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by Donna Aldrich, Certified Mortgage Planner, Special to Mermeltown.com  

1 December 2008

 

To quote an old song, ‘what a long strange ride it’s been,’ and the ride continues. Today, National Bureau of Economic Research (NBER) declared that we have been in a recession since December 2007 which, I’m sure comes as no surprise but the specific date has now been officially determined. That determination indicates that economic activity has been declining since then although the...

There has been increased focus during the last few weeks on how comapnies and individuals get loans--from the availability of money to the increased standards applied to individuals who apply for all types of loans, including mortgages. 

My friend Maria Marriott, a certified mortgage planner had created an informative video with helpful tips about maximizing your credit score.  For more information, check out her website.

A study published by UC Irvine's School of Business at the end of last month indicates that low interest rates and sub-prime interest rates were not the major factor in the 'credit crisis' we have been experiencing.  Instead, they look to the risky asset backed securities created by Wall Street firms to fill a need created by conforming loan limits that were lower than market values.

Prior to 2003, basic economic factors were the primary driver of housing prices, including low unemployment...

President Bush signed the bill yesterday designed to secure FannieMae and FreddieMac, the two mortgage giants who have been instrumental in packaging and guaranteeing loans so that they can be sold on the secondary market.  The bill will allow several hundred thousand homeowners to refinance their loans so that they are more affordable and hopefully avoid foreclosure.

The piece that will help San Francisco buyers the most (and I believe that this will work for those who are refinancing...

There are many pleasant surprises in the news in the last day, all which should be good for the local real estate market and for current homeowners...

First, it seems like there is progress in raising conforming loan limits to as high as $729,500 in areas where housing costs are higher.  Huh?  The conforming loan limit is the maximum amount of money that can be lent in a first mortgage.  The current limit is $417,000.  Why is that important for San Francisco buyers or home owners?  If a...

This article was written by Scott Asbell, a mortgage broker I know from Utah.  It is a nice, clear perspective about some of the recent events in the mortgage industry.  Enjoy!

What's going on in the world of mortgage financing? The media would have you think that the sky is falling, but let's review what is really happening and how it affects our lives and our future.

A few years back, Wall Street investors told the mortgage bankers, "Create new products with higher returns and we will...

An article in this morning's San Francisco Chronicle's Business section builds off of a Merrill Lynch economist's view that homeowners who choose fixed-rate mortgages over adjustable-rate mortgages might regret their decisions.  The economist, Sheryl King, contends that borrowers are piling into fixed-rate mortgages at precisely the wrong time, just before the Fed will start cutting interest rates.  This behavior is similar to the way investors tend to buy stocks at the peak of the...

Many people believe that the creation of innovative loan products has enabled Buyers to afford the high home prices we have in California.  In fact, many believe that the creation of these products has helped fuel the dramatic increases in home prices during recent years.  These changes include variable rate loans, the creation of 3/1, 5/1, 7/1 and 10/1 loans (loans are fixed for a period of years represented by the first number, and then can adjust each year until it reaches a cap). ...

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