South Carolina | Home Loan | Mortgage | Refinance

Archive for June, 2010

Nearly one in five delinquent mortgages through the first half of 2009 was owned by someone who could afford to pay, but decided defaulting was a smarter financial play. The decision to walk away, called “strategic …
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NEW YORK (AP/ 1010 WINS) — More than 30 companies that promise help for at-risk homeowners have been added to the growing list of firms getting letters from New York attorney general’s office over illegal and deceptive …
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Dave talks to viewers who have followed his plan and are now Debt Free including a couple who paid off $60K in 18 months, paid off student loans, credit cards, 2 cars, & 2nd mortgage, and a man who paid off $96K in 18 months
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Tropical Storm Heading for Gulf Oil Spill, Mortgage Rates Fall to Low, Tapes Roll as Rod Blagojevich Trial Begins
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Jumbo mortgages are not all that different from your everyday conventional mortgages but there are a some important items that one should understand.

A jumbo mortgage loan is a home loan secured by a high-valued single family home. In California, Florida, New York, New Jersey, and other affluent high costs states in the U.S., a jumbo mortgage loan is any mortgage that is greater than $417,000 – which is the maximum loan limit established by Fannie Mae and Freddie Mac for conforming loans.

Fannie Mae and Freddie Mac, are the two government entities that buy most of the real estate mortgages in the housing industry. They will not finance loans which exceed $417,000 in the majority of states; although Alaska, Hawaii, and some others do not follow the rules. As a result, the big jumbo mortgage loans are sold to institutional investors, commonly to financial institutions and insurance companies, and then a jumbo mortgage loan fits into a altogether different realm. The mortgage rates for a jumbo mortgage are also not as low as a conforming loan due to the fact there is included risk.

What Determines the Interest for A Jumbo Mortgage

Ultimately, the loan amount of a jumbo mortgage loan equates to there being more to lose. The loan amount along with other variables gives a result to the borrower of a higher jumbo mortgage rate when compared to those given on conforming loans. Since percentage points determine your payment, buyers should look around for a good source or broker when applying for a large mortgage loan in order to secure the best rate available on the market.

In all honesty, the interest rates is only one aspect to think of when searching for a jumbo loan. ne needs to be cognizant of the extra fees and loan costs to be factored in which could clariythe any differences in loan products. Sometimes, the company with the higher rate can actually be the lowest afer everything is factored into the equation.

Selecting the kind of loan (adjustable or fixed jumbo mortgage rate) is better for you is associated with how long you plan to live in the home for. If it is less than a 3 to 5 year term, a short term fixed rate may work best for you. Or you liek the lower rate and thinkyou can refinance inside of 3 to 5 years.

Homebuyers need not fearful or stay on the fence from higher jumbo mortgage rates; jumbo mortgage rates are usually higher just by .25% or one-fourth of a point for eligible borrowers buyers. In addition, jumbo mortgages are the sole alternative for home buyers in most sections of the country simply because $417,000 isn’t a high enough limit in today’s housing market. Moreover, jumbo loans are the only kind of home loan that people can get in many areas. So, the suggested way to nail down a good home loan is to find a solid, reputable and experienced lender. A trusted mortgage lender will offer you the time, educate you to to the right loan, focus on your needs so you will be satisfied and hopefully refer them another client.

Ray Heinson is an investor in real estate and suggest these resources for Jumbo Home Mortgages or to find Low Mortgage Rates from trusted lenders in your area.

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Would it trouble you to know that when you apply for a home loan your personal information is being sold without your knowledge or consent? Personal information about you including your address, credit score, payment history, account balances, and credit limits.

Take the case of Mary S. from Highlands Ranch, Colorado. She bought her home three years ago using an adjustable rate mortgage (ARM). As the rate adjustment point approached she knew she had to refinance in order to avoid a significant payment increase. Mary called her local lender who had done a good job with her original purchase loan. Two days after applying with him a strange thing happened. Her phone started ringing – almost endlessly. One mortgage company after another called to offer her a ‘better deal’ than her local guy was offering. A few of the companies were in Colorado but several others were from out of state.

They all seemed to know quite a bit about Mary. They knew where she lived, who she owed money too, and even if she paid on time. Most amazingly, they also knew that she was presently refinancing her house — even though she had shared this fact with only one other person.

What was going on here? Where were these complete strangers getting her personal information? Did her loan professional sell her out?

It turns out, incredibly, the information was provided by the three major credit bureaus themselves. Not only did the credit bureaus supply the information to these third parties without her knowledge or consent — but they even profited from it.

Welcome to the world of ‘Trigger Leads’. They are the latest profit tool used by the three powerful credit reporting bureaus — Experian, Equifax, and Transunion.

Trigger leads work like this: When Mary applied for her refinance loan she authorized her local lender to pull her credit to determine her qualification status — a standard procedure. Once her credit was pulled her credit profile was ‘flagged’ by each bureau as a mortgage inquiry. Mary’s credit profile was then electronically added to a list of other consumers seeking home loans. This list was then packaged up by the credit bureaus and sold to numerous internet-based ‘lead brokers’ within 24-48 hours of Mary’s inquiry. The lead brokers in turn sold this data to various subscribing mortgage companies as ‘hot leads’.

All of this was done without Mary’s knowledge or consent. It is likely that Mary’s loan officer had no idea this was going on behind his back either. Little did he know his competitors were pestering ‘his’ client just hours after her application with him.

This marketing practice calls into question numerous privacy and ethical issues. The National Association of Mortgage Brokers is trying to get this type of marketing program banned. Roy DeLoach, executive vice president of the National Association of Mortgage Brokers, recently stated “It’s outrageous that simply applying for a home loan should open up a person’s sensitive personal information” to unknown, and perhaps unscrupulous third parties.

Until legislation is passed to deter this practice consumers can prevent their personal information from being sold by calling 1-888-567-8688 (1-888-5-OPTOUT) or going to http://www.optoutprescreen.com. The FCRA (Fair Credit Reporting Act) has mandated the availability of this opt-out program to consumers.

Bill Burniece is a consumer advocate and mortgage planner. His latest eBook is aimed at helping homeowners stop their foreclosure and avoid being ripped off. Preview his new eBook at: http://www.AvoidForeclosureMistakes.com

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The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday. That’s the lowest point since Freddie Mac began tracking rates in April 1971. The …
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