Home purchase and mortgage refinance applications fell in the last seven days, an industry trade group said Wednesday, in yet another sign that housing remains stuck in a rut.
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Attention mortgage applicants: days may be numbered for dozens of companies that promise to quickly boost FICO credit scores by 200-300 points.
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Despite low interest rates and plenty of competition among lenders, many borrowers hoping to mortgage refinance are running into trouble with new loans.
Here’s why.
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Home loan foreclosures are at an all-time high - one of every 200 mortgages ended that way in the first quarter - but Hawaii mortgage holders are more likely to be affected through weakened tourism than by large numbers of local homeowners going into foreclosure.
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There is a good news / bad news side of owing a lot of money if you’re a borrower in trouble with mortgage debt.
The good news is that your home loan lender might be willing to renegotiate your loan to give you a break on your payments.
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Are the problems swirling around the bad credit home loan market abating, giving hope to a housing market stagnant at best and in turmoil at worst?
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The national slump in the housing market has affected Minnesota, according to data from the state Department of Revenue.
However, mortgage rates remain historically low and recent new business in Fergus Falls has local realtors optimistic about the local market.
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Though the state’s foreclosure rate remains one of the lowest in the nation, the number of Maryland mortgage borrowers in trouble spiked sharply in the first three months of the year.
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During the height of the housing market bubble, a mortgage company was often shameless in how it pursued new business. Whether it was jacking up its hidden closing costs to make loans appear cheaper than they were or using teaser rates, lenders made owning a home seem easy.
Too easy.
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News about the California housing market downturn and the market’s future is of little relief to struggling sellers… but may bring encouragement to bargain-hunting home buyers.
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