(302) 703-0727

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Federal Reserve Board Issued Final Rule on Appraisals for High Priced Mortgage Loans

John Thomas January 24, 2013 Tags: , , ,
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Final Rule on Appraisals for High Priced Mortgage Loans Released.

High Priced Mortgage Loan also called an HPML is a loan that is secured against a borrower’s primary residence and has an interest rate that is higher than the average prime offer rate. The Federal Reserve Board issued the Final Rule on Appraisals for HPML on January 18, 2013, which was mandated by provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).

The Final Rule requires lenders to use a certified or licensed appraiser who prepares a written appraisal report based on a physical inspection of the interior of the property. The rule also requires lenders to provide borrowers with a free copy of the appraisal report and to disclose the purpose of the appraisal report. In an effort to prevent fraudulent property flipping, the rule requires creditors to obtain an additional appraisal at no cost to the borrower if the property has been acquired: Keep Reading...

Dover Delaware First Time Home Buyer Seminar February 19, 2013

John Thomas January 24, 2013 Tags: , , ,
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Free Delaware First Time Home Buyer Seminar on Tuesday, February 19, 2013, at 6:30 PM in Dover, Delaware. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. You will be able to get pre-approved at the seminar by a Delaware Mortgage Company. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update January 21, 2013

John Thomas January 20, 2013 Tags: , , , , , , ,
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Delaware mortgage rate weekly update for the week of January 21, 2013, by John Thomas with Primary Residential Mortgage in Newark, Delaware.  John is the Newark, DE Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates ended the week last week higher as mortgage bonds sold off to end the week and continued the downward trend line to mortgage bonds. Bonds were able to hammer out a solid line of support and did close above that line on Friday as you can see from the Bond Chart Below. The better than expected economic news and good news in the housing market has helped to push stocks higher at the expense of mortgage bonds. The Federal Reserve mortgage buying program has helped keep mortgage bonds from moving even lower which would move mortgage interest rates back into the 4s. Keep Reading...

Delaware First Time Home Buyer Seminar February 16, 2013

John Thomas January 20, 2013 Tags: , , , ,

Delaware First Time Home Buyer Seminar

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, February 16, 2012, at 10:00 AM till Noon and again at 1:00 PM till 3:00 PM. The seminar will last about 2 hours and each participate will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans.

The Seminar is sponsored by The Neighborhood House so each participant will receive home buyer counseling credit toward the required HUD-approved home buyer counseling required for Delaware First Time Home Buyer Programs. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update January 14, 2013

John Thomas January 14, 2013 Tags: , , , , , , ,
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Delaware mortgage rate weekly mortgage market update for the week of January 14, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, DE. John is the Newark, Delaware branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates have been trending higher since December 6, 2012, when the mortgage bonds started selling off from all-time record highs. The bond chart shows the trend line going down from this date.  Mortgage bonds on Friday rallied to try and stop this downward trend and closed higher and above the line of support. This is encouraging news so we are recommending FLOATING your Delaware mortgage rate to see if rates can reverse course and move lower to start the week. Keep Reading...

Maryland Home Buyer Seminar February 9, 2013

John Thomas January 13, 2013 Tags: , , , , ,
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Maryland First Time Home Buyer Seminar

There will be a Free Maryland First Time Home Buyer Seminar on Saturday, February 9, 2013, at 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Maryland. The seminar will cover Maryland FHA loans, Maryland VA loans, ,Maryland USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Maryland FHA 203k Rehab loans. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update for January 7, 2013

John Thomas January 6, 2013 Tags: , , , , , , ,
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Delaware mortgage rates weekly mortgage market update for the week of January 7, 2013, from John R. Thomas with Primary Residential Mortgage in Newark, DE. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan. John Thomas is the Newark, Delaware Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. He provides a weekly mortgage rate market update to keep you current with what is happening with mortgage rates and the economy as a whole.

Delaware mortgage rates jumped higher to end the week last week as the mortgage bond market fell off a cliff on Thursday, January 3, 2013, when the Federal Reserve Meeting Minutes were released and showed that the Federal Reserve wants to end the mortgage bond buying program by mid 2013 instead of continuing till 2014 as was implied from earlier meetings.  This news weighed on both the stock market and the bond market. The bond dropped even lower on Friday to open but was able to claw its way back to where it ended the day on Thursday. This was bullish move so we recommend FLOATING your Delaware Mortgage Rate to start to the week to see if mortgage bonds can continue the bullish run and try to recover what we lost from The Federal Reserve Meeting Minutes. Keep Reading...

Delaware Mortgage Rates Weekly Update December 31, 2013

John Thomas December 30, 2012 Tags: , , , , , , ,
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Delaware mortgage rates weekly mortgage market update for the week of December 31, 2012 from John R. Thomas with Primary Residential Mortgage in Newark, DE. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan. John Thomas is the Newark, Delaware Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. He provides a weekly mortgage rate market update to keep you current with what is happening with mortgage rates and the economy as a whole.

Delaware mortgage rates improved this week on the news that no deal has been reached to avert the “Fiscal Cliff”. The US Senate is meeting to see if can hash out a last minute deal. If they do we could see mortgage rates suffer in the short term and move higher. Keep Reading...