The summertime swoon in U.S. mortgage rates continues this week, with averages for home loans falling to yet another record low. Click to enlarge Rates began to inch downwards in June, falling 0.37 of a percentage point in 11 weeks in which the 30-year average either set or met…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q. I am in my early 20s and have been at my current job for 3 years now. I…
Interest rates for a home loan fell again this past week, the 10th straight week that mortgage rates were at or below record levels, according to the latest Freddie Mac survey. This weeks average rates were: Click to enlarge Thirty-year fixed-rate loans: 4.36% with 0.7 of a point paid…
The California Assembly voted 49 to 14 today to approve a Realtor-backed measure expanding protections for homeowners who have refinanced their mortgages, according to the California Association of Realtors. The bill, SB 1178, now goes to Gov. Arnold Schwarzenegger’s desk. If signed, the law would take effect in June…
The Center for Responsible Lending in a report this week urges policy makers to avoid what it deems to be unnecessary foreclosures by taking these steps: . Require mortgage servicers to fully consider loan modification applications before starting the foreclosure process. That’s the heart of California bill SB 1275, which was passed…
Click to enlarge Lenders seized fewer homes in July for a third straight month, repossessing nearly 10% fewer homes than in June. Meanwhile, default notices filed against homeowners who have missed three or more house payments increased 9% last month from June’s levels. Both numbers, however, were down significantly…
A Shady Canyon home offered as a short sale for $4,195,000 that I wrote about 6 months ago in the story, Real Short Sales of O.C. , is now a pending sale. The story was about high-end homes in Orange County being offered for less than what is owed on the…
A new survey by Bankrate.com shows closing costs are climbing around the country. The average Good Faith Estimate on a $200,000 mortgage this year is $3,741, up from $2,732 in 2009. The study doesn’t break out Orange County, but Los Angeles is in the Top 5. . 2010 2009…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q. My son would like to refinance his loan on an attached home. He has about $225,000 equity in…
More and more people out there are not paying what they owe, whether it’s the mortgage check for this month or a home equity loan from a couple of years ago when they were feeling flush enough to splurge on cars, boats or whatever they wanted. . Are there no consequences? One…