Welcome to Mortgage Guide
Mortgage Note Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Tough Requirements for Mortgage Loans
from: Mortage & Debt FactsIf you live in California or Florida, it’s is definitely harder to qualify for mortgage loans in these areas than other areas that have been less affected by the housing slump.
The same “no money down deals” that used to be so popular in these states are now gone. In their place, you will find some that houses in these areas will require at least a 10% down payment, if not more. This may seem hugely unfair for some when they realize the same is not true for other areas of the United States where the housing market has not declined as much. In those areas, you can still get mortgage loans with only 5% down.
Your Credit Score Is More Important
Credit score requirements for mortgage loans have risen. A good score will have to be above 720, which is fairly high. If you don’t meet the new, more stringent credit score requirements, the bank may still offer you a loan – after you pay substantial upfront fees.
As if that weren’t enough, you will be offered a higher interest rate to compensate for any deficiencies in your credit reporting. This may make it difficult to qualify for a higher amount after you take into account more money to pay for fees and monthly payments.
What About Previous Data?
If you qualified for a loan before the new rules, you may have some nasty surprises ahead of you. Mortgage loans approved in the past can easily be affected, with the most common problem being how much of a cushion you need to buy the house.
If you qualified with a 5% down payment, you might need 10% now. Since the percentages are based on the total cost of the home, the borrower may be facing an addition of many tens of thousands of dollars they need to come up with before closing. This is why many people are finding that even if they qualify, they are caught short.
Check Your Local Market and Lenders
The situation is not the same in every state in the union. Be sure to check your local real estate market and lenders. Lenders are becoming more aware that some areas have resisted the downturn and they are not as concerned about fallout in housing prices there. This can impact the types of offer that are available in your area versus some place like Florida.
As long as the market is good in your area, you will probably have more choices in mortgage loans and favorable terms than other more affected areas.
Mortgage Note Specific links
Mortgage Note News
New York Mortgage Trust Arranges Long Term Financing Secured by Multifamily ... - MarketWatch (press release)
New York Mortgage Trust Arranges Long Term Financing Secured by Multifamily ... MarketWatch (press release) NYMT Commercial LLC, a wholly-owned subsidiary of the Company, deposited the Multifamily CMBS in the trust which issued the Note. New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust ... Multifamily resecuritisation completed |
Freddie Mac Announces $1 Billion Reopening Of 1.00% Five-Year Reference Notes ... - Sacramento Bee
 WRAL.com | Freddie Mac Announces $1 Billion Reopening Of 1.00% Five-Year Reference Notes ... Sacramento Bee By Freddie Mac MCLEAN, Va., May 24, 2012 -- /PRNewswire/ -- Freddie Mac (OTC: FMCC) announced today that it plans to launch a $1 billion reopening of its 1.00% five-year USD Reference Notes ® security that matures on June 29, 2017. Freddie Mac: 30-year mortgage rate down a tick at 3.78% US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
REAL ESTATE: Texas firm targets homeowners with foreclosed 2nd mortgages - Press-Enterprise
 Press-Enterprise | REAL ESTATE: Texas firm targets homeowners with foreclosed 2nd mortgages Press-Enterprise Oscar was sued by Heritage Pacific Financial in an effort to keep a bankruptcy judge from discharging, or erasing, an $88000 second mortgage note against the house Trejo lost through foreclosure in 2008. Trejo won but HPF has appealed. |
More than 30% of mortgage borrowers still underwater - CNNMoney
 Los Angeles Times | More than 30% of mortgage borrowers still underwater CNNMoney Nine out of 10 underwater borrowers are current on their mortgage payments and continue to make payments on time, Zillow said. Only one-tenth of these borrowers are seriously late on payments, by 90 days or more. "[It's] important to note that negative ... Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... More than 30% of US homeowners with mortgages are underwater |
Mortgage Banking Update - May 24, 2012 - JD Supra (press release)
Mortgage Banking Update - May 24, 2012 JD Supra (press release) The court noted that “[r]equiring the beneficiary to prove ownership of a note to defaulting trustors before instituting non-judicial foreclosure proceedings might again make the mortgage foreclosure process ... time-consuming and expensive, ... |