Lewis Corcoran - Offering Reverse Mortgages, and FHA, VA, and USDA Loans

Home Value Update for Mashpee MA Through Ocober 2009

According to Trulia.com, the sale prices of single family homes have increased 15.2% in the past year through the end of October 2009. The current mean sales price of homes on the market in Mashpee, MA, is $317,579. Below is a chart of the trend of listing prices of homes for sale in Mashpee, MA, in the past year through October 2009:

Mashpee Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Mashpee, MA, or surrounding area. If you're looking for a home or condo to purchase in Mashpee, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Mashpee, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

The Mortgage Interest Rate Lock Advisory for Mashpee MA for November 19, 2009

Here are some of the events affecting mortgage interest rates today in Mashpee, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.75 this morning - up 2/32 from yesterday's close.

The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:

The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.75 - the same as it opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.

Recent Activity in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Leading Economic Indicators (LEI) -the Conference Board reported the LEI increased 0.3% in October, slightly less that 0.4% increase analysts expected. This follows a 1.0% increases the previous months. This report attempts to predict economic activity over the next three to six months. This means that analysts are forecasting an small increase in economic activity over the next few months. However, this report usually does not have much of an impact on the mortgage market.
  
  
• Jobless Claims -505,000 new claims for unemployment were filed last week - in line with estimates. This is slightly more than the 502,000 new claims filed the previous week. The 4-week average declined by 4,500 to 519,750 - the lowest since November 2008. And, continuing claims declined by 139,000 to 5.631 million. However, most of the decline in continuing claims is attributed to the expiration of unemployment benefits. With a decreasing trend in the filing of new claims for unemployment, this suggests that the labor market is improving. However, this data is usually not considered to be very important to the mortgage market.
  
  
• Fed's MBS Purchase Program - The results of this week's purchases of mortgage backed securities by the Feds will be released in the afternoon. As of last Thursday, the Feds have purchased over $1.006 trillion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.

Is inflation looming around the corner? Watch this video from CNBC on today's economic reports:

What's Happening With Mortgage Interest Rates Today:

Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

Get today's mortgage interest rates for your situation in Mashpee, MA.

Home Value Update for Falmouth MA Through Ocober 2009

According to Trulia.com, the sale prices of single family homes have increased 14.4% in the past year through the end of October 2009. The current mean sales price of homes on the market in Falmouth, MA, is $452,500. Below is a chart of the trend of listing prices of homes for sale in Falmouth, MA, in the past year through October 2009:

Falmouth Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Falmouth, MA, or surrounding area. If you're looking for a home or condo to purchase in Falmouth, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Falmouth, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

The Mortgage Interest Rate Lock Advisory for Falmouth MA for November 18, 2009

Here are some of the events affecting mortgage interest rates today in Falmouth, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 101.69 this morning - down 2/32 from yesterday's close.

The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:

The FNMA 30-Year 4.5% MBS coupon is currently trading at 101.72 - up 1/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.

Recent Activity in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Consumer Price Index (CPI) for October - there was a 0.3% increase in the overall reading, and a 0.2% increase in the core data reading - slightly better than expected. Analysts expected to see a 0.2% increase in the overall reading, and a 0.1% increase in the core data reading. The core date was driven up mostly by the prices of cars and light trucks. Similar to the Producer Price Index (PPI), this report measures inflationary pressures at the consumer level of the economy. While the report revealed slightly stronger than expected readings, it did not have much of an impact on the mortgage market or mortgage interest rates this morning.
  
  
• Housing Starts for October - there were 529,000 housing starts in October - a 10.9% decline from the previous month - and is much less than the 600,000 that was expected. It's also the lowest level since April of this year. While this report provides an indication of strength in the housing sector, it usually does not have a noticeable impact on the mortgage market or mortgage interest rates.

In other news, Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. and a former research director at the Federal Reserve Bank of Atlanta, talks about housing starts and consumer sentiment. Watch this video from Bloomberg:

What's Happening With Mortgage Interest Rates Today:

Moderate Volatility. There's not much room for MBS prices to move higher or for mortgage interest rates to move lower at the moment. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. Mortgage rates are currently inching upwards again. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

Get today's mortgage interest rates for your situation in Falmouth, MA.

Changes to the FHA Streamline Refinance Program

The requirements for FHA streamline refinances have changed. The new rules went into effect on November 17, 2009.

Under the new FHA streamline refinance guidelines, homeowners who want to refinance their FHA mortgage have to meet tougher eligibility requirements:

• At the time of loan application, the borrower must have made at least 6 payments on the FHA mortgage being refinanced.
  
• For mortgages with less than a 12 months payment history, the borrower must have made all mortgage payments within the month due.
  
• For mortgages with a 12 months payment history or greater, the borrower must have:
  
  • Experienced no more than one 30 day late payment in the preceding 12 months, and
    
  • Made all mortgage payments within the month due for the three months prior to the date of loan application.

There is also a "tangible net benefit" requirement. A "tangible net benefit" is defined as:

• A reduction in the total mortgage payment (principal, interest, taxes and insurances, homeowners' association fees, ground rents, special assessments and all subordinate liens)
  
  • The new total mortgage payment must be at least 5% lower than the total mortgage payment for the mortgage being refinanced.
    
• Refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage, or
  
• Reducing the term of the mortgage.

FHA Streamline Refinance applicants must now show evidence of income and employment, plus proof of cash required to close.

If there is more than one mortgage property, there is now a maximum combined loan-to-value (CLTV). If subordinate financing is remaining in place, the maximum CLTV ratio is now 125%.

• For streamline refinance transactions WITHOUT an appraisal, the CLTV is based on the ORIGINAL appraised value of the property.
  
• For streamline refinance transactions WITH an appraisal, the CLTV is based on the NEW appraised value.

In areas of declining home values, this may render refinancing impossible.

Mortgage rates are low right now. If you're a homeowner and you have an FHA mortgage, it may be prudent to explore the possibility of an FHA Streamline Refinance.