As mortgage lenders limit how much money they will lend and to whom, co-signing home loans is growing in popularity."Co-signing" a home loan is when a third-party -- usually a parent or relative -- promises to make repayments to the bank in the event that the borrower falls behind on his obligati
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04/22/2008
The S&P 500 added 4.3 percent last week -- more than during all of 2007 -- in what was a good week for the economy and a bad week for mortgage rate shoppers. After Friday's close, mortgage rates were higher by as much as 0.375% versus the Friday prior. This reversed a trend of falling rates for
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04/21/2008
In the world of real estate, Days On Market is the number of days between when a home lists for sale and when it goes under contract. It is often abbreviated as DOM.Average Days on Market is a similar statistic but instead of applying to one home in particular, it applies to all homes in a given
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04/18/2008
Oil continues to sit near all-time highs and a slew of inflation-related data crossed the wires this week.When inflation pressures are high, mortgage rates rise. Over the past few months, rising energy costs have pushed indices to record levels, taxing Americans on all fronts. Rising costs are t
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04/17/2008
Did you know... The first income tax was 1 percent on net personal incomes above $3,000. There was a 6 percent surtax on incomes over $500,000. Did you know... The first 1040 form was 4 pages long -- including instructions. Today, the instructions ALONE are 92 pages. Did you know... During Worl
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04/17/2008
Did you know... President Lincoln and Congress enacted the first income tax in 1862 to pay Civil War expenses.Did you know... The Civil War income tax was repealed in 1872, revived by Congress in 1894, and ruled unconstitutional by the Supreme Court in 1895.Did you know... In 1913, Wyoming was th
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04/17/2008
Getting approved for a conforming home loan is now tougher than before. Again.As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment.In other words, Fan
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04/17/2008
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education.If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com.Published by cre
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04/17/2008
A lot of loan officers in the industry began their careers in the age of automation. Now that underwriting mortgage loans is going back to basics, knowing how to read tax returns could create less loan fallout. Be watchful for the following red flags when reviewing tax returns.Borrower states n
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04/12/2008
The appraisal of a home can be a bit frightening. After buyer and seller have agreed on a price and signed a contract, a mortgage lender will send an independent professional to verify that the price is "reasonable" and fair. The appraisal process begins with a licensed appraiser making a thorou
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04/10/2008
