Mortgage Loans

Mortgage Loans

Delaware Mortgage Loans – Update for September 13, 2007

John Thomas September 13, 2007

Delaware Mortgage Rates are higher today because of the activity in the Mortgage Bond Market. Mortgage Bonds are under selling pressure so far today and are having a rough week overall after being pushed lower from resistance.

Sometimes things have to get a little worse before they can get better…and that’s what I expect to see from Mortgage Bonds over the next few days.

While Bond prices are currently lower on the day – I am advising a Floating position because Bonds are approaching a strong floor of support and it is unlikely that pricing will move below this level. The Mortgage Bonds should bounce up off the floor of support. This will drive Delaware Mortgage Loan Rates lower. Keep Reading...

Delaware Mortgage Loans – Update for September 12th

John Thomas September 12, 2007

Mortgage Bonds are unchanged after being pressured lower yesterday. Bond Traders took some of their recent profits following an uneventful speech by Federal Reserve Chairman Ben Bernanke, as he did not give any hints about a rate cut.Also weighing on bond prices yesterday was a strong showing in the stock market. In sessions when there has been an absence of market-moving economic news, as has happened recently, Stocks and Bonds have traded in opposite directions.

Bonds remain overbought and appear poised to follow the path of least resistance lower so Delaware home loan rates may be pressured higher. For today I recommend locking in your Delaware Mortgage Rate. Keep Reading...

10 Reasons to carry a Big, Long Mortgage for Delaware Home Owners

John Thomas September 11, 2007

I am going to outline 10 Reasons to carry a big, long mortgage. If you are a Delaware Home Owner or are a Delaware First Time Home Buyer, he is what you need to know about your mortgage as part of wealth creation.

1) Your Delaware Mortgage Loan Doesn’t Effect Your Homes Value.

2) You going to build equity anyway.

3) A Delaware Mortgage Loan is Cheap Money. A mortgage is cheap because it is secured by the property, unlike credit cards.

4) The Mortgage interest on your Delaware Home Loan is Tax Deductible.

5) The Mortgage interest on your Delaware Home Loan is Tax Favorable.  The tax deduction is at your top tax bracket. Keep Reading...

Delaware First Time Home Buyer – Importance of Checking Account

John Thomas September 9, 2007

If you are a First Time Home Buyer than you need to know the value of having your own checking account. It looks best if you have a checking account in your name.

I sometimes get clients applying for a Delaware Mortgage that don’t have a checking account. I counsel them right away to open a checking account because the lender likes to see a checking account, but there are also other advantages. First, it is easier to write a check than to get money orders to pay bills. Second its safer than carrying cash. Third, it makes it easier to keep track of where you spend your money.  Fourth, you can have paychecks, pension checks, social security checks, or other checks deposited directly into the checking account. Fifth, you should have your emergency fund in a bank account. I counsel all of my Delaware mortgage clients to have an emergency fund and to put those funds into an FDIC account. Keep Reading...

Delaware Home Owners – Fall Maintenance Checklist

John Thomas September 7, 2007

Do you have a Fall Maintenance Checklist that you perform each year in the Fall for your home?  If not then you are going to miss the little fixes now that will turn into expensive big fixes later.

For a free Fall Maintenance Checklist to be e-mailed to you please send an e-mail with “Please Send Fall Maintenance Checklist” in the subject line of the e-mail to jthomas@balancegroup.net and I will e-mail out the list to you so that you can protect your home and your family.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727. Keep Reading...

Countrywide to cut 12,000 jobs

John Thomas September 7, 2007

Countrywide to Cut As Many As 12,000 Jobs Because Company Sees 2008 Loan Originations Dropping. The cuts, amounting to as much as 20 percent of its workforce, are needed because the company expects new mortgages to fall about 25 percent in 2008 from this year’s levels, Countrywide said.

Countrywide Cheif Executive said this is market cycle is the most severe in the contemporary history of our industry.

Countrywide is also changing the products it offers to only include products that are conventional mortgage loans. Keep Reading...

Delaware Mortgage Rates & Market Update – September 7, 2007

John Thomas September 7, 2007

The Labor Department reported a loss of 4,000 Jobs in August. This is in sharp contrast to the 110,000 new jobs that analysts were expecting. Making a bad number worse, was the downward revisions of 87,000 to the last two months. This month’s loss in Jobs was the worst report in four years. On a positive note, the unemployment rate remains steady at 4.6% and is seen as the only piece of good economic news within the report.

This morning’s surprisingly weak Jobs Report has helped the Bond climb further above the 200-day Moving Average. For now, I recommend floating and I will be watching closely as the market volatility may continue Keep Reading...

History of FHA

John Thomas September 6, 2007

Congress created the Federal Housing Administration in 1934. At this time, nearly two million construction workers were laid off. Only four out of ten people owned their own home. In addition, mortgage loan terms were outrageous. Borrowers had to put 50 percent down, and the note ballooned in 3 to 5 years. So the mission of the FHA was to encourage home ownership.

The FHA became a part of HUD, which is the Department of Housing and Urban Development, in the year 1965. In the mid-1980’s, the FHA transitioned to what we call direct endorsement and began approving lenders to underwrite and close their own loans. Prior to this time, the FHA did have a hand in the process of the loan. Keep Reading...