Welcome to Mortgage Guide
Mortgage Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Why Can Mortgage Rates Rise in a Down Market?
from: Mortage & Debt FactsWith all the hoopla about the overload of inventory in most states (due to foreclosures), and the dropping of interest rates by the Federal Reserve, you may be wondering why mortgage rates haven risen in the past year over all.
The mortgage industry is not the same as the banking and the housing industry. They are connected to these two sectors of the market, but lending products are usually priced on their own merits and not just those of the economy.
The Lender’s Point of View
While the amount of inventory can affect home prices and spur competition amongst lenders, it can lower the rates if one lender is trying to grab a bit more business. On the other hand, the mortgage crisis has been so severe in some states that many lenders are wary of lending to unreliable borrowers. They have tightened their credit requirements and when you don’t meet those newer requirements, they may raise the rate to hedge their risk.
So, even with a market rate of 6.00% on a 30-year fixed rate mortgage, you could still end up paying more if you don’t meet the new credit requirements of a FICO score of 720 or more, solid employment, and a sizable down payment.
The Market’s Point of View
Mortgage rates can also increase, even if the Federal Reserve decides to lower interest rates. This may spur banks to lend out more money and attract more customers.
As the new customers start to flood the market, the demand increases. When the demand of any product goes up, so does the price. That’s why the mortgage rates can even increase when the Federal Reserve cuts rates.
Your Point of View
It is very difficult to time to buy a house at the bottom of mortgage rate drop cycles. Typically, you can do this better if you are refinancing than if you are buying because you are then comparing your new loan to whatever you had before. If it saves you money or drops by at least 1 to 2 points of your mortgage interest, then you are pretty confident that buying at that time is a good move.
Otherwise, if you are new buyer and have nothing to compare it to, you still can be relatively comforted by the fact that despite rises and falls over the short-term, mortgage rates are at a historically low-point for now in comparison to years past.
They may not drop more than 1 point more and should they do so, you can always refinance your mortgage rates later.
Mortgage Foreclosure Specific links
Mortgage Foreclosure News
MORTGAGE FORECLOSURE SALE - The Southeast Sun
MORTGAGE FORECLOSURE SALE The Southeast Sun This sale is made for the purpose of paying the indebtedness secured by said mortgage, as well as the expenses of foreclosure. The Mortgagee/Transferee reserves the right to bid for and purchase the real estate and to credit its purchase price against ... |
Foreclosure-prevention efforts bog down - Kansas City Star
 Mortgage Rates & Trends | Foreclosure-prevention efforts bog down Kansas City Star A rare legislative conference committee called to rescue a pair of stalled foreclosure-prevention bills is bogged down in marathon sessions. Meanwhile, Gov. Jerry Brown is pushing to use some of California's share of the $25 billion national mortgage ... Should States Be Chided for How They Use Their Mortgage Settlement Money? Backing For Mortgage Plan Malloy, AG announce allocation of mortgage foreclosure settlement funds |
NOTICE OF MORTGAGE FORECLOSURE SALE - Bishop - Pine Journal
NOTICE OF MORTGAGE FORECLOSURE SALE - Bishop Pine Journal THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY OF THE ORIGINAL CREDITOR WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION. DATE AND PLACE OF FILING: Filed March 21, 2006, Carlton County Recorder; Document No. |
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 abc7news.com | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net By Rick Jurgens Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt - on homes they've already lost through foreclosure. Firm targets CA homeowners with foreclosed 2nd mortgages |
Mortgage Foreclosures - The Ledger
Mortgage Foreclosures The Ledger These are mortgage foreclosures filed with the civil division of the Circuit Court in November. Names in bold are the subject of or have an interest in the foreclosure action. Lighter names filed the foreclosure action. Guillen, Jesus J., Maria G. |