First Central Mortgage Funding: Mortgage News

The interest rates charged on fixed-rate mortgages inch down to a sixth straight weekly record low, according to Freddie Mac’s latest survey of conforming mortgage rates.

The portion of homeowners who brought money to the table for a cash-in refinance in the second quarter tied for the third-highest level since Freddie Mac started tracking refinancing trends in 1985, the housing agency said Wednesday.

Cash-out refinancing gained popularity when home values were rising fast, and homeowners wanted to tap their home equity to put money in their wallet. Today, some borrowers are doing the reverse, bringing cash to the closing table when they refinance their home loan.

A foreclosure reduces the value of a home by an average 27% -- a much higher discount than occurs with other types of forced sales, according to a recent study that will be published in the American Economic Review.

For starters, as long as you are current on your payments, lenders cannot demand that you pay down your balance, even if you are fully drawn. All lenders have to abide by their contracts with borrowers, and home-equity lenders are no different.

More help is on the way for unemployed homeowners struggling to make their mortgage payments, thanks to funding tucked into the financial reform legislation signed by President Obama on Wednesday.

With no federal tax credit to entice buyers, today’s home sellers have to get even more serious about making a deal.

In a housing market like this, you’d expect a good deal of buyer’s remorse out there. But 90% of homeowners say they don’t regret buying their current home, according to a survey released this week by Bankrate.com.

Even if a buyer is ready and waiting, a lender still may decline a short sale, even if the homeowner is struggling to pay his mortgage. It all comes down to cold, hard math.

The number of mortgage-loan applications for home purchases dropped to its lowest level in 14 years last week, the Mortgage Bankers Association said Wednesday.

A reader writes: I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA's "approved" list.

The 30-year fixed-rate mortgage has hit a record low, ticking down to an average 4.57% in week ended July 8, compared with 4.58% in the prior week, the latest interest-rate data compiled by Freddie Mac indicate.

President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000.

An elderly couple own their home outright, and their adult children need cash. How would a reverse mortgage affect the couple's taxes, and their Medicare or Medicaid eligibility? Lew Sichelman offers some answers.

Mortgage rates recently hit record lows, boosting affordability for homes. If you even care.

Home buyers are close to gaining more time to obtain a federal home-buyer tax credit of up to $8,000.

The 30-year fixed-rate mortgage average falls to a record low of 4.58% for the week ending July 1, Freddie Mac reports.

Home buyers may soon win more time to get to the closing table to qualify for a federal home-buyer tax credit of up to $8,000.

Upfront fees on reverse mortgages have fallen substantially in recent months, giving homeowners interested in this product a new challenge: how to best compare offers to find the best one.

Nestled within the massive financial-reform package that a House-Senate panel approved early Friday morning are consumer protections that could change the way people shop for a mortgage.