In the wake of a series of positive reports about the US economy, the message the financial markets appear to be sending homeowners is fairly clear—the days of record low interest rates appear to be numbered. For those families who have been thinking about refinancing to lower their house payment» read more…
As the US housing market continues to recover from the 2008-2010 recession, a clear sign of improvement can be found in the record number of homeowners around the country who are investing in remodeling projects.The National Association of Home Builders reported that the Remodeling Market Index posted an all-time high» read more…
As the CEO of a company that has been in the mortgage business since 1951, I applauded President Obama’s recent announcement of a major new step to make mortgages more affordable and accessible for creditworthy families.As outlined by the president on Jan. 7, the Federal Housing Administration (FHA) will cut» read more…
Seeking to build momentum heading into his State of the Union address, President Obama announced yesterday that FHA will reduce the annual mortgage insurance premiums (MIP) that new borrowers pay on FHA loans by half a percent.Designed to bolster the nation’s housing market, the new FHA rule is intended to» read more…
American consumers have been benefitting from low gas prices, and those bargains at the pump have been accompanied by historically low mortgage rates.When the economy is growing - as it is now at a healthy 4% - oil prices typically rise with demand. But the low oil and gas prices» read more…
Since the Federal Reserve began aggressively cutting interest rates in 2007, millions of homeowners have refinanced their mortgages with the sole purpose of reducing their monthly payment. This cost-cutting refinance strategy certainly makes sense for those homeowners who need immediate relief from their high mortgage payment or who may be» read more…
Each year, beginning as early as September, American consumers embark on their annual holiday shopping sprees, cramming a year’s worth of spending into just a few months. According to the National Retail Federation (NRF), the U.S. retail industry generated over $3.2 trillion dollars in holiday sales in 2013 and due» read more…
Mr. Chairman,I recently read an article on CNN’s website that stated you were just denied an opportunity to refinance your home loan. I am President and CEO of a mortgage company that never participated in Sub-Prime lending and made it through the crash virtually unscathed. I have been a personal» read more…
According to CNN Money, CNBC’s Market Insider, and basically every financial media outlet across the board- unemployment is at its lowest since 2008; even more exciting- 248,000 jobs were added by employers in the last month!This is great news, but it also means that if you’ve been putting off refinancing» read more…
CNN Money recently wrote that closing costs in many states have increased an average of 20% from the previous year. Despite this sharp increase, buyers are still taking advantage of great rates on mortgages. But home buyers should beware- sometimes, the same lenders that are offering great interest rates have» read more…