Refinance

Mortgage Applications Fall Again

Mortgage applications declined again last week, falling 12.3 percent on a seasonally adjusted basis compared with the previous week.

Most of the decline was in refinances, which fell 16.2 percent. The seasonally adjusted purchase index decreased 5.2 percent.

On an unadjusted basis, the purchase index declined 4.8 percent and was down 15.4 percent compared with the same week a year ago.

Except for 15-year rates, mortgage rates were down slightly:

* 30-year fixed-rate mortgages decreased to 5.04 percent from 5.07 percent.
* 15-year fixed-rate mortgages increased to 4.53 percent from 4.51 percent.
* 1-year ARMs decreased to 6.79 percent from 6.86 percent.

Source: Mortgage Bankers Association (10/28/2009)

——————–
Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Refinance

IRS Changes Rules to Ease Commercial Refis

The U.S. Internal Revenue Service announced changes to tax rules Tuesday that make it easier for commercial property owners to refinance.

The new guidelines allow commercial loans that are part of investment pools known as Real Estate Mortgage Investment Conduits, or REMICs, to be refinanced without penalties for investors.

The new regulations allow investors to keep tax savings that they would have lost under the old rules. The IRS is considering expanding the changes to other investment vehicles like real estate investment trusts (REITs).

“A stalemate now exists on commercial mortgage backed security (CMBS) loans that are not currently in default but need modification,” said Jeffrey DeBoer, chief executive of the Real Estate Roundtable, a lobbying body for property owners and investors. “Today’s announcement should help break the stalemate.”

Sources: The Associated Press, Stephen Ohlemacher (09/15/2009) and The Wall Street Journal, Lingling Wei (09/16/2009)

——————–
Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
o- (404) 564-5560
Blog – http://elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Refinance

How to Spot Foreclosure-Prevention Scammers

Here’s how the most common foreclosure-prevention scams work:

The desperate home owner gets a letter that says something like, “We know you’re having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now.”

Home owners call the number and agree to pay $1,200 to $1,500 upfront for help with their mortgage. Nothing happens. Their home still goes into foreclosure.

Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says victims are often well educated and financially savvy, but they also are “in a very vulnerable state.”

Here are some red flags that should make a home owner run in the opposite direction:

* If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
* If the company wants money upfront. “We can’t say all advance fees are illegal,” Kirtz says, “But in most cases they’re probably bogus.”
* If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.

Source: Washington Post Writers Group, Kenneth R. Harney (09/13/2009)

——————–
Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
o- (404) 564-5560
Blog – http://elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Refinance

Mortgage Applications Rise on Falling Rates

Mortgage applications bounced back last week with the Mortgage Bankers Association market index rising 5.6 percent on a seasonally adjusted basis compared to the previous week.

On an unadjusted basis, the index increased 4.8 percent and was up 25 percent compared with the same week a year ago.

The recent seesaw of mortgage rates has affected refinances more than purchases. The refinance index rose 6.9 percent last week after falling 7.2 percent the previous week, reflecting declining mortgage rates. The purchase index, which has trended upward gradually, rose 3.9 percent.

Here are the average performances of mortgage rates this week:

* 30-year fixed-rate mortgages decreased to 5.15 percent from 5.38 percent.
* 15-year fixed-rate mortgages decreased to 4.52 percent from 4.71 percent.
* 1-year ARMs decreased to 6.66 percent from 6.71 percent.

Source: Mortgage Bankers Association

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

Refinance

Loan Applications Rise as Rates Fall Again

Loan applications continued to increase last week as mortgage rates decreased, according to the Mortgage Bankers Association weekly mortgage applications survey.

The market index rose 4.3 percent to 514.4 last week from 493.1 the previous week on a seasonally adjusted basis. On an unadjusted basis, the index increased 15.3 percent compared with the previous week and was down 2.7 percent compared with the same week a year ago.

The refinance index was up 17.7 percent while the purchase index decreased 9.4 percent compared to the previous week. More than half of applications were for refinances.

* 30-year fixed-rate mortgages decreased to 5.05 percent from 5.34 percent;
* 15-year fixed-rate mortgages decreased to 4.59 percent from 4.83 percent;
* 1-year ARMs decreased to 6.47 percent from 6.58 percent.

Source: Mortgage Bankers Association (07/15/2009)

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com

Refinance

Treasury Makes Refinancing More Attractive

The Treasury Department on Wednesday expanded its foreclosure prevention plan, lifting the current 105 percent loan-to-value cap to refinance up to 125 percent of a home’s value.

Applications to refinance mortgages have fallen as rates have increased in the last couple of weeks, but this move may bring more borrowers to the table.

At the same time, Fannie Mae and Freddie Mac have agreed to reduce the processing fee for borrowers who select a 25-year mortgage.

Fannie said in a statement, “The reduction is intended to lure borrowers to select shorter terms and build positive equity in their homes sooner than with a typical 30-year mortgage.”

Source: Reuters News, Patrick Rucker (07/01/2009)

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Refinance

Mortgage Applications Up Despite Holiday

Demand for mortgages returned last week after two consecutive down weeks, pushing the index up 10.9 percent to 493.1 from 444.8 the previous week on a seasonally adjusted basis that reflected the July 4 holiday.

On an unadjusted basis, the index decreased 0.5 percent compared with the previous week, but rose 7.2 percent compared with the same week a year ago.

The refinance index increased 15.2 percent, while the purchase index rose 6.7 percent.

Mortgage rates were mostly unchanged from the previous week. 30-year fixed-rate mortgages were flat compared to the previous week at 5.34 percent;15-year fixed-rate mortgages increased to 4.83 percent from 4.81 percent; and 1-year ARMs increased to 6.58 percent from 6.52 percent.

Source: Mortgage Bankers Association (07/08/2009)

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Refinance

Mortgage Applications Bounce Back

Mortgage applications bounced back last week after nearly a month in the doldrums when the number of applications fell to a seven-month low.

The market index compiled by the Mortgage Bankers Association rose 6.6 percent on a seasonally adjusted basis to 548.2 points from 514.4 points the previous week.

On an unadjusted basis, the index increased 6 percent compared with the previous week and rose 17.2 percent compared with the same week a year ago.

Both purchases and refinances were up with the purchase share increasing 7.3 percent and refinances rising 5.9 percent.

Source: Mortgage Bankers Association (06/24/2009)

——————–
Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222