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FHA Streamline Refinance without Credit Scores and Appraisal

July 31, 2011

FHA Streamline refinances typically require credit scores and appraisals – this is not the way the FHA streamline program was supposed to be used, but conduits (investors) have put their overlays on FHA mortgages. This is a shame because there are good borrowers out there who make their mortgage payments on time but who, for […]

FHA 203k Mortgage Issues- Obtaining Permits

July 25, 2011

I started reaching out to some FHA 203k consultants that I know and also to a few other FHA 203k lenders and I asked them all to please tell me what gives them the biggest headaches and what could I tell customers upfront that would help speed along FHA 203k mortgage transactions. Drum roll please……… […]

For The 9th Straight Month, Foreclosure Filings Fall

July 20, 2011

For the 9th straight month last month, foreclosure activity slowed. According to tracking firm RealtyTrac, the number of  filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. June marked the ninth consecutive month of sub-300,000 filings after 20 months […]

This week in the Mortgage Markets

July 19, 2011

Mortgage markets worsened last week as concerns for the global economy drove new rounds of “safe haven” buying. Fear continues to dominate mortgage bond market movement and Pennsylvania and New Jersey rate shoppers are benefiting. Conforming and FHA mortgage rates fell for the second straight week last week, and closed out Friday with favorable momentum […]

Fed Meetings and their impact on consumers

July 18, 2011

The Federal Reserve released its June 2011 Federal Open Market Committee meeting minutes Tuesday. It contained no surprises and, as such, mortgage rates in Pennsylvania and New Jersey have idled in the hours since. The Fed Minutes is published 8 times annually, three weeks after each scheduled Federal Open Market Committee meeting. It’s the official log […]

Know Before You Go!

July 11, 2011

It’s important now more than ever that you, as a consumer, understand your credit before you apply for a loan. By now, most wage-earning adults in the US are aware of the term “tight credit” – the notion that lenders are lending or only giving the best loan terms, to the best applicants. Those with […]

My Ex Husband Skipped Out On My Joint Credit Card Account. What Do I Do?

July 11, 2011

A reader wrote in with a unique and troublesome problem: My ex husband kept a joint account credit card from Lowe’s that I had forgotten we had. When I went to get a loan my credit rating showed that I had a balance of over $3,000 from that card. All the transactions were done after […]

I’m Repairing My Credit, But Need A New Loan – What Is Best For Me to Do?

July 4, 2011

Hello,I was wondering… I need $3,000 and wanted to apply for a credit card. I have two cards right now, but the limits are only $300.00 I only pay them on time but in the past years ago my credit was horrible. My score is still only inn the 500’s What card do you know […]