For those of you who subscribe to my blog, I encourage you to please move your subscription to the RJ Baxter Colorado Mortgage Blog. I will not be blogging on this blog any more.
posted by RJ Baxter January 21, 2010 9:45 | permalink | comments(0) | Real Estate RJ Baxter Lowers Payment by $200 With No Closing Costs
RJ Baxter has helped yet another family save money with a no closing cost refinance. Pete from Colorado has lowered his payment by $200 on a new 30 year fixed rate mortgage with no closing costs.
We wanted you to be aware of the vast changes that have once again challenged our industry beginning January 1, 2010. The new Regulation X (as it is being called) dramatically affects the way disclosures are handled on the loan side of a purchase or refinance. This has hit the whole industry nationally, whether the loan is done through a bank, broker or mortgage banker.
posted by RJ Baxter January 12, 2010 13:13 | permalink | comments(0) | Real EstateDecember, 2009 New Good Faith Estimate Great for Consumers!
Set to release January 1, 2010, the new good faith estimate that the government has mandated is a great development for consumers.
No longer will dishonest mortgage brokers be able to pull scams like bait and switch tactics, or low-balling settlement fees to "earn" business. With the new good faith estimate, the quote you receive from your broker will be locked in, so you will be guaranteed the cost of your loan will not ...
The new Credit Card Accountability, Responsibility, and Disclosure Act became law in May, triggering sweeping reform of the credit card industry.
Among the changes that credit card companies will be subject to are the elimination of double-cycle billing, opt-in requirements for over-the-limit protection, increases in rate not allowed unless borrower is 60 days or more past due, and payments required to be applied to highest rate balance first.
You may have read articles recently that mortgage rates have risen. Unfortunately, that is the case. Rates approached 6% on a 30 year fixed which is very high compared to what we have seen this year so far. Still historically low, these rates still put a damper on refinance activity, and many people who were waiting for rates at 4.5% or lower were left in the dust.
If you have applied for a mortgage in the past year, you know that documentation standards have gotten more and more stringent. Even the most credit-worthy borrowers with assets and equity in their home or high down payment are being scrutinized. Gone are the days of reduced documentation or "stated" income.
All borrowers must now provide a myriad of paperwork in order to qualify for a mortgage. Here is a summary of some of the ...
Mortgage rates have risen over the past week over .5% to the highest levels we have seen for 6 months. The main factor at play that has caused this has been the oversupply of money that is being pumped into the system in the form of government bond auctions.
The markets yesterday went into a selling frenzy as fear of impending inflation caused investors to flee from long term bonds, a negative for mortgage ...
