Chip's Real Estate Blog CA DRE#01327398 A collection of Real Estate Related Articles
Saturday, February 27, 2010
Thursday, February 25, 2010
Fixed-Rate Mortgages Rise, 30-Year Fixed Above 5%
Mortgage rates climbed for the first time in three weeks, increasing borrowing costs as new home sales slumped to the lowest level on record, according to Freddie Mac’s weekly survey of conforming mortgage rates.
Mortgage rates are widely seen to be on an upward trajectory this year. Rising mortgage rates do not bode well for the housing market, which remains highly vulnerable.
Rates on the 30-year fixed-rate mortgage averaged 5.05% for the week ending February 25, 2010, up from 4.93% last week, and 5.07% a year ago.
15-year fixed-rate mortgage averaged 4.40%, up from 4.33% last week, and 4.68% a year ago.
5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 4.16%, up from 4.12% last week; they averaged 5.06% a year ago.
1-year Treasury-indexed adjustable-rate mortgages (ARM) averaged 4.15%, down from 4.23% last week, and 4.81% a year ago.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point and the adjustable-rate mortgages required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5% this week amid a mixed set of economic data reports” said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage rates are linked to yields on Treasuries and mortgage-backed securities.
“For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board.” Nothaft said.
Mortgage rates may rise further when the Federal Reserve ends its’ program to purchase as much as $1.25 trillion in mortgage-backed securities next month. The mortgage purchase program is credited with helping reduce mortgage rates.
Lower mortgage rates and the home buyer tax credits weren’t enough to boost new home sales in January 2010. Sales of new homes in the fell to the lowest level on record, slumping 11% to an annual pace of 309,000 units, the Commerce Department reported.
Median sales price declined 2.4% to $203,500 and the supply of unsold homes increased to 9.1 months worth at the current sales rate.
"Sunday, February 14, 2010
Sunset At Moss Landing on Flickr - Photo Sharing! Nice Photo I found on the internet.
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Thursday, February 11, 2010
How to Get Free Credit Report
When financing for a home purchase or mortgage refinance, you’ll need to know your credit. Lenders will look into your credit report to determine your creditworthiness, the interest rate to give you and the loan amount.
The Fair Credit Reporting Act is an United States federal law (codified at 15 U.S.C. § 1681 et seq.) that regulates the collection, dissemination, and use of consumer information, including consumer credit information.
The Fair Credit Reporting Act allows you to receive a free copy of your credit report from the top three credit reporting bureaus. This report is provided at no cost to you and can be requested every 12 months.
Annualcreditreport.com is a website jointly operated by the three major U.S. credit reporting agencies Equifax, Experian, and TransUnion. Annualcreditreport.com was created in order to comply with their obligations under the Fair and Accurate Credit Transactions Act (FACTA) to provide a mechanism for American consumers to receive a free annual credit report.
To obtain a free credit report, consumers register with the website and provide their basic identification information, such as name, address and social security number. You are not required to give their credit card.
Consumers are then sent to the website of the individual credit reporting agency they select, where they are asked additional security questions to confirm their identity before getting their report.
A consumer can request reports from all three agencies at the same time or stagger the requests throughout the twelve month period as a way to self-monitor their credit data.
Credit inquiry does not affect credit score. Using this service does not lower the consumer’s credit score, as it counts as a soft credit pull. However, hard credit pulls made by lenders, such as applying for a loan, directly affect the borrower’s credit score.
Mailing address:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
1-877-322-8228
"Wednesday, February 10, 2010
List of Title Insurance Companies
Title Insurance is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.
Title insurance exists in the United States in great part because of a comparative deficiency in the U.S. land records laws.
Title insurance is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters.
Humans are involved in recording deed transfers and plotting land parcels, so title insurance will protect you against defects and human error.
It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Title insurance premiums are paid once and the fee is due when you buy. You will never pay it again. Typically, the buyer pays for the lender’s coverage.
Five U.S. national families of title insurers:
First American Corporation
Fidelity National Financial
LandAmerica
Stewart
Old Republic International
Owner’s Title Policy Coverage
The owner’s policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy’s coverage. It also covers losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land.
Lender’s Title Policy Coverage or Loan Policy
Loan policy it is issued only to mortgage lenders. It follows the assignment of the mortgage loan. The title insurance benefits the purchaser of the loan if the loan is sold. These policies greatly facilitate the sale of mortgages into the secondary market, such as purchasers like Fannie Mae and Freddie Mac.
Title Policy Coverage: Mechanic’s liens and unrecorded liens, Unrecorded easements and access rights, Defects and other unrecorded documents
"List of Mortgage Insurance Companies
Mortgage Insurance or mortgage guaranty is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer.
Private mortgage insurance is typically required when down payments are below 20%. Rates can range from 1.5% to 6% of the principal of the loan per year based upon loan factors such as the percent of the loan insured, loan-to-value, fixed or variable, and credit score.
List of Mortgage Insurance Companies
Commonwealth Mortgage Insurance Company
Home Guaranty Insurance Corporation
Investors Mortgage Insurance Company
PMI Mortgage Insurance Company
Triad Guaranty Insurance Corporation
U.S. Mortgage Insurance Corporation
GE Capital Mortgage Insurance
Integon Mortgage Guaranty Corporation
MGIC Mortgage Guaranty Insurance Corporation
Republic Mortgage Insurance Company
United Guaranty Corporation
Radian Group
Verex Assurance
Genworth Financial
CMG Mortgage Insurance Company
Mortgage Insurance Companies of America
PrivateMI.com from the Mortgage Insurance Companies of America helps consumers understand private mortgage insurance and how they can make it work for them. The Mortgage Insurance Companies of America represents the private mortgage insurance industry.
"Monday, February 1, 2010
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