Alabama | Home Loan | Mortgage | Refinance

Archive for June, 2010

Andrew Cuomo said today his office has sent cease-and-desist letters to 31 mortgage-rescue companies. That’s in addition to more than 180 companies that have already been warned. He says his office has received numerous …
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Rep. Edolphus Towns (D-NY) chaired a House Oversight hearing on foreclosure prevention. Mortgage executives from Wells Fargo, Citibank, Bank of America and others testified before the committee.
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In a step that intensifies Washington’s scrutiny of Wall Street, prosecutors are investigating whether Morgan Stanley misled investors on mortgage-derivatives deals it helped design and sometimes bet against. Amir Efrati discusses the story along with Bob O’Brien. And Sudeep Reddy discusses the Senate’s decision to force the Fed to disclose key details of its loans during the financial crisis.
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In recent years, low interest rates and creative home financing have helped create a generation of new homeowners, pushing the U.S. homeownership rate up to an all-time high of 75 percent. But the recent and steady rise in interest rates and “rate resets” for many adjustable-rate, low-payment mortgages is now cause for broad, national concern.

The federal government, in an attempt to curtail use of these loans among buyers who might be trapped by an unexpected spike in monthly payments, has issued new guidance for lenders offering nontraditional mortgages. Fortunately, less-risky mortgages that feature low down payments and low monthly payments are still available.

Mortgage insurance provider Genworth Financial has seen use of its Single Premium Mortgage Insurance triple in the last year. Homebuyers who tried to avoid mortgage insurance in the past find it and other newer types of mortgage insurance a timely solution to the unpredictable, nontraditional mortgage alternatives.

“First-time buyers and others looking to refinance to get out of a turbulent mortgage are primarily the ones we see using the Single Premium solution. It offers the lowest monthly payment of all and doesn’t bear the risk of payment shock,” says Kevin Schneider, president of Genworth’s U.S. mortgage insurance business.

Single Premium Mortgage Insurance lets buyers borrow up to 100 percent of the price of the home with no added monthly fees by financing the one-time premium over the entire term of the mortgage. The monthly payment, which stays fixed when combined with a fixed-rate mortgage, is also available to borrowers with less-than-perfect credit.

As a bonus, if the value of the home appreciates enough to cancel the insurance within the first five years, buyers receive a partial refund for the initial premium. In today’s real estate environment, mortgage insurance sometimes cancels in as little as two to three years.

“We just don’t want to see people gambling with their homes anymore,” adds Schneider. “This is why we have also developed solutions that offer involuntary unemployment insurance which covers mortgage payments should paychecks suddenly and unexpectedly stop coming in.” Genworth offers this unemployment insurance with the Single Premium product at no cost to the borrower.

For more information or to compute monthly payments using a loan calculator, visit the Web site at www.SmarterMi.com.

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Dave talks to viewers who have followed his plan and are now Debt Free including a couple who paid off $60K in 18 months, paid off student loans, credit cards, 2 cars, & 2nd mortgage, and a man who paid off $96K in 18 months
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WASHINGTON — Mortgage rates fell this week to the lowest level on records dating to 1971, giving consumers added incentive to lock in low payments for home purchases and refinanced loans. The average rate for 30-year …
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Tropical Storm Heading for Gulf Oil Spill, Mortgage Rates Fall to Low, Tapes Roll as Rod Blagojevich Trial Begins
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