The retirement home preferences of senior homebuyers have changed significantly in recent months and years. And these affects the type of mortgage loans they seek to finance their retirement homes. A few years ago, new communities designed for seniors were primarily comprised of small condominium units with a swimming pool and clubhouse where residents could play pool or shuffleboard. And …

What is your “mortgage score?” The answer could determine whether or not you qualify for a loan to finance the next home you’d like to purchase — or the terms you are offered by a lender to refinance your present mortgage. Or if you are a mortgage lender, your clients’ score will be a major factor in determining whether or …

There has always been a veil of mystery and uncertainty for consumers when applying for a home mortgage loan. Consumers have been in the dark about many aspects of the mortgage processing procedure. Frequent questions have been: What takes place in the process of deciding whether or not an applicant is qualified for the loan? How are costs calculated? What …

Interest rates for fixed-rate mortgages continue to climb, motivating more home owners to refinance their adjustable-rate loan and lock-in a fixed rate before those fixed rates climb further. On June 1 the average fixed rate for a 30-year mortgage was 6.62 percent as reported by Freddie Mac 6.66 percent as reported by the Mortgage Bankers Association (for loans no more …

Despite continually rising home prices and interest rates, many people are deciding to purchase and finance a needed home now. Or perhaps they are taking action because of those rising prices and interest rates. This was the focus of a study recently completed by Harvard’s Joint Center for Housing Studies. Prospective home and condo buyers are looking at those rising …

During the last week in March, mortgage interest rates and the number of mortgage applications both increased a bit. Also during the week, the Federal Reserve increased the Fed short-term rate by yet another quarter of one percent to 4.75 percent.That’s the 15th consecutive increase, reaching the highest rate in the past five years. “The Fed’s most recent rate increase …

An increasing number of homeowners are refinancing their homes with a new cash-out mortgage, according to Freddie Mac, a major buyer of existing home mortgage loans and supplier of funds for new loans. This means the new mortgage had a higher balance than the old loan, thus creating cash for the homeowner in the refinance process. Most of the new …

The Federal Reserve raised its short-term interest rate a quarter of one percent on January 31. This could potentially push mortgage rates higher in coming weeks and months. The Fed board, at their last meeting where Alan Greenspan presided as chairman, also indicated there may be more raises in the Fed rate in the future, putting more pressure on mortgage …

With slowly rising mortgage interest rates, some new trends are surfacing. For example, more mortgage applicants are selecting an alternative type of mortgage plan instead of the traditional 30-year, fixed-rate mortgage. Plans such as the interest-only mortgage or a hybrid plan are increasingly popular as a means of minimizing the monthly payment. With an interest-only mortgage, there is no reduction …

Home financing and refinancing this year will probably reach the second highest level of activity on record, according to Fannie Mae, one of the nation’s largest buyers of existing home mortgages and supplier of funds for new loans. And an increasing proportion of those borrowers are obtaining a refinance fixed-rate mortgage to replace their adjustable-rate loan. The volume of applications, …