Home Financing
Mortgage nightmare HVCC appraisal regulation hurting the already straggling Housing Market
Sunday, June 14th, 2009If you thought the low rates and tax incentives would quell the storm in the Mortgage and Real Estate market, think again. With the implementation May 1, 2009 of the Home Valuation Code of Conduct (HVCC) regulations, loan officers and realtors are no longer allowed to select or influence the selection of appraisers.
The legislation was introduced by New York Attorney General, Andrew Cuomo. It was designed to decrease the likelihood of appraisal fraud by removing the individual most inclined to push for inflated value (the loan officer/realtor). This rogram severed communication with the appraiser. Whereas that may sound logical, the reality is that the extra layer of bureaucracy increases cost, slows down the loan process, decreases customer service and creates an increased potential for miscommunication
Are Subsidized Mortgage Rates Coming?
Thursday, June 11th, 2009Are Subsidized Mortgage Rates Coming?
With mortgage rates returning to levels seen before the Fed pledged to buy up billions in mortgage securities, it might be time to turn to a costly Plan B, subsidizing mortgage rates.
Rising interest rates have already extinguished a short-lived refinance boom, with applications dropping precipitously over the past three weeks.
Mortgage rates, which slipped to a record low 4.78 percent on the popular 30-year fixed as recently as early April, have since risen above 5.50 percent, following the surging 10-year bond yield.
LOAN MODIFICATION If the Bank hangs up on a Congress Woman WHAT ARE YOUR CHANCES TO SUCCEED????
Friday, May 8th, 2009Congress Woman Maxine Waters has been Hanged up on
What are your chances to have a successful Loan Modification?
do you need help modifying your home loan?
Call 954-567-7300
FANNIE MAE and FREDDIE MAC are taken over = LOWER RATE
Monday, September 8th, 2008NEW YORK (CNNMoney.com) — Mortgage applicants rejoice!
Sunday’s federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
“This could be good for would-be homeowners,” said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. “It would reduce the cost of financing at the new and improved Fannie and Freddie.”
$7500 Tax Credit, Opportunity of a Lifetime for First-Time Buyers
Friday, August 8th, 2008I am often asked: “Are we at the bottom of the bottom?”
With this new law and some other indicators like “The national home ownership rate — defying all gloom and doom predictions — jumped to 68.1 percent in the latest quarter, up from 67.8 percent”, I think this is it I truly believe it.
More home buyers mean more home sellers. Where do those sellers go? Yes to buy more hoses. The wheels of the Real Estate Market are starting to move, we are going some where.
First Time Home Loan that Couldn’t Be Done!
Tuesday, July 29th, 2008First Time Home Buyer Derrick R was denied. Twice he was told No by 2 people.
The seller’s Realtor suggested he call a mortgage advisor she knows who can work miracles…
Working with a professional mortgage advisor like Racheli Smilovits can work miracles for you too.
How knowing someone like Racheli can assist you?
Please give us your comments right here below.
Investor Report: Fannie Mae and Short Sales
Tuesday, April 15th, 2008Written by Kenneth R. Harney Realty Times
April 11, 2008
Here’s some good news for investors interested in “short sales” — that’s where home owners who can’t afford their mortgages sell their houses at substantial discounts, often below what they owe on the loan.
Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to “streamline” procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process.
Washington Report: Bills on Capitol Hill
Tuesday, April 15th, 2008Written by Kenneth R. Harney Realty Times
April 14, 2008 Realty Times
There are literally dozens of bills on Capitol Hill that are aimed at relieving the mortgage and housing crisis. Some of them — like FHA reform — have been bouncing around for months with no final action.
On the House side right now, what could be the mother of all housing-relief bills is taking shape. Reportedly it will roll together reform of Fannie Mae and Freddie Mac, plus all sorts of new add-ons, including a $300 billion authorization for FHA to buy up and refinance delinquent mortgages held by private lenders.