Month: August 2010

Top Mortgage Lenders in Customer Satisfaction

If you’re planning to get a loan to buy a home, consider choosing from the mortgage lenders and servicers chosen by 4,516 homeowners interviewed by J.D. Power in its primary mortgage service satisfaction study conducted in May and June this year. These homeowners rated lenders according to how the lenders communicated and handled five items: loan origination fees, billing and…

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Existing Condo Sales in Florida Surged in July

Sales of pre-owned condos in Florida increased by 11 percent in July to a total of 5,557 units, compared to the 4,991 condos sold in July last year, based on data from Florida Realtors. Additionally, 11 metro areas in Florida posted increases in their existing condo sales in July. These were the 11 areas including their rates of increase: Orlando, …

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Free Foreclosure Help from New Websites of Fannie Mae and Hope Now

Here are better websites for you if you’re looking for foreclosure help. These sites are different from others as they offer a lot of options and they’re not run by private financial or foreclosure consultants who usually shape their advice to persuade you to obtain their paid services. KnowYourOptions.com This is a new site launched this month by Fannie Mae,…

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Know Your Rights as a Mortgage Applicant

You can’t be discriminated against when you apply for a mortgage. Your lender can’t ask your religion or can’t ask if you’re pregnant. Your mortgage application should be approved or rejected based only on your financial and employment records. There are at least three federal laws that were designed to protect you against mortgage discrimination. In addition, there are federal…

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Cheaper Home Loans from Smaller Banks and Credit Unions

Home loans are now cheaper, as mortgage rates continue to fall. According to Freddie Mac, the 4.44-percent average rate for fixed-rate 30-year mortgages on August 12 was the lowest rate recorded by Freddie Mac since it started monitoring mortgage rates in 1970. The rate also marked a sharp plunge from 5.07 percent in January. But you can find even cheaper…

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Delinquency Rate for Home Loans Slows Down

The drop in the national default rate for home loans in the second quarter is one sign that the housing sector is starting to stabilize. According to credit bureau TransUnion, which analyzes quarterly mortgage, credit card and auto loan data in about 27 million credit files or 10 percent of active consumer files in the U.S., the percentage of home…

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More Homeowners Mean More Stable Communities

If you’re buying a home, you’re not only giving your family a more comfortable and stable life, you’re also contributing to the stability of your community. Studies cited by the National Association of Realtors in its latest report on homeownership found that homeownership results in the stability of families and communities. Compared to renters, homeowners: Are more active in community…

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Nearly 93,000 Bank Owned Homes Added to Lists in July

A total of 92,858 residential units across the U.S. became bank owned homes in July, according to the latest report released by RealtyTrac. The total marked an increase of 9 percent over the month and a rise of 6 percent over the year. Data from the report showed that mortgage lenders slowed down on filing new foreclosure actions, and instead…

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Ten-Month Supply of Homes for Sale in the Tampa Bay Area

It’s still a buyer’s market in the Tampa Bay area, as there’s still a ten-month supply of homes for sale in the region as of July. Based on a recent report from Home Encounter LLC, new listings were being added, but home sales were slowing, so the inventory of homes for sale in the Tampa area has been rising. In…

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Four Costliest Mistakes by First-Time Homebuyers

Are you considering buying your first home? Then take a look at the costliest and most common mistakes committed by first-time homebuyers so you can take steps to avoid them. 1. Not Knowing Your Budget for a Home If you’re shopping for a home without first estimating what you can afford to pay, you could be wasting your time looking…

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Third Quarter Outlook for Home Loans

As you’re looking for your dream home, it helps if you also look at the outlook by a group of mortgage professionals for home loans for the third quarter. No definite trend for mortgage rates Mortgage specialists now hesitate to make predictions about where mortgage rates are going for this quarter, as their prediction for the second quarter was wrong….

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FHA Loans – Proposed Changes that Affect Home Buyers

Home buyers now need to improve their financial situation and their credit scores before pursuing their home purchase plans, as the U.S. Housing and Urban Development Department has proposed three policy changes for home loans backed by the Federal Housing Administration. In the middle of July, the HUD released a notice soliciting public comment for a period of 30 days…

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Nearly 28,000 Vacant Lots in Tampa Bay for Home Builders

Home builders and other investors with plenty of cash reserves have the opportunity of a lifetime to buy lower-priced vacant home lots in bulk in Tampa Bay, as there are 27,923 vacant home sites in the five counties that make up the Tampa Bay area – Pinellas, Hernando, Hillsborough, Citrus and Pasco. Based on a report from research firm Metrostudy,…

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