Another record low for mortgage rates

Mortgage interest rates hit new lows this week as both the 30-year and the 15-year fixed-rates fell, according to a weekly survey by Freddie Mac. It was the second consecutive week that rates broke records. Read more here.

Tags: foreclosures, loans, mortgages, rates

Fannie, Freddie are set to reduce mortgage balances in California

As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction. Read more here.

Tags: california, foreclosures, loans, mortgages, rates

Will BofA’s foreclosure rental program hit Calif?

Bank of America is testing a new idea that turns underwater borrowers facing foreclosure into renters in select states: Arizona, Nevada and New York. The program, called “Mortgage to Lease,” is not available in California — among the states hardest hit by the housing crisis — at least not yet. Read more here.

Tags: bank of america, california, loans, mortgage

Mortgage denied because of low ball appraisal.

You find the home of your dreams. You’re pre-approved for a mortgage. You’ve scheduled the closing. Then … the appraisal comes in too low and the deal blows up. Read more here.

Tags: appraisal, home sale, interest rates, loans, mortgage

Mortgage rate drop sparks refinancing wave

Historically low interest rates coupled with a strengthening economy are getting the new year off to a fast start, stirring hopes that the Bay Area’s dormant housing and mortgage markets may finally come to life in 2012. Read more here.

Tags: interest rates, lender, loans, mortgage

Freddie Mac offers incentives on REOs

Hoping to boost sales of foreclosed homes, Freddie Mac is offering up to 3.5 percent in closing-cost assistance to homebuyers and a $1,200 bonus to buyer’s agents for offers on HomeSteps properties received by July 31 with escrow closing on or before Sept. 30.
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Tags: assistance, Bank owned, fannie mae, foreclosure, freddie mac, lending, loans, REO

Fallout from a poor credit score

If you want to see how quickly you can ruin a great credit score, just skip a mortgage payment. Lenders use credit scores to measure how you handle debt. The number you’ll see most often is your FICO score. Read the rest of the article here.

Tags: credit, credit scores, fico, fico score, lenders, loans, mortgage