News flash (and it is really a news flash): the federal government is stepping into the 21st Century but not until after the first of the year. Hey, it's a start.As mortgage loan and loan modification applications are reviewed by lenders, one vexing bit of paperwork has always been the IRS form 4506-T. This form, signed by the borrowers, allows the lender to independently … [Read more...] about Government Greases the Wheel. Finally.
If you're in the process of modifying your home loan and your lender has said that your debt ratios are too high, can you get someone to co-sign with you to help bring those debt ratios in line?Part of the loan modification review is determining how to get your debt to income ratio within guidelines. If your rates adjusted upwards due to a sub prime hybrid or you've lost … [Read more...] about Will a Co-Borrower Help With a Loan Modification?
Mortgage rate myths seem to come and go. Rates are higher if there's a Democrat elected. Rates are higher if the American League wins the World Series, and so on. Will there be a mortgage rate reaction this next Wednesday morning?An article in today's Wall Street Journal provided a punch list of what business executives would expect if Obama or Romney were elected … [Read more...] about Rates Always HIgher After An Election. Or Is It Lower?
Recent ads on TV, radio and online promote a particular mortgage lender that offers to create a special mortgage with a payoff period designed specifically for you. That's actually a good thing. Most consumers think there are two mortgage terms, a 30 year mortgage and a 15 year mortgage. Yet in reality most any term can be created in a mortgage loan. The difference might be … [Read more...] about Your Mortgage. Um, YOURmortgage
Sir Bernanke christened the great new ship, the QE3 today. The QE3, whose longer moniker is Quantitative Easing, Round III, pledges that the Central Bank will print, er, buy $40 billion of mortgage backed securities each month. This monthly "investment" in the U.S. economy has a strict starting point, immediately. Or at least when they can crank up the printing presses. The … [Read more...] about How Low Can We Go?