Mortgage Rates & Trends

We all have been hearing news on the increasing rates for mortgages for the past weeks. However, Total Mortgage has lowered mortgages rates considerably from last week. The new reduction on mortgage rates has created an ideal time for potential homeowners to refinance their existing mortgages as ...

Debt-to-income or DTI ratio is one of the key factors mortgage lenders calculate to determine whether borrowers can afford mortgage loans they have applied for or not. The debt-to-income ratio is calculated by dividing the total monthly debt payments by the total monthly income. Monthly debt paym...

Although housing prices have essentially stabilized nationwide, it should not be assumed that housing prices will soon begin to rise again. In fact, the complete opposite is far more likely for at least another 12 to 18 months. And, there are a few compelling factors to bolster this claim. First,...

The housing market set an ignominious record in the third quarter.  According to a study from the Mortgage Bankers Association, foreclosures on prime mortgages hit a new record high in the third quarter of 2010 as the U.S. economy continues to decelerate and housing prices continue to drop.  The ...

The Department of Housing and Urban Development (HUD) has introduced a new housing program that is designed to “make American communities stronger and to build a safer nation”.  The name of the program is The Good Neighbor Next Door Program (click link for details from HUD’s website), and it offe...

Today is Wednesday, and you know what that means: MBA Weekly Mortgage Applications Survey day!  Don’t act like you’re not excited. Mortgage rates increased last week, and total mortgage applications fell off a cliff last week, dropping 14.4 percent (seasonally adjusted) from the week prior.  Refi...

Just a quick update here: The Census Bureau and HUD released their monthly Residential Construction Report today. Housing starts were at a seasonally adjusted annual rate of 519,000 in October, which is an 11.7 percent drop from September’s pace of 588,000 housing starts.  This is about 10 percen...

LTV or Loan-to-Value is the ratio between the total money borrowed on a mortgage loan and the total value of the home. It is an important risk factor lenders evaluate while considering applications for mortgage loans. The loan-to-value is calculated by dividing the purchase price of the house by ...

It is no secret mortgage rates are at some of the lowest levels ever, creating opportunities for potential homebuyers to purchase houses and homeowners to refinance their existing mortgages with lower rates. Though low rates are attractive many borrowers may not be able to access the low rates be...