The Economy appears to be getting a Little Tired

The economy is slowing down and appears to be getting a little ill in some areas. Of course we must realize we have went though a very aggressive housing and economic period that is ending. One huge issue that will haunt the mortgage industry is the guidelines to qualify for a loan have been loosened too much and have too much flexibility. It puts the borrowers and the Lenders at risk to permit some of the mortgage practices to go on the way they have. LTV's are too high on many products.A few years ago the highest LTV on a Investor loan was 70 LTV. Now it is 90 LTV. Is the borrower that much better qualified or or they betting on property values to go up forever! As foreclosure go up the Banks and Investors will start to see the handwriting on the wall. If they stand up now and put a halt to some of the high risk loans being done they can and will avoid problems in the future. Borrowers need to do the same thing. Do not over extend your finances on the premise that you will be able to afford it later. Buy the home you can afford RIGHT NOW. Look for the super deal out there and work on getting the best rate and fees you can.The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Big Problems Are Ahead for Banks

It seems a vast majority of the loans now are cash out refit's. Conforming loans permit up to 90 LTV Cash-outs. What happens when the property value drops 10-20 Percent as is the case in many areas? Now the bank has a mortgage that is a 100-110 LTV. The borrower may owe more than the home is worth. what do you think will happen if they get in a financial bind? The banks seem oblivious to this very possible future event. This is the real world and there needs to be a reduction in the LTV limits to prevent future issues. There will be big trouble ahead if this and other issues (such as 90 LTV Investor Loans) are not changed shortly. Think wisely if you are shopping for a home. Do not get in over your head. Buy what you can afford. It will help you to sleep at night. Do your homework and get the best deal possible.The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Lots of economic news this week

The rates are holding steady this AM but we have a lot of economic news this week that could change rate one way or another. The housing market is still falling off so home prices look better than 6 months ago in a lot of areas. You need to shop hard and do not be afraid to make a low offer.The sellers are much more motivated now. The Mortgage market is the same way. They are hungry for your business. Shop hard and use your knowledge to get the best rate and fees you can. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

The Market is very Shaky with Uncertainty

Oil is on the verge of rising again. Rates are at their very low as of now. The rates we are showing today have to be for a larger loan of at least $200,000 or more. If oil prices rise up our rates will also. We foresee a rise in rates possible before the end of the week. Enjoy these great low rates for now. Indicators due out on Wednesday and Thursday should show a slowing economy and a slowing housing market. Time will tell. Watch out for a spike in oil prices to set new highs at any time. Shop hard and use your knowledge to get the best rate and fees you can. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Rates have dropped a little more but are we at the bottom?

While it appears Inflation is not too bad we feel there is more bad news ahead for the economy and Inflation still is alive and well. It is just waiting to raise up its ugly head. Our economy is slowing down and the housing market is showing more slowing markets each month in pricing. Rates will have to go up when Inflation begins to show itself. In the meantime take advantage of the housing market and the great low rates. Shop around for the best rates and fees. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Rates have dropped a little more but are we at the bottom?

While it appears Inflation is not too bad we feel there is more bad news ahead for the economy and Inflation still is alive and well. It is just waiting to raise up its ugly head. Our economy is slowing down and the housing market is showing more slowing markets each month in pricing. Rates will have to go up when Inflation begins to show itself. In the meantime take advantage of the housing market and the great low rates. Shop around for the best rates and fees. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Whats UP next with rates?

Rates are still holding but we feel the trend is still upward for mortgage rates due to problems ahead with inflation and the future state of the economy. Our suggestion is to look for your new mortgage now if you are refinancing. If you are buying a new home the drop in home prices could easily offset a higher rate down the line. Enjoy these rates and shop hard for the right fees and the right rate. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Feds leave rates unchanged for Now

The Feds have left rates alone for now. The economy appears to be slowing on its own. Rates have gone up a little but are still very low. Use this time to find the right house at the right price with the right rate and fees. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Another drop in Rates Today is a pleasant Surprise!

The Unemployment rate came out higher at 4.8% today. That puts pressure on the Feds to LEAVE RATES ALONE next Tuesday when they meet. The economy is slowing down and they may not need to taken action at this time to slow it quicker. That has been figured in the rates and the stock market. Use this time to get a great rate with low fees and get that new home at the price you can afford. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com

Rates are in a Holding pattern for Now

Rates have been holding steady for the last week with very little changes. We do see potential trouble if the conflicts are not resolved in the mid-east before too long because of the possibility of oil prices gong though the ceiling. This could bring the entire economy to a screeching halt. People think twice about buying things when gas is $5 a gallon and your electric bills are $300-400 + a month, etc., etc. But now is a good time to look for great deals on mortgages and home prices. Shop wisely. The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com