down payment, [...]

Thinking about a reverse mortgage?
Before you sign that contract, make sure there aren’t any traps.
The Australian Consumers Association recently studied 19 lender contracts. It discovered default clauses that, if breached, could result in a call for the immediate repayment of the entire loan.
Property titles remain in the borrowers’ names and they are [...]

Delinquency rates are on the rise. They jumped “more than 7%, to 4.7% in the fourth quarter of 2005, from the year before,” according to the Mortgage Bankers Association.
Despite this, many lenders aren’t cutting back on exotic mortgages — in fact, they’re “charging ahead on such high-risk loans full tilt.” They claim that cutthroat competition [...]

I saw a story the other night (which you can veiw by goint here and clicking on “Housing Hangover”) about the number of forclosures going up because people with adjustable rate mortgages now can’t pay their mortgages.
Adjustable rate mortgages typically have a lower interest rate than fixed rate mortgages for an introductory period. I [...]

Recently, we found a need to do some work on our house. Our roof had a leak, and the guys we had come take a look at it said they wouldn’t touch it without putting a whole new roof on. That, combined with a desire to lock in a fixed rate on our [...]