Andrew Wardwell's (amwardwell) Blog

Ok, so you have saved some money for a down payment, your credit is in good order, and you have a good income history.  You are ready to go to the bank for a mortgage right?  Well, that may not be in your best interest.  Consumers have learned a lot about mortgages and the business of mortgages i...

The Financial Reform bill was just passed.  It will affect the Mortgage industry.  The claim is justice for the borrower, however we all know that if mortgages are less profitable for those that originate them the borrower is always on the losing end.  I prefer to hold my judgement on this bill u...

There is a growing segment of the lending spectrum that is filling a void left by the subprime departure.  The origin of the subprime market was for people who have less than perfect credit but can still afford to purchase a house for their primary or as an investment.  Well, our beautiful free m...

Mortgage Backed Securities - (the bonds that are traded on the secondary market that determine interest rates for home owners) were weaker today and put in a position for Banks to Reprice for the worse. 

U.S.D.A Financing Here are some of the parameters of the USDA programs. Only selected lenders are able to offer this program, and the home must be located in a low‐ to moderate income level territory, as well as meet the income level restrictions. Most properties are located in places like; Indi...

Why are FHA loans taking so long?  Conventional loans used to take 2 to 3 weeks, now I'm waiting for 45 days minimum.  Well Ladies and Gents, the world has changed once again.  Conventional loans for purchases have gone by the wayside for the most part because they are affected by the "soft marke...

1/25/2008 For those of you that don't quite understand the impact of today's announcement please read on:What does "Conforming" mean?First of all, let me briefly explain what "conforming" means.  "Conforming" is the term used to describe loans that meet all the Fannie Mae and Freddie Mac guidelin...

01/21/2008Rest assured ladies and gents that the real estate market is not sinking.  I may be an optimist, but as we all know Real Estate is cyclical.  The corrections of late will allow us to move higher in the future.  The analogy that the housing market is more like an Oil Tanker than the Tita...

1/14/2008Short Term - I have been monitoring the pricing for Courntrywide and Bank of America closely since their announcment last week.  Countrywide is notorious for being a hair more expensive with their mortgage products.  As of this morning the pricing for their 1st lien mortgages were identi...