The skinny on mortgage rates

The pendulum is swinging back again. After years of scrooge like actions by the banks, things are changing. Rates are up to 4.6% for a 30 year fixed. If you hear lower rates quoted its because they are charging lots of points and fees. That’s the difference between...

FHA loans getting more expensive

For the third time in a year, FHA is increasing its fees on the mandatory Mortgage Insurance Premium. In addition, it will be with you for the life of the loan. You used to be able to dump it when you gained equity. If you are a lesser qualified borrower, you will pay...

First time home buyers left in the dust

Sales for first time homebuyers are going down. It’s really difficult for these folks. FHA does 50% of these loans and their underwriting requirments are so strict that few can get appoved.  In addition, the csosts for FHA loans are increasing which is also...

Mtg delinquencies rise

More borrowers missed payments in the 2nd quarter. Number of homes going into foreclosure rose 6%. Before you start wringing your hands, remember all the hoops the govt put the banks through last year. They are just starting to work their way though again.  FHA loans...