Rates for fixed mortgages increased this week, which has indicated that buying a home will be less affordable in upcoming months. The average rate on a 30-year loan jumped from 4.29% to 4.46% this week, according to Freddie Mac. Regarding 15-year loans, rates also increased from 3.30% to 3.47%. Since May, when the Federal Reserve […]
Congress has indicated that all the write-offs homeowners enjoyed in the past are set to expire at the end of the year and see no further relief any time soon. Last year, Congress decided at the last minute to extend assistance for mortgage debt and deductions for mortgage insurance payments. Currently, The House and Senate […]
Home equity lines of credit (HELOCs) that were extended during the housing boom will be resetting in upcoming months, according to mortgage and credit experts in the housing industry. The credit lines that were issued are considered second mortgages with floating rates and flexible withdrawal terms; during the first ten years, only interest rate payments […]
The total amount of loan modifications completed by Freddie Mac decreased in September, according to the agency’s Monthly Volume Summary. There were 6,685 loan modifications in September, a 12.9% decrease from the previous month. Despite the decline, Freddie Mac has completed an average of 6,715 loan modifications per month this year, while in 2012, the […]
Good credit is essential in today’s age for investing in large products such as a car, an apartment or even a house. According to the real estate firm Zillow, prospective homebuyers with a credit score below 620 are being denied quotes, resulting in 30% of Americans without a mortgage. Home equity loans are becoming extremely […]
Be sure to vote for Affordable Financial Services LTD in Long Island Press’ “Best of LI 2014”! Click here, scroll down to Debt Consolidation Service and choose Affordable Financial Services LTD, then do the same when you scroll down to Mortgage Company. Voting ends on December 15.
According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]
(Huntington, NY) —Brian Leibowitz, CEO/Owner, Affordable Financial Services LTD, says the proposed changes to mortgage insurance practices will definitely help restore the mortgage lending industry’s reputation but warns that, if the bill becomes law, it may result in an overreach on the regulators’ part. The New York State Department of Financial Services recently announced that […]
Last week, RealtyTrac announced its findings that some 600,000 homeowners had emerged from being “deeply underwater” (that is, with loan-to-value ratios in excess of 125%) since May. During that same time, CoreLogic also that homeowners are rapidly recapturing the equity they lost suddenly late in the last decade. Currently, more than 2.5 million more residential […]
Mortgage applications are up 1.3% this week, making some recovery after a 2.5% decline in the last week of August, according to the Mortgage Bankers Association. The Refinance Index saw a 2% increase this week, with refinance activity up 1%, from 60 to 61. Although the Purchase Index fell 3% this week, purchase applications remain […]