There is more to confirm that the housing market is stabilizing. Average rates for a 30-year mortgage moved upwards last week, but demand for loans ― refinancing or otherwise ― as well as purchases, continued to increase. “This marks the fourth consecutive weekly gain – the first time this has happened since March, when fixed [...]
Aug
27
2009
27
2009
Aug
26
2009
26
2009
New Report Points Out the Obvious
A new study shows that homeowners who have fallen behind on their mortgage payments are much less likely to catch up again. The report focuses on a downturn in the “cure rate” for mortgage securities. The cure rate is the portion of delinquent loans that return to current payment status each month. The study found [...]
Aug
25
2009
25
2009
The W-shaped Recovery and the Housing Market
Not many people know that the Great Depression had a W-shape. An article in the Wall Street Journal last week outlined this, and went over how the Fed is trying to prevent a backlach recession. Today, a WSJ article pointed this principle towards the housing market. Though home prices are still in a deep rut, [...]
Aug
24
2009
24
2009
Sneak Peek at New FICO credit-scoring system
“With the changes, individuals who pose a low credit risk will probably see their scores rise a bit, and those who are high risk could see their scores drop,” says John Ulzheimer, president of consumer education for Credit.com . So, what changed in the new credit score system? Missed payments lingering in collections with original [...]
Aug
20
2009
20
2009
California Mobile Home Law
Like any good website, we try to provide valuable information on our topic: mobile home loans. Since we are one of the few companies that specialize in financing and refinancing mobile home loans, we now provide a California Mobile Home Law Section of our website to focus on legislation as it relates to mobile home [...]
Aug
18
2009
18
2009
America’s Next Top Manufactured Home Lender
After a chain of events in the manufactured home finance community, we are all left asking who the next big lender will be. The government last week banned Taylor, Bean & Whitaker from making any more federally insured loans. HUD said Taylor failed to submit a required financial report, which raised fraud concerns. The company [...]
Aug
14
2009
14
2009
Is now the Time to Refinance your Mobile Home?
Now is generally not the time to take equity out of your mobile home or site-built home, because the housing prices have hit a low point. However, because the interest rates are very low, now is a very good time to refinance your manufactured home loan to lower your interest rate or lower your monthly [...]
Aug
14
2009
14
2009
This Week: Federal Reserve Buys Mortgage Backed Security
Yesterday, the Federal Reserve reported on their weekly purchases of agency mortgage-backed securities (MBS). To date, the Federal Reserve has spent $741.60 billion, 59.33% of the $1.25 trillion allocated, which is which runs out at years end. This week, the Fed’s net purchases came to $20.40 billion agency MBS. The goal of the Federal Reserve’s [...]
Aug
13
2009
13
2009
Why Refinance your Mobile Home Loan?
You may be able to save a bundle on your monthly Mobile Home mortgage payment. A lower interest rate on your manufactured home loan is an attractive reason to refinance. But two other factors should be weighed against that lower rate: refinancing a new loan that has a longer term than your current loan makes [...]
Aug
12
2009
12
2009
Loan Applications Decreases Overall
The Mortgage Bankers Association said that mortgage applications for both purchase and refinance loans decreased 3.5 percent last week. There was a drop in demand for home refinancing loans as interest rates soared to their highest levels since June. However, applications for loans to buy homes, an early indicator of sales, rose slightly. Borrowing costs [...]
