What Will Mortgage Rates Do In 2013?

No one knows for certain what rates will do day to day. We can, however, make educated predictions based on the history of rates. We all know rates have been low; historically low, even! Not all good things last forever though. Don’t panic! While we expect these historically low rates to come up some; we do not expect to see the 7%+ rates to return any time soon. Whether you are a homeowner seeking to refinance, a home buyer or a renter, we should plan for slightly higher housing costs this winter. Certain mortgage fees are rising, especially for those with small down payments. Luckily for borrowers, low mortgage rates are still around, but they only have one way to go this year, and that’s up. This isn’t the time to wait for a better deal....

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Things That May Stand Between You and Getting a Mortgage

If you or someone you know has been in the housing market recently, it’s likely you’ve experienced or heard that the process of getting a mortgage can be tough. Since the housing bubble burst (due in large part to just about anyone with a pulse qualifying for loans), the process has become much stricter. There are several things that may stand between you and getting the mortgage you need to buy the house of your dreams. Following are 5 to consider: 1. More Cautious Lenders After endless foreclosures, a recession, and bailouts, the last thing the banks want to do is repeat what happened in the mid-2000’s. As a result, they’re opting on the side of caution when it comes to lending money these days. Today, you’ll discover that lending...

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USDA Pilot Program Available To Help Indiana Mortgage Borrowers Refinance

USDA Rural Development is launching a pilot program that can help Indiana homeowners with existing home loans with the agency refinance their mortgages to reduce their monthly payments.  The Single Family Housing Guaranteed Rural Refinance Pilot Program will operate in Indiana and 18 other states.  These states are among the hardest hit by the downturn in the housing market. This program can help as many as 15,000 homeowners in Indiana.  Homeowners who have Rural Development direct or guaranteed loans can now refinance their loans at a better rate.  They can save money on their mortgage payments at a time when they may need it most. The pilot program makes it easier for eligible homeowners to refinance their loans. They do not have to provide a new credit...

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Some Tax Deductions for Indiana Homeowners

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5 Reasons To Consider An FHA Mortgage

Since the early 1930s, the Federal Housing Administration has been providing federally-insured home financing to qualified borrowers. With its lower up-front costs, accommodating terms and forgiving credit requirements, the FHA loan is a popular choice for first time and low income buyers; however, you don’t necessarily have to have low income or poor credit to be approved. Review the following five reasons to consider an FHA loan to see if this home mortgage program might be right for you. 1. Less Money Up-Front FHA financing was first introduced in the midst of the Great Depression, as a way to make it easier for people to buy homes and stimulate the economy. One of the major ways in which it did this was by requiring less of a down payment when compared...

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Just A Reminder: USDA Will Change Fees Effective 10/1/11

There are two very important changes that are scheduled to take effect with loans obligated on or after October 1, 2011. The changes are: (1) A monthly mortgage insurance fee of 0.3 percent will be charged on all loans obligated on or after this date (2) The up-front guarantee fee for purchase loans transaction will decrease from 3.5 percent to 2 percent of the loan amount. Please note these changes are effective October 1, 2011. Currently the up front “guarantee” fee is 3.5% of the loan amount.  For example, on a $150,000 loan, the fee is $5,250 which is normally added to the final loan amount.  The new fee will be lowered to 2%, or $3000 in the above example. USDA will also begin to charge an annual fee  of 3% of the outstanding loan balance.  On a...

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