What Is LPMI? Lender Paid Mortgage Insurance
Updated Oct. 9, 2013
Tired of paying PMI in your mortgage every month. Click on the link below to read how you can get out of it.. When it comes to the words "mortgage insurance", many people have a negative reaction to it because they think it is "bad". Is mortgage insurance bad? Maybe, maybe not. But one thing that many people aren't...

U.S. Government Expands Mortgage Relief
Updated Oct. 9, 2013
U.S. regulators will let qualified homeowners refinance mortgages regardless of how much their houses have dropped in value, expanding a government effort to chip away at one of the economy's most unyielding problems.. The Federal Housing Finance Agency will also enhance the Home Affordable Refinance...

The Time is now.
Updated Oct. 9, 2013
It is time to take action folks. I know that many people are scared of getting bad advice, making the wrong decision, or even just asking about their mortgage questions, but there are so many safeguards in place and the laws are on the side of the consumer like never before. This is an ideal time to make the change you...

Millions of homeowners eligible for foreclosure review
Updated Oct. 9, 2013
NEW YORK (CNNMoney) -- Homeowners whose lenders played fast and loose with their foreclosures may be in for a payday.. More than 4 million mortgage borrowers who were foreclosed on between 2009 and 2010 will have a chance to request an independent review of how their foreclosure process was handled, according to...

Government Releases Additional HARP Guidance For Underwater Homeowners
Updated Oct. 9, 2013
Great News for under water homeowners!. Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across Michigan and nationwide.HARP stands for Home Affordable Refinance Program. The updated program is...

Homebuilders Getting Optimistic; Higher Home Prices Ahead?
Updated Oct. 9, 2013
Homebuilder confidence continues to rise.Just two months after falling to a multi-month low, the Housing Market Index surged again in November, climbing another three points to 21. It's the second straight month that the HMI posted a 3-point gain, catapulting the index to an 18-month.The Housing Market...

Housing Starts Rising; New Construction Turns The Corner?
Updated Oct. 9, 2013
Another day, another signal that the market for newly-built homes is improving.Single-Family Housing Starts rose to a seasonally-adjusted, annualized 430,000 units in October - a 4 percent increase from September and the highest reading in 3 months.A "Housing Start" is a home on which ground has been broken...

What's Ahead For Mortgage Rates This Week : November 21, 2011
Updated Oct. 9, 2013
Mortgage markets went unchanged last week as Wall Street traded on new debt stress within the Eurozone, and stronger-than-expected economic data here at home.Rates moved very little from Monday to Friday and the storyline's not expected to change much this week for today's rate shoppers...

Maximum FHA Loan Limits Restored To $729,750
Updated Oct. 9, 2013
After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750.The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA's...

More Sales, Less Inventory : Home Prices Headed Higher?
Updated Oct. 9, 2013
The housing market continues to signal that a broad rebound is underway. In October, despite sparse home inventory, the number of properties sold increased 1.4% nationwide.According to data from the National Association of REALTORS(R), on a seasonally-adjusted, annualized basis, October Existing Home...

What's Ahead For Mortgage Rates This Week : December 5, 2011
Updated Oct. 9, 2013
Mortgage markets made little change last week for the fifth time in as many weeks.As Wall Street watched both the Eurozone and the U.S. regain their respective footing, expectations for a new Fed-led stimulus increased, which prevented mortgage rates from rising.According to Freddie Mac, the average 30-year...

Have Mortgage Rates Bottomed Out?
Updated Oct. 9, 2013
Mortgage rates have troughed. Or, so it seems.According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 4.00 percent nationwide -- roughly the same rate as it's been for 5 weeks.During that time, rates have ranged between 3.97 and 4.02 percent with an...

A Credit Score That Tracks You More Closely
Updated Oct. 9, 2013
Anyone who has recently applied for a mortgage knows that lenders are already looking much more closely at your financial affairs. But soon, they'll be able to easily delve into the deepest recesses of your financial life, accessing information that never before appeared on your credit report.. This week,...

Simple Real Estate Definitions : Tax And Insurance Escrow
Updated Oct. 9, 2013
As a homeowner in Rochester Hills , your fiscal responsibility extends beyond just making mortgage payments. You must also pay your home's real estate taxes as they come due, as well as your homeowners insurance policy premiums.Failure to pay real estate taxes can result in foreclosure. Failure to insure...

What's Ahead For Mortgage Rates This Week : December 12, 2011
Updated Oct. 9, 2013
Mortgage markets were mostly unchanged for the 6th consecutive week last week as Wall Street's uncertainty regarding the future of U.S. and global economies remain.Mortgage bonds made gains made through the early part of the week, which caused mortgage rates in Michigan to drop Monday through Wednesday...

America's Best Places To Raise A Family, Listed By State
Updated Oct. 9, 2013
BusinessWeek recently released its 2011 America's Best Place to Raise a Family rankings. College-town Blacksburg, Virginia took top honors, breaking a 2-year win streak for the Chicago, Illinois region.In 2009, suburban Mount Prospect, Illinois placed first. Last year, it was Tinley Park, Illinois...

A Simple Explanation Of The Federal Reserve Statement (December 13, 2011 Edition)
Updated Oct. 9, 2013
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.The vote was nearly unanimous for the second straight month. Just one FOMC member dissented in the vote, favoring additional policy stimulus beyond what the Federal...

Bank Repossessions Drop To A 44-Month Low
Updated Oct. 9, 2013
Foreclosure activity continues to concentrate over just a few states.According to foreclosure-tracker RealtyTrac, November's foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010."Foreclosure filing" is a catch-all term for the various "action steps"...

Mortgage Payments Fall 12% Since February 2011
Updated Oct. 9, 2013
As mortgage rates drop, so do housing payments. It's a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history.According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 3.94 percent - an all-time low - with...

What's Ahead For Mortgage Rates This Week : December 19, 2011
Updated Oct. 9, 2013
Mortgage markets improved last week, but by a slight amount only; not enough to move conventional mortgage rates in Michigan in any significant manner.Wall Street watched as Eurozone leaders expressed little willingness to increase aid programs within the region, and as the Federal Reserve voted against...