Fed leaves fed funds rate at 2%, how will this affect current mortgage rates ?
The government is standing behind the ageny lenders, find out how this affects Home Loan Financing in todays credit market.
You may be eligible to refinance your jumbo loan into a conventional mortgage thanks to the economic stimulus package.
Fixed mortgage rates have dropped, lock into a lower rate Refinance today
Find out how lenders determine their current mortgage rates
Save with a government backed FHA mortgage refinance
Considering a reverse mortgage loan, learn more today.
President Bush announces proposed changes to the FHA mortgage guidelines find out more about the FHA Secure mortgage.
Mortgage rates are moving, consider a free Refinance Quote
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HUD has announced they will be changing the mortgage insurance premium on FHA loans and for some home owners this could mean fha mortgage loans are now more expensive. Learn more:FHA loans get more expensive Review our catalog of free advice articles on financing, real estate, loans, mortgages and more!
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Your Mortgage Questions
What are the options for home equity loans in todays market?
Home equity loans are still offered by most national mortgage lenders and banks. The options for home equity loans is likely to be significantly smaller than in year past due to the challenges in the credit markets. Most lenders will require you to fully document your income to qualify, cap your lending at 90% of the homes appraised value and require a minimum credit score of 680 or higher to qualify.
How soon will I be able to refinance into the new government housing loans?
The loan programs that the housing stimulus package created are likely to be available by lenders in 30 to 60 days. The legislation that will help home owners refinance their mortgages even if they owe more than the value of their homes has a wide variety of legal and financial implications for mortgage lenders and loan servicers and it will likely take their legal departments some time to review the legislation and implement the programs.
How difficult is it to qualify for an FHA home loan?
FHA loans are becoming increasingly the loan of choice for millions of home owners. FHA loans have certain features that allow the loan to be easier to qualify into such as credit score requirements and higher loan to value limits. FHA loans will be tougher to qualify into if you have a debt to income ratio that exceeds forty five percent or you are not able to fully document your income over a two year period.
How soon will we see a benefit from the government housing stimulus.
The majority of economists believe that the housing market will likely take another twelve to eighteen months to begin a full turn around. The housing market will get a boost from the various measures within the new housing bill, if and once this is passed. The major obstacles with the housing markets is the current inventory levels are extremely high, and there is a lack of home buyers to meet this demand. The major benefits of the housing bill could be that it helps to bring home buyers who have been on the fence into the market and change the psyche of the housing markets. You can expect to see regional markets begin improving over the next 12 months, but a full blown national recovery could take well over one year.
What happens if Fannie Mae were to go bankrupt?
There has been a lot of media speculation that Fannie Mae and Freddie Mac will be in serious financial trouble if the housing market does not rebound. Fannie Mae and Freddie Mac are both regulated by the government, and will both likely need to borrow additional capital to stay in business. It is hard to imagine a scenario where the government allows either of these agency lenders to come to this position. These companies are amongst the only companies offering home loans to consumers and helping to keep the mortgage and real estate markets from totally collapsing. The government would be hard pressed to not bail them out.
I have heard that mortgage rates go down when the stock market sells off, is that true?
The stock market is a good leading indicator of where mortgage rates are heading. As a general rule of thumb when the stock market loses ground, investors are pulling their money out of equity investments and looking for safer investments such as bonds, which tends to be good for mortgage rates. We are in a very unique market as mortgage rates are under pressure from the rapid rise of inflation brought on by the high price of oil. The battle between the stock market and inflationary pressure will create some large swings with mortgage rates until the market fully absorbs the new fundamentals.
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Consumers who are comparing mortgage rates to find the best home loan options should request a copy of the lenders good faith estimate in writing prior to applying for a mortgage loan. If you are comparing multiple mortgage lenders it is best to obtain mortgage quotes on the same day as mortgage rates change daily. Be certain to compare the lenders closing costs, including lender fees and third party fees as well as the interest rate to be certain you are receiving the best mortgage offer. LoanNetwork.com does not endorse any specific lenders, but recomends all borrowers work with lenders that are members of the better business bureau and provide free copies of a good faith estimate prior to application.