Mortgage Applications Rate Lowest Since November
With mortgage rates the highest they have been all year, and borrower costs rising, the housing crisis seems to be deepening.
The number of people applying for U.S. mortgages continues to fall, hitting a level lowest since November last week. According to the Mortgage Bankers Association, application rates have fallen over 7% since the previous week, creating an overall decrease of 16% decrease in the index of applications for purchase or refinancing. (more…)
Mortgage Fraud Running Rampant
There is an infestation in the United States today that has nothing to do with rats or roaches or swime flu. This phenomena that appears to be affecting every corner of the country in none other than mortgage fraud.
Six in Dallas sent to federal prison for fraud. Three in Kansas City pled guilty for a $12.6 million conspiracy. Brokers in Minnesota, Detroit and Florida have all been faced with charges and indicted. (more…)
Job Loss Protection Program to Help New Buyers
Incentives for buying homes are coming out of the woodwork like pre-inspection termites, and Realty USA of Clifton Park, New York is getting in on the frenzy.
Buyers will receive an insurance policy–paid for by a one-time $500 fee at the seller’s expense–to cover mortgage bills in the case of involuntary job loss or economic hardship.
Up to $1,800 in mortgage bills, for up to six months, will be available for coverage under the company’s Job Loss Protection Program. (more…)