A better-than-expected manufacturing report from the Institute for Supply Management (ISM) led to a surge in the stock market today, marking a welcome change from dismal stock performances in August.

Could this surge be heralding a rebound for our ailing economy? With so much recent talk of a sluggish economic recovery, today’s market moves give a much-needed glimmer of optimism.

Since rates tend to drop in a weak economy and rise in stronger economic environments, a trend toward recovery could mean an abrupt end to the low mortgage rate environment we’ve enjoyed in recent weeks.

If you’ve been waiting to refinance or purchase, the wide open window of record-low rates could be closing. We’ll be watching the market indicators closely to see if these trends continue. Of particular interest will be job reports later this week.

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Finding a suitable mortgage these days is not an easy task, and with so many lenders imposing restrictions when it comes to offering mortgage loans it is important to be prepared before you take the plunge. Without some sort of preparation and research you could end up wasting your time on mortgages that are unsuitable, that you cannot afford, or that you are not eligible for, so some forward preparation can go a long way.

One of the things you need to check is how much you are able to borrow, and it is advisable to do this before you even start searching for a property, as otherwise you could end up looking at properties that are out of your price range. This will also stand you in good stead if more than one person puts in an offer on the property you want, as the seller will have peace of mind that you can definitely borrow the amount needed.

Another important consideration is the type of mortgage product that you want, such as a fixed rate mortgage, a standard variable rate, a tracker mortgage, or one of the other mortgage products that are available. Many lenders offer a range of different mortgage products, and different ones will suit different needs. However, if you are unsure which is best for you it is always worth seeking financial advice from an independent mortgage advisor.

Your eligibility for a mortgage is another thing that you need to consider, and this includes checking your credit rating, as this may determine whether the lender is likely to take you on. You should check your credit rating as early as possible, and if it is poor it may be worth considering holding off getting a mortgage until you have time to improve it, as the difference in interest, and even the chances of getting a mortgage, can be greatly affected.

Comparing mortgages is vital when it comes to finding the right deal. You can do this yourself using resources such as the Internet, where you will find many lenders and deals. However, getting a mortgage can be a tricky affair, especially for first time buyers, so you may want to consider enlisting the help of an experienced and well connected independent financial advisor. You may have to pay a fee upfront, but can then be sure that the advisor will be working to get the best deal for you rather than one that makes him or her the most commission.

Boosting your chances of getting a mortgage is a post from: Glitec

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It just got easier for veterans and active members of the military to refinance their VA loans.

The VA streamline refinance, also known as an interest rate reduction loan (IRRRL), is one of the best ways for active and former military members to lower their monthly mortgage expenses.  The VA streamline refinance is one of the easiest loans to qualify for, offering flexible income and income verification requirements.

Refinancing with a VA streamline means veterans are able to easily take advantage of today’s record low mortgage rates.  This refinance is called a “streamline” because the documentation and underwriting requirements to complete the loan are simplified.  This gets service men and women to the closing table quickly, and allows them to enjoy their lower mortgage rate as soon as possible.

Everyone with a VA loan should contact a Home Loan Expert to find out how much they could lower their mortgage rate and mortgage payment with the VA streamline program.  Refinance your VA loan with Quicken Loans and enjoy a reduced funding fee!  It just keeps getting better!

Don’t wait if you have a VA loan and could benefit from refinancing.  Several flexible requirements make refinancing with the VA streamline quick and easy.  Lower your payment with the VA streamline today.

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There was a great article in USA Today exploring refinancing in today’s market.  In the past, homeowners could easily refinance and even get cash out because they had equity in their homes.  In today’s market, many homeowners are underwater – meaning they owe more than their home is worth.  For homeowners that are in this situation, refinancing is not impossible, but it generally requires that some money is brought to the table at closing.

Bob Walters, chief economist for Quicken Loans, explains in the article:

“Suppose, for example, that you bought a home several years ago, when fixed mortgage rates were 6%. You paid $200,000 and put $10,000 down. You currently owe $180,000, but your home’s value has declined to $160,000. To refinance to a lower rate and avoid private mortgage insurance, you’d probably need to put in $25,000 to $30,000.”

However, cash-in refinancing can still pay off in the end, even if you can’t afford to avoid private mortgage insurance.  If you don’t already have 20% toward the principal or have enough cash on hand to hit that number at closing, you can pay only the closing costs and still lower your interest rate.  You’d still have to pay PMI, but chances are if you don’t have 20% down, you are paying this already anyway.  Refinancing and lowering your interest to record low mortgage rates could save you money in the end.

The article stresses the importance of figuring out if refinancing makes sense for your situation.  When you talk to your Home Loan Expert, discuss how long you plan on being in your home.  You’ll need to calculate how long it will take for you to recoup the initial investment of refinancing.  If you plan on being in your home for at least 5 years, refinancing to a record low mortgage rate could potentially pay off.

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Every year Money magazine releases its list of the “100 Best Places to Live in America”.  Money determines its rankings by evaluating public data such as: median family incomes, auto insurance premiums, the number of entertainment venues, air quality index ratings, etc. 

This year, the magazine partnered with social networking tool Gowalla to help promote some hot spots in the top 5 small cities.  Users who visit all of the listed spots in one city will receive a special stamp for their Gowalla passport.

The top 5 small cities in America according to Money magazine are:

1. Eden Prairie, MN
2. Columbia/Ellicott City, MD
3. Newton, MA
4. Bellevue, WA
5. McKinney, TX

View the full list, here.

If you’re thinking about a change of scenery it would be worth your while to look at these five great cities.  If you’re ahead of the trend and already live in one of these cities, maybe it’s time to refinance to a record low mortgage rate!

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Mortgage rates continue to drop, with 30-year fixed rates plummeting to their lowest level in 39 years, according to a survey released today by Freddie Mac, the nation’s second largest mortgage finance company.

According to the survey, averages for the 30-year fixed – the most popular mortgage  loan — were at 4.69%. This is the lowest level since Freddie Mac began keeping records in April of 1971.

Rates for 15-year fixed-rate mortgages were similarly at rock bottom, the lowest they’ve been since tracking for this loan type began in 1991.

Mortgage rate fluctuations are tied to Treasury yields. In recent weeks, investors have flocked to place their money in government-backed bond funds and divest from stocks. This demand has dropped yields for Treasury notes to low levels, impacting the mortgage market.

Though these low rates are great for homeowners hoping to refinance and for home buyers, expiring tax incentives and high unemployment are keeping some from taking advantage of record low mortgage rates.

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Debt.  Most of us have it, and we all have different ways we try to manage it.  Once you’ve accepted the fact that you are in debt and are committed to paying it down, you should develop a strategy that allows you to pay off your debt quickly and efficiently.  Managing your debt, expenses and available cash effectively will help you achieve your goal of being debt-free. 

The first thing anyone should do is go to Quizzle and get your free credit score and check your report. After that, here are three methods of debt management to consider:

1. Consolidate Debt – This method is good for people who have multiple debts that they are trying to manage.  Consolidating many bills into one low monthly payment can help people pay off debt with ease.  One way to achieve this is to do a debt consolidation refinance of your home mortgage.  Rates are at historic lows, refinancing your high interest debt into loan with a low mortgage rate has the potential to save you thousands.  Some people may even qualify for a tax break.  If you choose this method of managing your debt, be sure to consult a tax advisor to find out which deductions apply to you.

 

2. Order debt in order of highest interest to lowest interest – And pay off your high interest debt first.  If you are going to embark on this approach, be sure that you are not neglecting any secured debt.  Secured debt is debt that is guaranteed by an asset, like a mortgage or a car loan.  Defaulting on these types of debt can have an effect on your credit score and/or put you at risk to lose your assets.  Knowing the differences between secured and unsecured debt and how to effectively manage both types can have a positive effect on your credit score and the total debt you carry.

 

3. Order debt by amount – From lowest total amount to highest, and pay off your small debts first.  This is also known as Dave Ramsey’s Debt Snowball Plan and is essentially the opposite of the method above.  According to Ramsey, if you ignore interest rates and focus on completely paying off debt (starting with the smallest debt you carry and working your way up to the highest) you begin to focus your attention on eliminating debt completely, one step at a time.

No matter which method you choose to manage your debt, you should congratulate yourself on taking the first steps toward eliminating all of your extraneous debt.  Be persistent and stick with a strategy that shows progress.  You may be surprised at how quickly you are able to turn around your financial outlook.

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 China’s recent announcement to continue European investment caused stocks around the world to rally, signaling a likely upward trend in mortgage rates.

In recent weeks, turmoil in the U.S. stock market, compounded by mounting European debt news, have created a ripple effect of record-low mortgage rates for US consumers. While these low rates are expected to remain steady throughout the Memorial Day weekend, China’s revelation points to a probable end to the low rate trend.

This could be an incredibly strategic time to lock-in a low mortgage rate, as market watchers have long forecast an inevitable end to low rates as the economy shows signs of recovery.

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Interest rates on 30-year fixed-rate mortgages dropped in the last week.  The average mortgage rate was 4.70% Tuesday afternoon, down from 4.79% compared to the same time last week, according to Reuters.  Mortgage rates for 15-year fixed and ARM loans are also down.

It is believed that current homeowners will continue to take advantage of these low rates by applying for a mortgage refinance.  This is hoped to funnel more money into the economy by putting more cash into homeowner’s hands.

Spring also marks selling season.  These low mortgage rates make homes more affordable, encouraging first-time home buyers to shop and purchase the home they’ve been waiting for.  If you are weighing your options and either looking to purchase your first home or refinance the current house you are in, talk to a Home Loan Expert today to take advantage of these low rates.

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Sen. Al Franken has proposed an amendment to create an Office of the Homeowner Advocate within the Treasury department, designed to help homeowners navigate the Obama administration’s Home Affordable Modification Program (HAMP).  HAMP was designed to help stabilize the housing market.  Recently, the Obama administration announced changes to HAMP & FHA targeted at homeowners who owe more on their loans than their home is worth.

HAMP was originally designed to help borrowers in three ways.  Unemployed homeowners could qualify for a 3 to 6 month break on their mortgage payments, banks received financial incentives to reduce mortgage balances for underwater homeowners and lenders could offer refinanced FHA loans to qualified clients.  The changes to HAMP allowed homeowners to use their unemployment income to qualify for a temporary loan modification. 

Franken’s amendment is designed to ensure that no homeowner has to risk losing their home if they can avoid it.  He proposes setting up a government office that people can call to get assistance with the HAMP program.  Of the roughly 4 million homeowners the program was designed to help, fewer than 230,000 homeowners have received loan modifications.

Franken’s homeowner advocate program would be modeled on the taxpayer’s advocate office within the IRS.  Several senators are cosponsoring the amendment and it has the support of the Obama administration.

Remember that foreclosures can be avoidable.  There are several options available to those struggling to make their mortgage payments.  Refinancing to lower your mortgage rate and monthly payment is only one of the many options available.  The proposed amendment would need to be passed, but in the meantime homeowners should reach out to their lender if the HAMP program applies to their situation.

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