Home Prices in Your Area are the Only Ones that Matter
If you only read the news headlines right now, you’d think every real estate market in the country was experiencing an upswing. For example: “Home Prices Rise for the Fifth Month in a Row.” That’s the headline making the rounds today. But this is based on national trends and averages, so it’s essentially useless to [...]
Summary of Mortgage Changes for 2010
This page provides a summary of mortgage industry changes that are relevant to home buyers. We will update this page throughout 2010, in order to keep it current. Last update: 12/28/09 There have been more mortgage-related changes in the last six months than in the previous six years. The housing crisis and economic recession are [...]
Reminder: Housing Tax Credit Expires in April 2010
If you are thinking about buying a home in 2010, you might want to do it before the end of April. That way, you can qualify for a tax credit of up to $8,000 (if you meet the other requirements). The federal housing tax credit gives first-time home buyers some added incentive to buy a [...]
New Rules for Good Faith Estimates – Effective January 2010
Starting in January 2010, mortgage lenders will face some new rules regarding the “good faith estimates” they give out to borrowers. The goal is to give home buyers a more accurate picture of the costs they will incur. Editor’s Note: This is an update to an older news story, which will come to fruition in [...]
Down Payment on FHA Loans Could Increase to 5%
The down payment for an FHA home loan could soon increase from 3.5% to 5%. This comes in direct response to the FHA’s dwindling funds. The Federal Housing Administration needs money. The FHA insures mortgage loans made by direct lenders, such as Wells Fargo and Citi. But with the rash of defaults and foreclosures across [...]
You’ll Have to Pay Points to Get the Best Mortgage Rate in 2012
Note: This story has been updated for 2012. We have adjusted the mortgage rate information and other points within the article to make it more relevant and useful for home buyers in 2012. At the start of 2012, we are still enjoying some of the best mortgage rates we’ve seen in years. As of January [...]
