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Bank Mortgage Lenders Wells Fargo and Bank of America Start Day Down as Refinance Mortgage Rates Lower

admin — Tue, 03 Aug 2010 16:33:34 +0000

The halftime report for the stock market is showing that bank mortgage lenders are pulling back slightly. Both Wells Fargo and Bank of America are starting the day lower while we are also seeing 30 year refinance mortgage rates lower. The 10 year treasury rate yield has dropped to the tune of 2% which in turn has helped mortgage rates to drop as well. Many current and future homeowners throughout the country use Bank of America and Wells Fargo as these are two of the biggest mortgage lenders and banks in the country.

At 12:30 Bank of America is currently down .55% while Wells Fargo is down 1.44%. It is important to remember that one day moves do not make a trend. Over the last few weeks all banks have had a strong move higher but it will be earnings that improve the balance sheets of these companies and help them to increase share prices over the next several months.

With the financial regulatory bill being signed by President Obama it will be very interesting to see the stock price performance of the bank mortgage lenders including Wells Fargo and Bank of America. Many analysts feel that these companies having to adjust will hurt the balances sheets in the near term but in the long term there are profits to be made.

Author: Alan Lake

Mortgage Lenders Bank of America and Wells Fargo See 3% Gains as Refinance Interest Rates Stabilize Around 4.4%

admin — Mon, 02 Aug 2010 20:14:20 +0000

Big mortgage lenders Bank of America and Wells Fargo saw very strong days on the NYSE as BAC was up 2.92% and WFC was up 2.96%. These gains come on top of gains last week as well as banks look to improve profits. One way to improve profits is to continue to take advance of all time low mortgage interest rates around 4.4% for 30 year fixed rates. As rates continue to drop more Americans will look to buy a home or refinance their current home loan.

Over the last several weeks we have seen 30 year fixed mortgage rates at or below 4.5% on a national average. It is very important for big mortgage lenders to take advantage of this low interest rate period as it gives them an opportunity to gain access to many more customers that would otherwise not be interested in the housing market.

While Bank of America and Wells Fargo are two of the biggest mortgage lenders in the country customers must be aware of the fact that there are many other options as well. Local and regional mortgage lenders continue to provide low refinance mortgage rate quotes as well.

Author: Alan Lake

Government FHA Mortgage Programs From Most Lenders Offers Less Than Perfect Credit Loans

admin — Mon, 26 Jul 2010 15:00:04 +0000

In a recent article on Seeking Alpha, there is a great quote from the Government FHA website explaining that FHA mortgage programs from most lenders are available to those with less than perfect credit.

From the FHA website:

“Why should you choose an FHA loan?

There are many good reasons to choose an FHA loan, especially if one or more of the following apply to you … If you have less than perfect credit: You don’t have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.”

This is exactly what started the who issue in the first place and they are continuing to market and advertise that borrowers with subpar credit have the opportunity to lock in to a home loan. Almost all major mortgage lenders offer an FHA mortgage including Bank of America, Chase, Wells Fargo and CitiMortgage. With many “less than perfect” borrowers looking to gain access to a home loan in the current economic environment we could be looking at more problems ahead. There are even more reasons to be concerned that we will address as the week progresses.

Author: Heather Best

Low Mortgage Interest Rates on June 29th, 2010 – Mortgage Lenders Offering Low Rates on Adjustable and Fixed Mortgages

admin — Tue, 29 Jun 2010 22:03:41 +0000

Low mortgage interest rates seem to be here to stay on June 29th, 2010. Mortgage lenders across the United States are offering low home loan interest rates for adjustable and fixed rate mortgages. At the present time we are seeing the 30 year fixed mortgage being quoted under 4.5%.

Before assuming that all Americans will be able to qualify for mortgage interest rates this low it is very important to understand that it takes a very impressive credit score and a low debt to income ratio to have any opportunity to lock in to 30 year fixed mortgage rates under 5%.

By doing your research online you will likely find many mortgage lenders in your area that can help you to lock in to low interest rates. Make sure to understand that you will need a credit score above 740 to have any chance to lock in to the lowest possible mortgage interest rates.

Unfortunately, with a higher credit score you are likely going to find it very difficult to lock in to a low mortgage interest rate. This does not mean that you cannot save money, it just means that you will not have the same opportunities as borrowers who have made strong financial decisions in the past.

Author: Heather Best

Home Mortgage Loan Rates – All Time Lows from Mortgage Lenders Throughout the US in Summer 2010

admin — Fri, 25 Jun 2010 14:00:50 +0000

Home mortgage loan rates have been historically low for the last 18 months but we are currently seeing all-time lows from mortgage lenders throughout the US in the summer of 2010. Most mortgage lenders are currently reporting that 30 year fixed mortgage rates are at or under a 4.5%.

With mortgage interest rates being below 4.5% many borrowers could benefit greatly. There are many mortgage calculators available online that can help borrowers understand just how much money they would save by locking into a 30 year fixed rate under 4.5%.

Most homeowners will likely find that they could save hundreds of dollars a month on their mortgage payments. This in turn would help them to find financial freedom much quicker and would allow them to pay off other debts such as personal loans and credit cards.

Home mortgage loan rates have been mainstream news for the last few days as they are currently at all time lows. With mortgage lenders offering good credit borrowers interest rates under 4.5% now might be the time to take action. It is important to note that you will need a credit score above 740 and a significant amount of home equity if you are looking to refinance to a low home loan interest rate.

Author: Mike Garner

Today’s Lowest Mortgage Interest Rates – Lenders Quote Home Loan Rates Under 5% for 30 Year Fixed

admin — Tue, 08 Jun 2010 12:15:31 +0000

Today’s lowest mortgage interest rates have been quoted under 5% by many mortgage lenders throughout the country. With home loan rates being the slow many current homeowners could benefit by locking in to a low refinance rate in the month of June 2010. By saving one full percentage point on a mortgage rate you could end up saving hundreds of dollars a month.

With this industry being highly competitive it should not be difficult to find a low mortgage interest rate offer from a mortgage lender in your area. It would be wise to contact several mortgage lenders is there a many options available and you could find one offers better service than another.

With the advancements in technology is much easier than it has ever been to lock into low mortgage interest rates. By doing your research online you will likely find that you need a credit score above 740 and a significant amount of home equity to refinance to a low interest rate today.

Luckily there’re many websites that can help you to better understand how to improve your credit score and have the ability to lock in to lower interest rates. It would be a very smart decision to do this research as it could save you a significant amount of cash.

Author: Heather Best

Home Mortgage Rates Under 4.75% – Mortgage Lenders RBC, Chase, Wachovia and Citibank Offers in May 2010

admin — Thu, 27 May 2010 15:38:10 +0000

Home mortgage rates are currently under 4.75% and many Americans are looking to save by locking in to a low rate today. Mortgage lenders RBC, Chase, Wachovia and Citibank are offering low rates in May of 2010. It is very important to note that these are some of the bigger mortgage lenders but not the only options.

Over the next few weeks mortgage activity is likely to pick up as mortgage interest rates are very close to an all time low. Any quick drop over the next week and we will see seeing the lowest mortgage rates in the history of the United States housing market. This means many Americans will look to refinance.

Over the last year refinance activity slowed down greatly due to the fact that many people have already refinanced their homes. With mortgage rates even low now there may be another refi boom wave on the way. Only time will tell if Americans are looking to refinance today.

With RBC, Chase, Wachovia, Citibank and most mortgage lenders offering great deals now might be a great time to consider refinancing. It might be a wise decision to consider your research today so if mortgage rates drop even more you will have a very good opportunity to save money.

Author: Jeremy North

Home Mortgage Rates – Interest Rates at 4.75% from Mortgage Lenders on May 18, 2010

admin — Tue, 18 May 2010 13:50:27 +0000

Home mortgage rates have been very low for the entire month of May 2010. Most mortgage lenders are currently reporting interest rates at 4.75% on May 18, 2010. With mortgage rates this low there’s a very good chance that refinancing activity and first-time buyer activity will increase in the month of May.

It is very important to understand that not all homeowners will receive interest rates at 4.75%. To get a home mortgage rate at this level you will need a significant amount of equity in your home and a credit score that is well above 720. Without these requirements you are going to funding your interest rate offers are slightly higher.

With most major mortgage lenders advertising rates well below 5% there are opportunities available but you will need a good credit score. By contacting several mortgage lenders you may be able to find that there is a slight variation of what interest rate you will qualify for. It would be wise to exhaust your resources with lenders before making a final decision.

Over the next several months it will be very interesting to see how interest rates react to the overall economy. Many analysts have suggested that mortgage rates will start to rise as the economy recovers. At the present time it does not look like mortgage rates are going to move much higher in the near future it.

Author: Jeremy North

Teacher and Military Discounts on Closing Costs – Mortgage Lenders Offer Incentives to Occupations

admin — Thu, 06 May 2010 16:54:09 +0000

Many teachers and those in the military are not aware that there are some mortgage lenders that offer discounts on closing costs. Please be aware of the fact that not all mortgage lenders offer these incentives but by doing your research you will likely find some that do.

Please understand that you are not going to see a huge interest rate decrease or closing costs waived but there are some ways to save money. If you are in the military or are a teacher then it would be wise to ask your lender if they have any special discounts for your occupation.

With mortgage interest rates below 5% at the present time it would be icing on the cake to get a discount on closing costs or other costs involved with your mortgage. Take the time and effort to do diligent research and understand that this savings is not worth a huge pain with a lender who wants to take your money elsewhere.

By researching the process and understanding where you stand each step of the way you could save a significant amount of money in the long run. Always make sure and analyze your current financial decision before making any drastic moves.

Author: Heather Best

Home Loan Modification Programs Will Help You Save Money

admin — Mon, 25 May 2009 14:22:10 +0000

In March, President Obama and his administration announced the Making Home Affordable Plan. The plan is designed to help slow down foreclosures and give common Americans the chance to have access to lower mortgage rates. The original plan was not to keep mortgage rates under 5% but other aspects of government interaction are causing this to happen. Overall, home loan modification programs set up by the Federal Government will help you save money.

Prior to the home loan modification program Making Home Affordable, individuals who did not have at least 90% loan-to-value in their home found it extremely hard to refinance. That is no longer the case. The government is giving incentives to mortgage lenders to offer low refinance rates to individuals even if their loan-to-value ratio is above 100%. The highest ratio that most lenders are willing to tolerate during the refinance process is 105%.

With a great number of homes being underwater throughout America, this is something that could greatly assist those who want to refinance. Most homes that are underwater have lost value because their has been a foreclosure or short sale in the area nearby. It is also the fact that there is no longer a heavy demand for new homes. Unfortunately, home builders went above and beyond during the housing bubble and built way too many new homes. We have to find a way to get those homes off the market.

Now that Americans have a much better chance of getting a low refinance rate it should help in stimulating the economy. No one really knows what it will do to the housing market, but if Americans have more money in their pockets that is always a good thing. I think most Americans learned that spending all their money on everything and anything they wanted is no longer a smart decision. In the 1990s and early 2000s if you wanted something you just bought it on credit and worried about the bill later.

Well, that was fine when the unemployment rate was well below 5%. Now that the national unemployment rate is making its way to 10% spending habits must change and they have. Only the essentials are being bought at retailers. Families are no longer buying superfluous items just to decorate or feel good about themselves. The one good thing that this economy has done is that it has taught people that saving money is a very important part of life.

If you can refinance a full percentage point below your current mortgage, you are definitely going to save quite a bit of money. Now that the government has gotten involved it is time to actually seek out the refinance you have been thinking about. Getting a home loan modification is no longer the struggle it used to. There are several websites available and Making Home Affordable will tell you everything you need to know about getting a new rate on your current mortgage.

Do not be fooled into believing that just because the government is involved that you will get a rate under 4.75%. The low rates that are being advertisted all over tv and the internet are for those who have been extremely smart with their financial decisions. If you have a credit score under 740 or have any long term debt that might hinder your ability to make your mortgage payments, it is unlikely that you will get an extremely low rate.

This does not mean that you should not try to get a lower rate. You never know what the mortgage lender may think until you actually put in the application and see what happens. You might get lucky and find out that the lender has been strongly urged by the government to complete 1000 applications by the end of the week. There are many extenuating circumstances that are coming up because President Obama is taking action and changing the way mortgage lending is conducted.

The other important aspect about the home loan modification program Making Home Affordable is that home owners are only going to have to pay 31% of their monthly salary in a mortgage payment. If your mortgage is backed by Fannie Mae or Freddie Mac, which almost 70% of mortgages are, then your mortgage payment should adjust based on your monthly income. If over 50% of your monthly income is going towards your mortgage payment you are prime candidate for Making Home Affordable.

The idea behind this is that if Americans are using such a large portion of their paycheck to pay for a mortgage they have very little money to spend anywhere else and stimulate the economy. Also, if your mortgage payment is over 31% of your monthly income, the odds of defaulting increase greatly. A high mortgage payment can take a large toll on any financial situation and President Obama does not want that to be the case in this economy.

If your mortgage amount does decrease, it will not stay that way for the remainder of the loan. Over the next few years, you will see it gradually work its way back to the original monthly mortgage amount. Hopefully by this point Americans will have saved some money and be on their feet better financially. If that is not the case then maybe they should just not own a home outright.

There is very little doubt that President Obama is doing everything in his power to give Americans a better life. Signing into law Making Home Affordable was one of the first steps to making this happen. I would encourage anyone seeking a home loan modification to do extensive research at MakingHomeAffordable.com. There is a great deal of information on the site and it will take many days to get through it all. Educating yourself and figuring out what the government can do to help you may save you hundreds of dollars a month so take the time and do it!

The most important thing about Making Home Affordable is that it is an attempt to help Americans change. We have lived well above our means and made very bad financial decisions in the recent past. This needs to change and the current recession is helping us figure that out. President Obama is also helping us by taking every step to stimulate this economy and help continue to make America the best country in the world.