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Type title here... http://www.rjbaxter.com//blog.php Type description here... en-us Sun, 24 Jan 2010 07:37:41 -0700 Sun, 24 Jan 2010 07:37:41 -0700 http://blogs.law.harvard.edu/tech/rss Move Subscription to New Blog! 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. http://www.rjbaxter.com//blog.php?entry_id=1264092359 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1264092359&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1264092359 Thu, 21 Jan 2010 09:45:59 -0700 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. http://www.rjbaxter.com//blog.php?entry_id=1263599244 Personal Finance http://www.rjbaxter.com//blog.php?entry_id=1263599244&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1263599244 Fri, 15 Jan 2010 16:47:24 -0700 Realtors- New Good Faith Estimate* Dear Realtors: 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. The new GFE ( Good Faith Estimate ) 2010 may have ramifications ... http://www.rjbaxter.com//blog.php?entry_id=1263327185 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1263327185&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1263327185 Tue, 12 Jan 2010 13:13:05 -0700 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 ... http://www.rjbaxter.com//blog.php?entry_id=1262193711 Mortgage Concepts http://www.rjbaxter.com//blog.php?entry_id=1262193711&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1262193711 Wed, 30 Dec 2009 10:29:36 -0700 CARD- Credit Card Reform 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.   Although on the surface this ... http://www.rjbaxter.com//blog.php?entry_id=1246643214 Personal Finance http://www.rjbaxter.com//blog.php?entry_id=1246643214&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1246643214 Fri, 03 Jul 2009 10:46:54 -0700 One More Chance 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 been following my blog, ... http://www.rjbaxter.com//blog.php?entry_id=1245243827 Market Commentary http://www.rjbaxter.com//blog.php?entry_id=1245243827&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1245243827 Wed, 17 Jun 2009 06:03:47 -0700 Mortgage Documentation- Be Prepared 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 ... http://www.rjbaxter.com//blog.php?entry_id=1244203511 Loan Programs http://www.rjbaxter.com//blog.php?entry_id=1244203511&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1244203511 Fri, 05 Jun 2009 05:05:11 -0700 Mortgage Rates Rise 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 ... http://www.rjbaxter.com//blog.php?entry_id=1243537869 Market Commentary http://www.rjbaxter.com//blog.php?entry_id=1243537869&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1243537869 Thu, 28 May 2009 12:11:09 -0700 ARMs Again a Viable Option Once again, adjustable mortgages or ARMs are becoming a viable option for the right homeowner.  For the same points and fees as a comparable fixed rate mortgage, a homeowner can obtain a rate that is over 1% lower than a 30 year fixed rate mortgage!   That means on a $200,000 mortgage, the homeowner can save $120/ month or $7200 over 5 years!  ARMs can come in many forms and if structured properly, are not ... http://www.rjbaxter.com//blog.php?entry_id=1242767770 Loan Programs http://www.rjbaxter.com//blog.php?entry_id=1242767770&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1242767770 Tue, 19 May 2009 14:16:10 -0700 Home Affordable Loan Program The Home Affordable Loan Program went into effect recently and is offering opportunities for many homeowners who have seen their home values decline.   The program allows for homeowners to borrower up to 105% of the value of their home, and if their original mortgage did not have mortgage insurance, the new mortgage will also be free of mortgage insurance!  If you have a second mortgage, your total loan-to-value ratio is unlimited!   For more ... http://www.rjbaxter.com//blog.php?entry_id=1241798087 Loan Programs http://www.rjbaxter.com//blog.php?entry_id=1241798087&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1241798087 Fri, 08 May 2009 08:54:47 -0700 Guest Authors Wanted I am currently seeking guest authors who are experts in the real estate or financial planning fields.  If accepted as a guest author, you will receive a prominent backlink listing as a contributing author from the home page of this website, as well as the freedom to create backlinks within your blog posts to your websites.    If you are a real estate or financial planning professional and would like to join my blogging team, ... http://www.rjbaxter.com//blog.php?entry_id=1241710146 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1241710146&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1241710146 Thu, 07 May 2009 08:29:06 -0700 Jumbo Rates Coming Down Jumbo mortgage rates including Colorado Jumbo Rates are showing signs of life and are starting ease down.  A jumbo mortgage is any mortgage that is above the conforming loan limit of $417,000, higher in some high-cost areas.  There are more and more signs that credit is easing.    The problem over the past 18 months is that jumbo mortgages, not backed by Fannie Mae or Freddie Mac, were liabilities that banks had to hold ... http://www.rjbaxter.com//blog.php?entry_id=1241622478 Loan Programs http://www.rjbaxter.com//blog.php?entry_id=1241622478&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1241622478 Wed, 06 May 2009 08:07:58 -0700 4.5% Mortgage Rate Rumor There have been many write-ups by the media recently about the proposed government intervention to drop fixed mortgage rates to 4.5%.  4.5% would be the lowest mortgage rates have been since the 1960's and would be sure to stoke the floundering housing market.   So what is the reason for this proposed rate reduction and is it for real?  Mortgage rates today sit at the lowest levels we have seen in 2008, with 30 year ... http://www.rjbaxter.com//blog.php?entry_id=1228845323 Market Commentary http://www.rjbaxter.com//blog.php?entry_id=1228845323&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1228845323 Tue, 09 Dec 2008 10:55:23 -0700 Stock Market Plunges but Mortgage Rates Go Up The recent pummeling that the stock market has taken is disturbing in the least, and has hammered most everyone's investment portfolio.  How low it will go has yet to be seen.  However, with a downturn in the stock market, there is usually a silver lining- lower mortgage rates.    But we haven't seen lower mortgage rates when stocks take major downturns.  Why is this?   To understand what's going on, first it's necessary to ... http://www.rjbaxter.com//blog.php?entry_id=1225214692 Market Commentary http://www.rjbaxter.com//blog.php?entry_id=1225214692&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1225214692 Tue, 28 Oct 2008 10:24:52 -0700 Fed Rate Cut = Higher Mortgage Rates Contrary to popular belief, when the Federal Reserve cuts short term interest rates, mortgage rates almost always go up .  This doesn't seem to make sense, so as I sip my coffee this morning and digest the emergency 0.5% worldwide rate cut that happened early this morning, I thought it would be prudent to blog on this topic.   So why do rate cuts usually lead to higher mortgage rates?  The reason is that rate cuts ... http://www.rjbaxter.com//blog.php?entry_id=1223477940 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1223477940&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1223477940 Wed, 08 Oct 2008 07:59:00 -0700 Fannie/Freddie Takeover Sends Rates Plummeting The bailout of Fannie Mae and Freddie Mac over the weekend has sent rates plummeting in early trading.  The trend is expected to continue and help return some liquidity to the frozen mortgage markets.   If you missed out on the refinance opportunity this past spring which saw 30 year fixed rates dip into the low-5%'s for a brief couple of days, now is the time to start thinking about it again!   Click here ... http://www.rjbaxter.com//blog.php?entry_id=1220885012 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1220885012&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1220885012 Mon, 08 Sep 2008 07:43:32 -0700 Home Values Drop at Record Pace Home values as a nationwide average were reported today down 15.9% from this month last year.  This is the largest decline on record.   However, the drop was less than forecast, so some economists are becoming encouraged that the end of the housing downturn may be in sight.   We are seeing signs of life in the Denver area.  Many potential home buyers and investors are starting to enter into the market, fearful that they will lose ... http://www.rjbaxter.com//blog.php?entry_id=1219768032 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1219768032&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1219768032 Tue, 26 Aug 2008 09:27:12 -0700 Is Fannie Mae and Freddie Mac Bailout Coming? The new legislation passed by Congress recently has given treasury secretary Henry Paulson more power to oversee Fannie Mae and Freddie Mac, the troubled home-finance giants.  Many feel that this is the first step in an ultimate government takeover of the entities.    Whether or not that happens, remains to be seen, but I wanted to post a link to a great article I found in Business Week Online on the topic.  This is ... http://www.rjbaxter.com//blog.php?entry_id=1219476177 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1219476177&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1219476177 Sat, 23 Aug 2008 00:22:57 -0700 Live Mortgage Help! Do you have mortgage or real estate questions?  What is happening with the mortgage market today?  Where are mortgage rates headed?  Mortgage program questions?  Wondering how the home loan process works?   Whatever your question, I am here to help!  Utilize my live chat feature in the upper-right corner of this blog to enter into a live chat with me.  If I'm not online, you can still use this feature to send me your questions.  I will receive ... http://www.rjbaxter.com//blog.php?entry_id=1219320483 Bad Credit Mortgage Help http://www.rjbaxter.com//blog.php?entry_id=1219320483&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1219320483 Thu, 21 Aug 2008 05:08:03 -0700 Unemployment Getting Uglier Although unemployment numbers can sometimes be inaccurate, and are many times revised in subsequent months after the initial release, it is becoming more apparant that higher unemployment and a weak labor market is here to stay.   The unemployment figures releasted yesterday are an earmark of recession, with continuing unemployment claims well over 400,000 which is consideredd the benchmark for recession.   Many economists think unemployment will get worse before it gets better.  I have ... http://www.rjbaxter.com//blog.php?entry_id=1217591890 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1217591890&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1217591890 Fri, 01 Aug 2008 04:58:10 -0700 The End of Cheap Mortgage Money? With gas and food prices skyrocketing, and unemployment on the rise, the US Central Bank has begun to hint toward a rate hike sooner rather than later.  The fear is that inflation will spiral out of control which, coupled with high unemployment, will signal stagflation.   Ben Bernanke spoke this morning, and stated that risks to a serious downturn in the economy have abated.  With inflation projected to continue to rise in the coming months, ... http://www.rjbaxter.com//blog.php?entry_id=1213132213 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1213132213&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1213132213 Tue, 10 Jun 2008 14:10:13 -0700 Fed Sees Rough Times Ahead The Federal Reserve lowered their outlook for the remainder of 2008 in their latest release.  Among other things, the FOMC is predicting higher than expected inflation and unemployment, and lower growth.  They also added that the recent rate cut was a close call.   The release has led to slightly better mortgage rates.   For more on this story, visit CNNMoney . http://www.rjbaxter.com//blog.php?entry_id=1211401198 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1211401198&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1211401198 Wed, 21 May 2008 13:19:58 -0700 Another Refi Opportunity Lies Ahead Bonds are rallying today on the worst consumer confidence numbers in 26 years.  This coupled with continued employment weakness and higher oil prices has caused a two day rally for mortgage bonds.   The party may not be over yet, however.  Technical indicators point toward a potential major rally next week, and yet another refinance opportunity.   Rates are already good, but are still higher than the lows we saw in late January and March.  ... http://www.rjbaxter.com//blog.php?entry_id=1210949756 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1210949756&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1210949756 Fri, 16 May 2008 07:55:56 -0700 Fed Policy Statement to Move Markets The latest Fed meeting today will include, as usual, a policy statement, which is scheduled for release at 2:15 EST.   Many forecasters are expecting a .25 rate cut, but the policy statement, not the cut, may be a much larger market-mover than the actual rate decision.    Of particular importance to mortgage rates are any indication as to whether this is the end of the rate-cutting campaign, which would be bond-positive, and could ... http://www.rjbaxter.com//blog.php?entry_id=1209574675 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1209574675&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1209574675 Wed, 30 Apr 2008 09:57:55 -0700 Home Prices RISE Home prices for the month of February were reported higher by 0.6% in OFHEO's most recent monthly survey (Office of Federal Housing Enterprise Oversight).  This was on the heels of a 1.1% decline in prices.   So is this a sign that the housing market is rebounding?   Unlikely, is my opinion, although a positive number doesn't hurt matters.  One thing to keep in mind is that in the spring, people tend to start listing ... http://www.rjbaxter.com//blog.php?entry_id=1208980386 Real Estate http://www.rjbaxter.com//blog.php?entry_id=1208980386&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1208980386 Wed, 23 Apr 2008 12:53:06 -0700 FHA Reform May Happen Soon The government may come to the rescue of struggling homeowners sooner rather than later.  Congress is attempting to pass a bill that would modernize the FHA home loan program and open the door to new home financing and refinancing options for millions.   Current FHA guidelines allow for borrowers with less-than-perfect credit or no credit to potentially qualify for a mortgage.  However, it is difficult for a borrower who has fallen behind on mortgage payments ... http://www.rjbaxter.com//blog.php?entry_id=1208532375 Personal Finance http://www.rjbaxter.com//blog.php?entry_id=1208532375&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1208532375 Fri, 18 Apr 2008 08:26:15 -0700 Earnings Reports Sending Stocks, Mortgage Rates Higher Major companies have been reporting earnings for the 1Q 2008 over the past couple weeks, and the reports have largely sent stocks higher and mortgage rates along with it.    Companies such as JP Morgan, Wells Fargo, and Google have reported better than expected earnings which has led to a buying bias and upbeat mood in Wall Street.  Although JP Morgan's profits fell by 50%, the report was much better than expected and has ... http://www.rjbaxter.com//blog.php?entry_id=1208531877 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1208531877&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1208531877 Fri, 18 Apr 2008 08:17:57 -0700 Jobs Data Gets Ugly Jobs data was released today for March, and showing a decrease of 80,000 jobs for the month.  The number was much worse than expectations, and additionally, the numbers for January and February were revised lower as well.   The overall unemployment rate sits at 5.1% nationwide, up from last month.    Employment data is one of the biggest indicators of the state of the economy and is one of the biggest influencers of mortgage ... http://www.rjbaxter.com//blog.php?entry_id=1207339644 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1207339644&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1207339644 Fri, 04 Apr 2008 13:07:24 -0700 Fannie Mae Tightens Standards It's not suprise that underwriting standards across the board, with all lenders and loan programs, are tightening up, making it more difficult for borrowers to qualify.   The most recent announcement was by Fannie Mae.  Fannie has released new underwriting standards, with the key changes being increased minimum credit scores required for qualification, and the "seasoning" period after a foreclosure being increased from 4 to 5 years.  Borrowers with a foreclosure in their past must ... http://www.rjbaxter.com//blog.php?entry_id=1207137083 Personal Finance http://www.rjbaxter.com//blog.php?entry_id=1207137083&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1207137083 Wed, 02 Apr 2008 04:51:23 -0700 Fed Abandoning the Dollar? This weekend, the Federal Reserve did two things which are starting to call into question whether the current policy is wise when considering the larger picture.    Not only did the Fed cut the discount rate by .25%, not in and of itself a bad move, but they also were behind the bail out of financial giant Bear Sterns, funding the deal to help Bear Sterns avoid bankruptcy.   This is on the heals ... http://www.rjbaxter.com//blog.php?entry_id=1205761687 Housing Crisis http://www.rjbaxter.com//blog.php?entry_id=1205761687&comments=comments http://www.rjbaxter.com//blog.php?entry_id=1205761687 Mon, 17 Mar 2008 06:48:07 -0700