Mortgages Archives

Obama Housing Plan Wins Banks' Support
By: manybanking.com Staff
By Robert Holmes, TheStreet.comJPMorgan Chase, Wells Fargo and Citigroup were among the banks to say on Wednesday that they strongly support President Barack Obama's plan to modify mortgages in order to prevent another wave of foreclosures. Read more»
By Alan Zibel AP Real Estate WriterWASHINGTON (AP) — The Obama administration's housing plan is intended to help 9 million struggling homeowners avoid foreclosure, but it leaves out tens of thousands of borrowers in the most battered housing markets who won't qualify because their homes have lost too much value. Read more»
By M. Gwertzman, sbup Citigroup (Stock Quote: C) announced a new plan Tuesday that gives the recently unemployed temporary relief on their mortgage payments. Homeowners who have lost their jobs and are 60 days or more behind on their Citigroup mortgage could see their payments reduced to $500 for three months. Read more»
Need a House Fast? Skip the Pre-Approval
By: manybanking.com Staff
By Farnoosh Torabi, MainStreet You’ve found a home you love. You think you can afford it. What’s the next step? Get pre-qualified as soon as possible, with help from a mortgage broker. Read more»
By sbup StaffIn real estate, a "sale-leaseback" is a transaction companies use to raise money or to shift around tax liabilities. But this maneuver – fairly common in the commercial real estate world - has started showing up in residential real estate deals, as cash-strapped homeowners get desperate for a way to stay in their homes. However, a sale-leaseback often leaves homeowners worse off than when they started. Read more»
Buying a New Home? Sell Your Old One First
By: manybanking.com Staff
By sbup StaffFor most consumers, owning two homes -- and paying two mortgages -- is a financial impossibility. That makes trying to time the sale of an existing home with the purchase of a new home all the more stressful. Your best bet in today's market is to focus on selling your existing home first. Read more»
30-Year Fixed Mortgage Rate Up Slightly
By: manybanking.com Staff
  McLEAN, Va. (AP) — Rates on 30-year-fixed mortgages rose slightly this week amid sagging consumer confidence and lower sale prices for existing homes, Freddie Mac said Thursday. Read more»
Watch Out for Upkeep Costs When Buying a Big Home
By: manybanking.com Staff
By sbup StaffIn today's real estate market, $200,000 will buy a lot more home than it did just a couple of years ago -- almost a third more, according to data from the Case-Shiller 20-city home price index. But if you’ve eyeing that empty McMansion down the block, just because you can now afford to buy one, doesn't mean you can still afford to own one. Read more»
Mortgage Rates Mostly Flat as Activity Varies
By: manybanking.com Staff
By manybanking.com Staff Mortgage rates stayed largely unchanged from last week to this week, the week ending February 27, 2009. The average rates on 30-year fixed-rate mortgages (FRMs) held steady at 5.32%, while rates on 15-year FRMs rose slightly from 4.91% to 5.01%, according to the manybanking.com Rate Index. Read more»
Home Sales Sink Unexpectedly, Lowest Since 1997
By: manybanking.com Staff
By Alan Zibel AP Real Estate Writer Sales of existing U.S. homes sank unexpectedly last month to the lowest level in nearly 12 years as potential buyers worried about their jobs and awaited details of President Barack Obama's plans to stabilize the housing market. Read more»
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