This Market Chart compares the costs and benefits of assorted forms of default insurance demanded by mortgage lenders on loans with LTVs exceeding 80%, and suggests the optimal financing path for homebuyers and their agents.
Who cares about financial crises of historic proportions, a feeble and ravaged real estate market or all-time low consumer confidence levels? Americans don’t seem to when it comes to their sweet tooth for homeownership. 90% of Americans hold firm in the belief that homeownership remains an immovable cornerstone of the American Dream, according to a [...]
The ten largest lenders in the nation approved 73% of mortgage loan applications submitted to them in 2010, down from 77% in 2009, according to an analysis by the Wall Street Journal. Loan approvals in California for 2010 were better than the national rate at 76% of total mortgage loan applications. Lender approval of refinance [...]
The Federal Reserve (the Fed) is now in charge of protecting homebuyers from unfair and deceptive lending practices by lenders and loan brokers subject to the Real Estate Settlement Procedures Act (RESPA). This is a huge step forward since government decisions about mortgage lender conduct will no longer be subject to relaxation by massive political [...]
The administration implemented the $75 billion Home Affordable Modification Program (HAMP) to lower a homeowner’s monthly mortgage payment by reducing their interest rates to as low as 2% for five years and extending the loan terms for up to 40 years. To sweeten the deal, the participating mortgage companies receive tax incentives. For lenders, participation [...]
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