Your Tax Dollars are Going to Bail the Banks Out!!

The Feds have let Freddie Mac and Fannie Mae (Government controlled mortgage agencies)have hundreds of billion of dollars to buy trash loans from the banks who made these garbage loans. These entities are the last place for good loans to be sold to at good rates. Now these agencies are going to charge more for the good borrowers when they get a mortgage to pay for all the bad borrowers who left the banks stuck with their unpaid loans. Many of the new pricing is going into effect shortly and could easily cost you thousands of dollars additional on your mortgage. Ask your lender or broker how much extra you will have to pay for your loan with the new guidelines for these loans. Now your credit score will have to be 720 or above to escape the new additional costs to your loan. If your scores are below that figure you will get a rate of .125-.50 in RATE HIGHER than just a few months ago for the same loan. We all will pay for this mortgage mess as the Feds sneak in deals like this one. www.rateinformer.com

Do you Still Qualify for That Loan?

Lenders are still making changes to their underwriting guidelines and higher credit scores will be needed to qualify for many of the loans than in the past. You may still get a mortgage but at a higher rate than before the upcoming changes. More changes are expected in the months ahead as Lenders become more adverse to taking risks of any nature. www.rateinformer.com

Ask Your Loan Officer or Mortgage Broker to Check The Interest Rate Again

The mortgage rates have been moving violently during the day as much as .25 in rate during the day. This means you could get almost any rate quoted to you depending on the time of day. Stay in touch with your mortgage broker or Loan officer often. Rates will continue to move rapidly for quite some time as the financial markets are very unstable. www.rateinformer.com

Heading Toward 0% As Feds Prepare To Lower Rates Again

The dollar will take a further beating as the Feds get ready to lower rates again. Look for higher prices on everything you buy made or grown outside of this country.(which is mostly everything made) This is bringing large amounts of pressure to the economy as the cost of goods rise higher. Home buyers may get lower interest rates but at what cost? The lower mortgage may be far offset by the higher cost of fuel and the cost of everything else you need to buy to live in that home because of the weak buying power of the dollar. Is this really the answer to our financial problems? It seems so easy of a solution. www.rateinformer.com

Credit Card Debt is the Next Card To Fall

More trouble lies ahead as consumers pile on more credit card debt to stay afloat. This will prove to be a HUGE problem in the very near future for the financial lenders that are watching the late payments grow larger each week. Consumers have been living way beyond their incomes and have been borrowing against the home equity and their increasing credit card limit increases and now face the reality of not being able to even pay the interest on their debt. This problem will stack right on top of the housing problems and cause untold economic problems for finance world. www.rateinformer.com

Feds suggest That Banks "Forgive" Mortgage Debt

The chance of the banks forgiving some of your mortgage debt to get them more in line to the homes value are pretty slim. One thing we know is banks do not like to part with their money. The Feds say that needs to be done as this article brings out the fact that the banks need to do much more than they are now. The greed factor stops them from taking real positive steps to solving some of these issues. Homeowners will continue to give their homes back to the banks when they are upside down on their mortgages. www.rateinformer.com