Mortgages Archives

McLEAN, Va. (AP) - Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac reported Thursday.Mortgage rates have been in decline since the Federal Reserve said in late November it would buy up to $500 billion in mortgage-backed securities to get banks to lend more money in hopes of bolstering the troubled U.S. housing market. Read more»
By Jim Cramer I was punching the calculator on manybanking.com this weekend, and noticed that the rates for 30-year mortgages were still at ridiculously low levels: 5.19% when I checked.  It got me thinking. Is that the rate you can really get? Can you get a lower one? Or, do you need a credit rating higher than a high school valedictorian’s SAT score to get the real goods? Read more»
By Jim Cramer I have always wanted to have a home in San Francisco, one of my favorite cities in the world. But prices have always been too high. Yesterday, however, we saw some statistics out of San Francisco that make my mouth water. We saw the down 40% from peak-to-trough figure in home prices that says it is time to start finding your dream place in that city. It’s time to explore the Web for sites—I can’t get there yet—and be prepared to do some buying.Why now? Read more»
By Jim Cramer In Part I of my two-part series on getting the best mortgage rate, I talked about the importance of good table-setting, like getting your credit score in check, and I discussed how shopping around and clamping down on a favorable rate were some of the most important things you can do to get the best mortgage rate. But they’re not the only things you can do. Far from it. Read more»
By ALAN ZIBEL AP Real Estate WriterWASHINGTON (AP) - Sales of existing homes posted an unexpected increase last month, closing out the worst year for the U.S. real estate market in more than a decade.  The National Association of Realtors said Monday that sales of existing homes rose 6.5 percent to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November. Read more»
How to Avoid a Mortgage Escrow Nightmare
By: manybanking.com Staff
By Philip van Doorn - sbup When you get a mortgage to purchase, build or refinance a home, most lenders prefer to set up an escrow account so they can pay your property taxes and insurance premiums for you. A monthly payment is added to your mortgage bill and analyzed once a year to cover any increases in taxes or insurance premiums. Read more»
Consider floating your mortgage rate
By: manybanking.com Staff
By sbup StaffInterest rates on 30-year fixed rate mortgages (FRMs) have shed close to 1.5 percentage points in the past three months, with no signs of reversing course. If you're applying for a mortgage, you may want to think twice about locking in your mortgage's interest rate. Read more»
By manybanking.com StaffPrepaying a mortgage can save tens of thousands of dollars in interest over the life of your loan. But with uncertain economic times and historically low mortgage rates, prepayments may not be the best use of your money. Read more»
Five tips for keeping closing costs down
By: manybanking.com Staff
By manybanking.com StaffThinking of refinancing? Refinancing may make sense, given today’s historically low rates. But refinancing costs money (normally around 2% to 3% of the total loan amount), including fees for an appraisal, loan origination, title insurance and much more. Closing costs can reduce the benefits of refinancing, so it's important to keep them as low as possible. Read more»
Cramer: A Bright Spot in Housing
By: manybanking.com Staff
By Jim Cramer Forget the crummy quarter that KB Home just reported. Forget that they still have plenty of liquidity, so, unfortunately for the housing market, they can still pump out new homes just when we want them to cut back. Read more»
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