Rate Notes All key mortgage rates dropped for the week ending April 26.  The overall average rate for 30-year fixed-rate mortgages decreased by three basis points (.03%) to 3.65%.  The 15-year fixed-rate dropped four points to 2.89%, which is a new all-time low.  FHA-backed 30-year fixed-rate mortgages declined by a single basis point, to an [...]

Rate Notes What goes up must come down, although some things return faster than others. Key mortgage rates that had risen a week earlier dropped again.  The overall average rate for 30-year fixed-rate mortgages decreased by five basis points (.05%) to 3.83% for the week ending March 22.  The 15-year fixed-rate dropped by three basis [...]

Rate Notes Slight decreases are keeping the rates comfortably low.  The overall average rate for 30-year fixed-rate mortgages decreased by one basis point (.01%) to 3.79% for the week ending March 8.  The 15-year fixed-rate also declined by a single basis point to 3.04%.  FHA-backed 30-year fixed-rate mortgages dropped two basis points to 3.37%.  And [...]

Rate Notes It was an unusual week—of mortgage rate increases.  The overall average rate for 30-year fixed-rate mortgages jumped by 10 basis points (.10%) to 3.83% for the week ending February 1.  The 15-year fixed-rate increased by eight basis points to 3.10%.  FHA-backed 30-year fixed-rate mortgages rose by six basis points to an average rate [...]

Rate Notes Downward movement recently continued in two of the four interest rate categories. The overall average rate for 30-year fixed-rate mortgages decreased by two basis points (.02%) to 3.58%–another new record low– for the week ending December 14.  The 15-year fixed-rate declined by three basis points (.03%) to a new record low of 2.92%. [...]

Rate Notes New records were set as the rates dropped once again last week.  The overall average rate for 30-year fixed-rate mortgages decreased by two basis points (.02%) to 3.60%–a new record low– for the week ending December 7.  The 15-year fixed-rate declined by one basis point (.01%) to an average 2.95%, also a record [...]

Rate Notes It was an unusual situation – last week’s interest rate hikes in all four key categories. The overall average rate for 30-year fixed-rate mortgages increased by three basis points (.03%) to 3.66%. The 15-year fixed-rate also rose by three basis points to an average 2.99%. FHA-backed 30-year mortgages jumped by two basis points [...]

Rate Notes The rates decreased in all four categories for the week ending November 16. The overall average rate for 30-year fixed-rate mortgages decreased by five basis points (.05%) to 3.63%. The 15-year fixed-rate declined by three basis points to an average 2.96%. FHA-backed 30-year mortgages dropped by two basis points to 3.29%. Meanwhile, the [...]

The FHA offers a variety of different loan programs to meet the diverse needs and financial situations of borrowers. Following are the main options. FHA Adjustable Rate Loan The FHA adjustable rate mortgage (ARM) offers a lower introductory interest rate for at least the first year, followed by agreed-to rate adjustments over a period of [...]

Veterans and active duty military personnel deserve to be recognized and rewarded for their service. One of their most notable benefits is a Veterans Administration (VA)-guaranteed home loan. Under the Home Loan Guaranty program, the VA does not make loans directly but rather guarantees loans made by private lenders. The most significant advantage of a [...]

If you are a homeowner 62 years of age or older, a reverse mortgage may be advantageous. A reverse mortgage is a low-interest, federally-regulated loan enabling “senior” homeowners to convert a portion of the value (equity) in their home into tax-free funds that can be used for a variety of needs. The primary reverse mortgage [...]

As you evaluate potential mortgage loan programs, you may find that a Rural Development Guaranteed Housing Loan—more commonly known as a USDA loan—is an ideal choice. These loans are insured by the U.S. Department of Agriculture (USDA). One of the major advantages is its 100% financing option. There is no minimum down payment. To be [...]

If your current mortgage is “underwater” (you owe more on the mortgage than the home is worth), you may be able to benefit from new short-sale policies. A short-sale enables borrowers to avoid foreclosure by selling their property at a price that is significantly below the amount owed to the lender. Effective November 1, homeowners [...]

If your current mortgage is “under water,” you may be able to refinance under the Home Affordable Refinance Program (HARP). First introduced in 2009 and recently updated, HARP 2.0 enables homeowners with a loan owned by Freddie Mac or Fannie Mae to refinance into low mortgage interest rates even if their property has decreased in [...]

Stephen Marrs, the Vice President of Sales for Gold Star Mortgage Financial, answers questions about the new FHA streamline refinance program. What’s new at Gold Star? One of the most exciting developments is the new FHA streamline refinance program that allows homeowners with an FHA loan closed before June 1, 2009 to take advantage of [...]

My clients often ask me the question, “In your professional opinion, when should I lock the rate for my loan?”  Locking the interest rate for your loan is a key aspect of the financing process.  The interest rate lock reserves funds for the new proposed loan, and it is important to close the loan prior [...]

Planning for homeownership is exciting, as you begin the process of moving from an apartment to your first home. Of course, it can also be challenging; there are many things to consider. According to Jay McCleary, a veteran Gold Star loan originator, there are several key steps that will make the transition from renter to homeowner that [...]

The FHA offers a variety of different loan programs to meet the diverse needs and financial situations of borrowers. Following are the main options. FHA Adjustable Rate Loan The FHA adjustable rate mortgage (ARM) offers a lower introductory interest rate for at least the first year, followed by agreed-to rate adjustments over a period of [...]

Veterans and active duty military personnel deserve to be recognized and rewarded for their service. One of their most notable benefits is a Veterans Administration (VA)-guaranteed home loan. Under the Home Loan Guaranty program, the VA does not make loans directly but rather guarantees loans made by private lenders. The most significant advantage of a [...]

If you are a homeowner 62 years of age or older, a reverse mortgage may be advantageous. A reverse mortgage is a low-interest, federally-regulated loan enabling “senior” homeowners to convert a portion of the value (equity) in their home into tax-free funds that can be used for a variety of needs. The primary reverse mortgage [...]

As you evaluate potential mortgage loan programs, you may find that a Rural Development Guaranteed Housing Loan—more commonly known as a USDA loan—is an ideal choice. These loans are insured by the U.S. Department of Agriculture (USDA). One of the major advantages is its 100% financing option. There is no minimum down payment. To be [...]

Q—Is it more difficult to obtain a loan today than it was several years ago? A—The home mortgage process can be more challenging, based on the stricter lending and credit guidelines that were developed after the financial crisis. The biggest hurdles for many people are acquiring the down payment and dealing with the change in [...]

Dan Milstein CEO of Gold Star Mortgage Financial, has helped thousands of first-time buyers through the maze of applying for and securing a mortgage. Drawing upon that experience and knowledge, Milstein has developed a list of nine tips he suggests for all mortgage seekers but especially for first-timers. With the economy picking up steam and [...]

My clients often ask me the question, “In your professional opinion, when should I lock the rate for my loan?”  Locking the interest rate for your loan is a key aspect of the financing process.  The interest rate lock reserves funds for the new proposed loan, and it is important to close the loan prior [...]