October 2011 Mortgage Blog Archive
October 2011 mortgage blog archive from Get Your Best Mortgage Rate website, home of Ask Kate and Super Kate. Delivering unique home mortgage help without lingo!
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Oct 28, 2011
Mortgage News | Buying a HUD Home for $100 Down
Mortgage News! Buying a HUD home for $100 down! Home buyers in 26 states can do it through October 2012!
Do you live in Arkansas, Colorado, Iowa, Kansas, Louisiana, Missouri, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas, Wisconsin, Wyoming, Utah? Or Alabama, Florida, Georgia, Kentucky, Illinois, Indiana, Mississippi, North Carolina, South Carolina, and Tennessee? This is meant for YOU!
This offer of buying a HUD home for $100 down is for properties that have been repossessed by HUD and are now offered for sale.
-- $100 downpayment (whoa) instead of 3.5 percent of the sales price
-- 3 percent closing cost allowances, in some cases
Home buyers should know this:
-- For principal owner-occupied homes
-- Finance with FHA mortgage loans (203b) and FHA Rehab Loans (FHA 203k)
-- Make offers using the full list price
-- Close the real estate transaction before October, 2012
Go here to learn more about the exciting FHA Rehab 203k loan for fixer upper homes. More information on buying a HUD home for $100. Get current mortgage news as it breaks at www.Get-Your-Best-Mortgage-Rate.com
Oct 28, 2011
How To Verify Monthly Payments On Your Mortgage | Get-Your-Best-Mortgage-Rate.com
Ask Kate how to verify monthly payments on your mortgage: So you open the mail and like a blast of cold water in your face, the monthly payments on your mortgage have gone up... AGAIN! I heard this week from a homeowner who signed her letter, "Tired of the Payment Game". You can see her letter to Ask Kate by following this link... Monthly Payments On Mortgage Out of Control.
Not that I don't believe mortgage companies - It's just as a homeowner, I want to know how to verify payment increases. After all, It is MY house and MY home loan. So follow my link to this Ask Kate question and answer and I'll walk you through the process of double-checking a mortgage payment increase. See you there...
Oct 27, 2011
Super Kate's Best Mortgage Rate Report | Ask Kate Q and A
Super Kate's Best Mortgage Rate Report but first an Ask Kate Q and A.
Ask Kate: What about the appraisals required by Home Affordable Refinance Program (HARP). What is your best advice? Use the lender's appraisal or get private appraisal done? I got an appraisal from my lender and the value seems high. Do I have only one shot at this Home Affordable Refinance Program and need to get the appraisal right? Please help!
Ask Kate's Answer: Sweeping changes were just released a couple of days ago which are real game changers. I'll send you to my write up of the Home Affordable Refinance Program announcements but first this week's mortgage rate report!
30 year fixed mortgage rates averaged 4.10 percent, close to last week's 4.11, and down from 4.23 percent, this time last year.
15 year fixed mortgage rates averaged 3.38 percent, unchanged from 3.38 last week, and down from 3.66 percent, this time last year.
5 year fixed - 25 year adjustable mortgage rates averaged 3.08 percent, up from last week's 3.01 and 3.41 percent this time last year.
1 year adjustable mortgage rates averaged 2.90 percent, down from 2.94 last week, and down from 3.30 percent, this time last year.
Oct 26, 2011
Should I Wait for HARP to Reduce Mortgage Closing Costs
Ask Kate: Dawn from Kalamazoo, Michigan asks, since the Home Affordable Refinance Program's announcement on October 24, 2011 is promising to reduce the mortgage closing costs, should I postpone my refinancing through HARP?
Putting aside gobbledy-gook lingo from Freddie Mac and Fannie Mae (for example, it appears they like to be known as The Enterprises!), is timing a HARP refi ever a good idea? Good question!
Follow the link and I'll meet you at Dawn's letter...
Permalink -- click for full blog post "Should I Wait for HARP to Reduce Mortgage Closing Costs"
Oct 26, 2011
Monthly Payments On Mortgage Out of Control
Ask Kate why are monthly payments on my mortgage so out of control: Kate, I bought a house in 2002 at $74,500 with a FHA loan. At that time my mortgage
Permalink -- click for full blog post "Monthly Payments On Mortgage Out of Control"
Oct 26, 2011
HARP Mortgage Closing Costs Reduced
Ask Kate about HARP Mortgage Closing Costs Reduced: Kate, The only refinance we can do is through the Home Affordable Refinance Program (HARP). What's
Permalink -- click for full blog post "HARP Mortgage Closing Costs Reduced"
Oct 25, 2011
Sweeping Changes to Home Affordable Refinance Program
Ask Kate reports Sweeping Changes to Home Affordable Refinance Program to make refinancing your mortgage easier! Just today, the Obama Administration in
Permalink -- click for full blog post "Sweeping Changes to Home Affordable Refinance Program"
Oct 25, 2011
Breaking News Refinancing a Drowning Mortgage Got Easier Today
Super Kate at Get-Your-Best-Mortgage-Rate.com heard the news of sweeping changes to Home Affordable Refinance Program and got right on it.
The changes are FANtastic and great news for millions of homeowners who are drowning in bad news. In fact, if your appraised value is underwater and your mortgage is owned by FNMA or FHMLC (that's Fannie Mae and Freddie Mac respectively), you will want to read what happened with you in mind today.
So follow the link and Super Kate will meet you there. (So will I.)
Oct 25, 2011
Loan Modification, Home Affordable Refinance, HARP, HAMP, FHA Short Refinance, Short Sale, Strategic Default
Loan modification, Home Affordable program, HARP, HAMP, FHA short refinance, short sale, strategic default - Ask Kate helps Readers in real estate distress.
Oct 24, 2011
Mortgage And Foreclosure Relief For Distressed Homeowners
Ask Kate about mortgage and foreclosure relief for distressed homeowners: Kate, I was doing some research about the HARP program as this has just come
Permalink -- click for full blog post "Mortgage And Foreclosure Relief For Distressed Homeowners"
Oct 24, 2011
Ask Kate Pros and Cons to Mortgage Refi Options
BJ writes to Ask Kate at Get-Your-Best-Mortgage-Rate.com asking for pros and cons to her mortgage refi options.
Lower her home mortgage interest rates by increasing the fees? Or is it better to slash the mortgage closing costs for a half percent higher in the proposed interest rate? Which is best? How can BJ decide? How can YOU decide?
Follow the link and I'll meet you there with pros and cons you can apply to your next mortgage refinance...
Permalink -- click for full blog post "Ask Kate Pros and Cons to Mortgage Refi Options"
Oct 23, 2011
Jenn asks Kate How To Get Mortgage Approval
Jenn asks Kate how to get mortgage approval: Kate, we need to buy a house due to our family size. We are very frustrated with the home loan process. We make more than enough money to pay for a mortgage, and we have no debt.
It just seems like we need debt to get a financing! My husband and I are debt free. We don't have any outstanding bills, loans, bankruptcy or judgements. We both have a credit card that we pay off in full every month.
Our monthly income is $3800.00. Our credit scores are considered fair. Our scores from one credit agency are 610 and 629. We are at our wit's end and don't know what to do.
What are our best options? Jenn
Ask Kate Answer: Jenn, don't rack up debt in an attempt at mortgage approval! Being debt free is remarkable!
I recommend applying for an FHA home loan. With more flexible credit terms, FHA mortgage approval has converted many frustrated home buyers into happy homeowners!
Follow the link to my help on FHA Loan Requirements at www.Get-Your-Best-Mortgage-Rate.com to avoid this big mistake. Good luck on your mortgage approval and happy home buying. Kate
Permalink -- click for full blog post "Jenn asks Kate How To Get Mortgage Approval"
Oct 22, 2011
Compare Home Mortgage Interest Rates to Closing Costs
Ask Kate how to compare home mortgage interest rates to closing costs: Hi Kate, Do you think it is better to get 4 percent with $2100 in closing or 4.5
Permalink -- click for full blog post "Compare Home Mortgage Interest Rates to Closing Costs"
Oct 21, 2011
Ask Kate about Refinancing VA Mortgage Loans
James from Northlake, Texas asks Kate if refinancing FHA home loans to VA home loans is possible:
Question: Can we refi our FHA loan to a VA loan? We are trying to refi our current house, but it seems the value keeps changing. We have had 3 different appraisals to date and the values are all different. From Oct 2010 $280,000, March 2011 $290,000 and now Sept 2011 $282,000. We owe $269,000 at 5.75 percent for 30 term.
Ask Kate Answer: Yes, FHA mortgages can be refinanced to VA home loans, or conventional for that matter. Ask your mortgage professional if you will qualify under VA underwriting guidelines.
Follow the link to my information on VA home loans, the ultimate 0 down for veterans and active military...
Permalink -- click for full blog post "Ask Kate about Refinancing VA Mortgage Loans"
Oct 20, 2011
Super Kate's Mortgage Rate Report | Ask Kate Discusses Buying a First Home | Get-Your-Best-Mortgage-Rate.com
Average nationwide fixed mortgage rates hold steady for the week ending October 20, 2011. Winners this week are 30 year fixed and 5 year hybrid. But notice the gap is narrowing between mortgage rates today and this time last year.
We'll return to Super Kate's Mortgage Rate Report in just a moment but first I want to tell you about Andie who wrote to Ask Kate. She's a 1st time home buyer flying solo! But will she need a mortgage co-borrower? More on this later.
Now for Super Kate's Mortgage Rate Report:
30 year fixed mortgage rates averaged 4.11 percent, close to matching last week's 4.12, and down from 4.21 percent, this time last year.
15 year fixed mortgage rates averaged 3.38 percent, up from 3.37 last week, and down from 3.64 percent, this time last year.
5 year fixed - 25 year adjustable mortgage rates averaged 3.01 percent, down from last week's 3.06 and 3.45 percent this time last year.
1 year adjustable mortgage rates averaged 2.94 percent, up from 2.90 last week, and down from 3.30 percent, this time last year.
And now it is time to follow the link to Ask Kate's answer to Andie who is buying a first home. I'm sending Super Kate to meet you there...
Oct 20, 2011
Ask Kate about Reverse Home Mortgages
Three recent questions for Ask Kate regarding Reverse Home Mortgages -
Question 1 - I wonder if one can actually reduce his reverse mortgage balance by paying paying monthly payments and eventually paying it off completely. Is there a penalty for paying it down? Melvin from Southhampton, New YorkV
Ask Kate Answer - Homeowners may eliminate the Reverse Mortgage by selling the house, paying it off with cash, or refinancing. Regarding a prepayment penalty, consult your original loan documents.
Question 2 - My dad has a reverse mortgage and his home was recently destroyed by fire. How does reverse mortgage work in this case?
Ask Kate Answer - A fire or other catastrophic event does not cancel out a mortgage obligation. Your father's insurance agent should be contacted at once.
Question 3 - When I pass away, how much time will my heirs have in which to sell my house and pay off the loan?
Ask Kate Answer - When a borrower sells the home, permanently moves out, or passes away, the Reverse Mortgage is due and payable. Check your mortgage documents signed at closing for specific time limits or call the RM loan servicer.
Now for my Reverse Home Mortgages mini guide. You'll begin with Ask Kate What Is A Reverse Mortgage and follow the links through the rest of my mini guide, including a Q and A page. Start here...
Permalink -- click for full blog post "Ask Kate about Reverse Home Mortgages"
Oct 20, 2011
Ask Kate about 1st Time Home Buyer Flying Solo
Ask Kate about 1st Time Home Buyer Flying Solo: Kate, I am 25 years old now. I have been dating the same man since 2007. The idea to marry is there, but
Permalink -- click for full blog post "Ask Kate about 1st Time Home Buyer Flying Solo"
Oct 19, 2011
Ask Kate How to Calculate Debt to Income Ratios at Get-Your-Best-Mortgage-Rate.com
Dave wrote to Ask Kate today wondering how to calculate debt-to-income ratios:
"I cosigned loans for my sons shortly before divorce last year. Does that count as a monthly payment even though I do not pay the payment? What is the highest ratio allowed in mortgage approval?"
Hi Dave, because you co-signed or co-borrowed with your sons, you assumed financial responsibility for repayment of the debt. However some mortgage lenders will not count the entire payment in your debt ratios if you can provide enough written documentation to verify your sons are consistently making their payments.
Acceptable debt ratios vary among mortgage programs. Follow my link - http://www.get-your-best-mortgage-rate.com/how-to-calculate-debt-to-income-ratio.html - at the bottom of this post for specific help.
Sincerely,
Ask Kate (aka Super Kate)
Oct 18, 2011
List Of Mortgage Companies In South Carolina - Best Home Mortgage Rates
List Of Mortgage Companies In South Carolina - Find your best home mortgage rates in Columbia, Charleston and other South Carolina cities using this mortgage lender directory.
Oct 18, 2011
How To Repair Your Credit Problems | Get-Your-Best-Mortgage-Rate.com
If you've ever looked for effective, legal, and affordable credit repair services, you know it isn't that simple. But your credit history deserves professional help because the ability to borrow affordable money plays a major role in our lives.
Plain and simple, bad credit is costly and healthy credit creates wealth-building opportunities.
Super Kate is on this! She is even busier than usual, working to bring you wealth building tips. And strong credit scores are at the top of her list.
So follow the link to Super Kate's Credit Repair Review. She'll meet you over there with 1/2 million reasons why you should repair your credit problems...
Oct 17, 2011
Lexington Law Credit Repair Review | Get-Your-Best-Mortgage-Rate.com
Lexington Law Credit Repair Firm: One-half million have benefited from their legal credit repair services. Repair your credit problems. Call 877-292-4951.
Oct 17, 2011
Best Mortgage Rates Search K-Z
Best Mortgage Rates Topics K-Z - Kate Ford at Ask Kate offers refinance info and extensive mortgage tips. Helpful insight into mortgage modification, reverse mortgage, PMI and more.
Permalink -- click for full blog post "Best Mortgage Rates Search K-Z"
Oct 17, 2011
Successful Money Management Tips By Super Kate
Successful Money Management Tips - How to increase income, decrease debt and improve your credit. Where to make money, how to keep it, when to spend it.
Permalink -- click for full blog post "Successful Money Management Tips By Super Kate"
Oct 16, 2011
SBI Wants Dreamers - Create A Business Website
SBI - Learn how to make money online. Mortgage originators and serious entrepreneurs, put the spark back in your life by building a business website. Start dreaming again.
Permalink -- click for full blog post "SBI Wants Dreamers - Create A Business Website"
Oct 16, 2011
Site Build It Review - How To Make Money Online
Site Build It Review - Combining desire and commitment to your dream with SBI know-how and SiteSell tools, learn how to make money using the internet.
Permalink -- click for full blog post "Site Build It Review - How To Make Money Online"
Oct 16, 2011
Adjustable Rate Home Mortgage For Seniors
Ask Kate about adjustable rate home mortgage for Seniors: Hi Kate, We are 67 years old and could not afford for our mortgage to increase but a major online
Permalink -- click for full blog post "Adjustable Rate Home Mortgage For Seniors"
Oct 16, 2011
Credit Report Monitoring - Protect Yourself Against Identity Theft
Immediate access to credit report monitoring. The first step in protecting yourself against identity theft is to get your online credit report. Here's how.
Oct 14, 2011
Fixed Mortgage Rates Up Sharply | Ask Kate Discusses Tax Liens | Get-Your-Best-Mortgage-Rate.com
Average nationwide fixed mortgage rates up sharply for the week ending October 13, 2011. The 1 year adjustable mortgage rates were the only winner. The reason? Verizon added back workers resulting in better than expected job reports.
We'll return to Super Kate's Mortgage Rate Report in just a moment but first I want to tell you about Connie who wrote to Ask Kate. She needs a dream team. Badly. Her letter has to do with a federal tax lien and buying a home. More on this later.
30 year fixed mortgage rates averaged 4.12 percent, up sharply from last week's 3.94, and close to matching last year's 4.19 percent.
15 year fixed mortgage rates averaged 3.37 percent, up from 3.26 last week, and down from this time last year at 3.72 percent.
5 year fixed / adjustable mortgage rates averaged 3.06 percent, up from last week's 2.96, and down from same time last year at 3.47 percent.
1 year adjustable mortgage rates averaged 2.90 percent, down from 2.95 last week, and down from this time last year at 3.43 percent.
And now it is time to follow the link to Ask Kate's answer to Connie regarding Notice of Federal Tax Lien Causing Home Buyer Hiccups. I'm sending Super Kate to meet you there...
Oct 11, 2011
How To Build A Website That Works
I recently was asked how to build a website that works, one that stands out from the pack and makes money using the internet. My answer is SBI and Ken Evoy using CTPM. I want to tell you how.
Permalink -- click for full blog post "How To Build A Website That Works"
Oct 11, 2011
How I Used SBI To Make Money Using The Internet With Site Build It and Ken Evoy
How Kate used SBI with the help of Ken Evoy to make money using the internet and achieve financial freedom. Site Build It made it possible.
Oct 8, 2011
HARP Refinance Made Impossible
Regarding HARP refinance Made Impossible: Dear Kate, I contacted my lender (Major Lender #1) who holds my first mortgage on April 8th about refinancing.
Permalink -- click for full blog post "HARP Refinance Made Impossible"
Oct 8, 2011
Notice of Federal Tax Lien Causing Home Buyer Hiccups
Ask Kate about Notice of Federal Tax Lien Causing Home Buyer Hiccups: Kate, Our mortgage lender assured us we would be able to close on our home until
Permalink -- click for full blog post "Notice of Federal Tax Lien Causing Home Buyer Hiccups "
Oct 7, 2011
First Time Ever 30 Year Fixed Mortgage Rates Fall Below 4 Percent | Focus on Finance | Get-Your-Best-Mortgage-Rate.com
Retiring? Think about this! The average 30 year fixed rate mortgage has fallen below 4 percent, FOR THE FIRST TIME IN HISTORY.
In the 1950s, mortgage rates temporarily dropped into the 4s. But mortgages were typically 20 or 25 year terms. (Generally the shorter the pay off period, the lower the mortgage rate.)
Now here are today's average mortgage rates across the nation, for the week ending October 6, 2011.
30 year fixed rate mortgage averaged 3.94 percent, plunging downward again from last week's 4.01, and down from last year's 4.27 percent.
15 year fixed rate mortgage averaged 3.26 percent, down slightly from 3.28 last week, and down from this time last year at 3.72 percent.
5 year hybrid mortgage (fixed to adjustable) averaged 2.96 percent, down from last week's 3.02, and down from same time last year at 3.47 percent.
1 year adjustable rate mortgage averaged 2.95 percent, up from 2.83 last week, and down from this time last year at 3.40 percent.
It's time to do this! Make a personal plan to combine a mortgage refi using historically low interest rates with getting out of debt before you retire. But I'm not talking about a cash-out refinance. I mean owning your home free and clear - and - paying off your credit cards. That's what I talk about at Focus on Finance, a Super Kate newsletter.
Follow the link to Focus on Finance. I'll see you there...
Oct 5, 2011
Breaking Mortgage News - Your One Stop Source For Mortgage Rate News
Breaking mortgage news - Mortgage trends at your fingertips. Bookmark mortgage rates news to stay current with mortgage events.
Oct 4, 2011
Ask Kate About Your Cash Out Refi | Get-Your-Best-Mortgage-Rate.com
Too much lender-ese in a cash-out refi. So Katherine writes to Ask Kate for help understanding her nationwide mortgage lender.
This information is vital to keeping an even playing field, such as what does stale-dated mean, how long does it take for the cash to hit your bank account after signing loan documents, and what is a 3-day right of rescission.
I boil it down so you can quickly educate yourself! Don't forget, it's YOUR home and YOUR mortgage. No one cares about them more than you!
Now follow the link and I'll meet up with you at Katherine's letter...
Oct 3, 2011
Cash Out Refi with Nationwide Mortgage Lender
Ask Kate about cash-out refi with nationwide mortgage lender: Hi Kate, We had to pay off our house in cash. Now we want a cash-out refinance to help with
Permalink -- click for full blog post "Cash Out Refi with Nationwide Mortgage Lender"
Oct 2, 2011
Special Edition to Making Home Affordable Options | Get-Your-Best-Mortgage-Rate.com
CNBC has reported mortgage foreclosures are ramping up once again. It makes me wonder if Big-Box Lenders took off a few months to improve their image after the robo-signing scandal.
Regardless, get this! One nationwide lender increased foreclosure activity by 200 percent during the month of August.
Well, you know how I urge home buyers and homeowners not to sit back and watch historically low mortgage rates slip away? Same goes for mortgage modifications and Making Home Affordable options. To this end, I developed Special Edition to Making Home Affordable Options (you'll find it by clicking the blue link at the end of this post).
If you are struggling with monthly house payments, you should take advantage of these deals while you can. They won't last forever.
Don't wait until your bank sends you foreclosure notices. Find out what options are available to you, your friends, neighbors, and relatives. And please pass this on to your friends on Facebook or Twitter.
Okay, go ahead now and follow my link. I'll meet you over there.
Oct 2, 2011
Problems with Mortgage Underwriting Guidelines
Ask Kate about Problems with Mortgage Underwriting Guidelines: Hi Kate, No exaggeration, I have been trying to refinance my existing mortgage with a major
Permalink -- click for full blog post "Problems with Mortgage Underwriting Guidelines"
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