Lower Fannie & Freddie Loan Limits Ahead
Updated Oct. 28, 2013
The Obama Administration made the request that Fannie Mae and Freddie Mac lower their loan limits, thus cutting back their share in the current market. While the Administration had requested that this change would be made before the end of 2013, Edward DeMarco, the Acting Director of the Federal Housing...

Common Refinance Misconceptions
Updated Oct. 9, 2013
Credit Sesame recently conducted an analysis of user data to determine that homeowners who would qualify for a home refinance would save an average of $5,773 each year by lowering their mortgage payments. That is a savings of nearly $60,000 over the course of 10 years.. However, even with substantial savings and...

What are Freddie Mac and Fannie Mae?
Updated Nov. 3, 2016
What is Fannie Mae?. This government-sponsored enterprise is also known as the Federal National Mortgage Association and was designed to expand the secondary mortgage market. Fannie Mae was established by Congress in 1938 during the Great Depression as part of the New Deal. The New Deal is a series of social...

January News Letter
Updated Oct. 9, 2013
Prospect Financial Group, Inc.Jason Vondrak- Branch Managerjvondrak@prospectfgi.com. Prospect Financial Group, Inc.. Call Today for a Rate Quote!. With the increase of government spending, inflation is expected to rise which may mean higher rates to come.. Mortgage rates are expected to remain favorable...

January News Letter
Updated Oct. 9, 2013
Prospect Financial Group, Inc.Jason Vondrak- Branch Managerjvondrak@prospectfgi.com. Prospect Financial Group, Inc.. Call Today for a Rate Quote!. With the increase of government spending, inflation is expected to rise which may mean higher rates to come.. Mortgage rates are expected to remain favorable...

Fannie Mae Survey Depicts Optimism in the Housing Market
Updated Oct. 9, 2013
Fannie Mae discovered that Americans had a more optimistic outlook on the housing market, homeownership and the economy in general in their September National Housing Survey. There has been a gradual improvement in the overall attitude about the economy, but a substantial improvement was seen in the most...

Mortgage Rates Remain at All-Time Lows
Updated Oct. 9, 2013
Mortgage rates remain at all-time lows today, Monday, September 17th. Rates are in line with the all-time lows that were seen earlier this year on July 23rd across the board. According to Mortgage News Daily the Best Execution rate for a 30 year fixed Conventional loan varies depending on the lender ranging from 3...

September 2012 Newsletter
Updated Oct. 9, 2013
More than 95% of refinancing homeowners chose a fixed-rate mortgage. In the second quarter of 2012, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the latest Freddie Mac Quarterly Product Transition Report.. - Of borrowers who refinanced during the second quarter, 30 percent...

Mortgage Rates Continue to Decrease
Updated Oct. 9, 2013
Mortgage rates continue to decrease from this weekend's rates as we move into the new week. The change in the rates is as follows:. 30 Year Fixed-Rate Mortgage is at 3.58%, which is a -0.07% decrease from yesterday's 3.65%. 15 Year Fixed-Rate Mortgage is at 2.89%, which is a -0.05% decrease from...

Thursday's Rates Hit All-Time Lows
Updated Oct. 9, 2013
Mortgage rates dropped abruptly lower on Thursday, September 13th when the Fed announced a third round of quantitative easing (QE3) asset purchases. In addition, this buying was solely in Mortgage-Backed-Securities (MBS). This purchase put mortgage rates at the lowest levels they have been in over a month.....

Is It Time for You to Refinance?
Updated Oct. 9, 2013
Have you considered refinancing your home, but not yet taken advantage of the record low rates? Perhaps you are unsure if you have a good enough credit score, enough equity in your home or are expecting mortgage interest rates to move even lower in the future.. Even with all of these concerns aside, how do you know...

Mortgage Rates Continue to Move Even Lower 9-19-2012
Updated Oct. 9, 2013
On Wednesday, September 19th California mortgage rates inched even lower in comparison to Tuesday's already low rates. Lenders are giving the most competitive rates possible in order to beat out the competition. For many lenders including Prospect Financial Group, Inc. the best execution rate is at 3...

Tips to Avoid Common Refinancing Mistakes
Updated Oct. 9, 2013
If you are considering refinancing your home mortgage, there are a number of common mistakes that can be made. Rest assured that there are a number of precautions that can be taken to avoid making these commons mistakes.. The very first thing you want to do is make sure that a refinance is the right thing for you. A...

Mortgages Rate Drop Lower Seventh Day in a Row
Updated Oct. 9, 2013
Mortgage rates dramatically dropped last Thursday (September 13th) when the Federal Reserve announced a $40 billion dollar purchase of mortgage-backed bonds. These purchases, referred to as a third round of quantitative easing (QE3), were intended to lower mortgage rates and positively stimulate the...

Goldman Sachs Predict QE3 to hit $2 Trillion
Updated Oct. 9, 2013
Earlier this month the Federal Reserve announced its third round of quantitative easing (QE3) purchases of mortgage-backed security bonds. The economists at Goldman Sachs are predicting that the QE3 program could last until mid-2015 and that it could eventually reach $2 trillion.. Goldman is also expecting...

Is the Housing Market on the Rebound?
Updated Oct. 9, 2013
This July there was a rebound in the average home price, bringing homes to the same pricing level as nine years ago. The S&P/Case-Shiller National Home Price Index indicated that the average home price in July rose 1.6 percent in comparison to the prior month.. The increase in July was the third straight month...

Adjustable-Rate Mortgages vs. Fixed-Rate Mortgages
Updated Oct. 9, 2013
A difficult question that borrowers often face is whether or not they should lock or float their mortgage rate. This crucial question comes up for both home purchase loans and home refinance loans and it is important to consider all factors in your decision. Take a closer look at what to consider:. Adjustable-Rate...

HARP 2.0 Proves to be a Popular Refinance Option for Underwater Homeowners
Updated Oct. 9, 2013
According to the latest Refinance Report released by the Federal Housing Finance Agency (FHFA), more than 519,000 loans have been refinanced through the Home Affordable Refinance Program (HARP) in the first seven months of this year. There were only a total number of 400,024 HARP loans in all of 2011. The high...

Your FICO Score & Your Mortgage Interest Rate
Updated Oct. 9, 2013
The interest rates that you see advertised on the internet are referred to as the "Best Execution" rates. These rates are assuming the very best scenario in terms of the borrower's credit history.. One of the most important determinants in securing a low interest rate is your FICO score. There are three major...

Avoid These Common Pitfalls that Prevent You from Buying a House
Updated Oct. 9, 2013
With the recent fall in housing prices and the record low interest rates, buying a house has never been more affordable. However, in today's market buying a home requires careful saving and planning. In order to qualify to buy a home, you need to make sure your expectations meet the current market. Make sure to...