American Mortgage Specialist

Everyone’s talking about record low mortgage rates. But how long can we expect the trend to continue?

Conventional wisdom says: when the economy is struggling, rates drop. Traditionally, a strong indicator of mortgage rates is the yield on 10-year Treasury bonds. When investors are skeptical about the economy, they flock to treasury bonds. As a result, 10-year Treasury yields fall, and so do mortgage rates. This is exactly the scenario we’ve been seeing in recent weeks.

But of course there are many factors to consider, and rates are more complicated than this simple rule would suggest. And while it’s difficult to make predictions, naturally people will try! In fact,

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competition among lenders to gain maximum profit and compete to the fullest for enhancing business. However, in the present day numerous services are available on the net, which will allow you to find Connecticut mortgage loan quotes at low interest. In fact, there are a lot of online centers comprising plentiful of lenders, brokerage as well as bank houses that are in a race competing to the last extent for your business. The procedure followed by these online centers is very simple; you simply have to enter the entire information as per their requirement, so that they can generate a mortgage loan quote which includes various lenders as well as their contact number. Read full post…

Last week, the number of Americans applying for mortgages posted an impressive 13 percent gain when compared to the week prior, according to a report released today by the Mortgage Bankers Association (MBA). Read full post…

A new FHA refinance program is targeting non FHA home owners that are upside down on their mortgage equity. There is now more information from FHA about the program and how it will work.

Here are the eligibility requirements:

• Existing loan to be refinanced is not FHA insured;
• Must owe more on their mortgage than the value of the property;
• Must be current on the existing mortgage to be refinanced;
• Must have a “FICO based” decision credit score greater than or equal to 500;
• Existing first lien holder must write off at least 10% of the unpaid principal balance (UPB);
• Loan-to-value (LTV) ratio of no more than 97.75%;
• Combined loan-to-value (CLTV) ratio must be 115% or less; and
• For manually underwritten loans, the qualifying ratios can be no greater than 31/50.

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