Choicelend.com » Mortgage News

NEW REFINANCE PROGRAM – HARP

Art Bermudez — Fri, 18 Nov 2011 02:32:17 +0000

HARP UPDATE

Yesterday, the Federal Housing Finance Agency announced enhancements to the Home Affordable Refinance Program (HARP), and extended the program until Dec. 31, 2013. The changes are designed to expand the number of borrowers with little or negative equity who can qualify for refinancing.

The Home Affordable Refinance Program allows homeowners in good payment standing, whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, to refinance and take advantage of today’s low interest rates. The program is especially helpful for customers who cannot obtain a standard refinance because their property value has declined. The Federal Housing Finance Agency announced enhancements to this program yesterday that will allow more customers to qualify.

Only borrowers who refinanced before May 31, 2009 and their loan is guaranteed by Fannie Mae or Freddie Mac are eligible to refinance through HARP. In addition, borrowers who already have refinanced through HARP are not eligible to refinance through the program again. Fannie Mae and Freddie Mac plan to send the program guidelines required to offer this program to all lenders late November.

When we receive them, we will work quickly to make the changes required to support the implementation, including any potential changes to our Instant Quote System in order to offer the program to you as soon as possible. It will take some time until the new HARP features will be available through our Instant Quote System. At this time the original HARP features are available through our Instant Quote feature. Please select the “streamline” option when you use the Instant Quote.

Feel free to call if you have any questions.

Are Costco Mortgage Rates Better?

Art Bermudez — Mon, 27 Jun 2011 15:46:45 +0000

Costco is known for their excellent products and prices but what about their new mortgage service? Costco has partnered with several lenders and make use of a real time pricing engine powered by Nylx to deliver real time quotes.
The pitch is that the lender fee will not cost over $600. Does Costco have the lowest rate and fees?
We ran a loan scenario this morning and compared it to the rates offered in real-time on our own website.
The results? A little surprising… The surprise is the disclaimer where Costco mortgage partners bury “other fees” in the disclaimer. The other surprise is that Costco mortgage service is not even close to what we can offer. See below:
For the loan scenario we ran Costco lenders best rate costs over $3K while Choicelend.com costs ZERO.

Choicelend.com originates home loans in California only.

End of Low Mortgage Rates?

Art Bermudez — Wed, 15 Jun 2011 14:42:26 +0000

Choicelend.com – Yesterday the 10 yr note closed above its 20 day average for the first time since April 15th, although it is up some this morning it hasn’t been able to push back below its 20 day on the yield chart. The 9 day relative strength index is back above 50 on the 10 yield, slightly bearish. We continue to hold our bullish near term outlook for now but the foundation is not as firm now as it has been over the past month.
Yesterday and so far this morning lenders are not pricing directly to what the Mortgage Backed Securities market is doing, most all lenders are worsening price more than what markets are doing. Waiting for lower rates is not worth the risk, if you have a benefit you can secure, lock now.

Jobs Report Horrible – Good for Mortgage Rates

Art Bermudez — Wed, 01 Jun 2011 15:06:29 +0000

Choicelend.com – At 8:15 ADP May private jobs report hit hard; the consensus estimate was for an increase of 175K jobs, the reality hit like a ton of bricks- job growth according to ADP was up just 38K. Hard to ignore the reality that jobs aren’t recovering. This sends money into US treasuries giving us lower mortgage rates. Time to take some cash out, reduce your term or lower your payment.

Bearish Euro Economies Good for Mortgage Rates

Art Bermudez — Mon, 23 May 2011 14:39:02 +0000

Choicelend.com – With all the bearish news over the weekend from China to Germany to France to the BRICs to Greece to Spain and here in the US with the Chicago Fed economic index reading negative; the safety moves to US bonds will keep mortgage rates lower. Now is the time to lock a great rate.

Mortgage Rates Reaching New Lows

Art Bermudez — Tue, 17 May 2011 14:36:36 +0000

Choicelend.com – The ten year treasury yield reached the low 3′s today pushing mortgage rates to a new low this year. Traders are confused about this market dynamic as the experts were predicting yields in the 4.5% range by this time. Make no mistake, we were heading in that direction and this may be a temporary anomaly. We’ll take historically low mortgage rates no matter how we got here. Lock now.

Mortgage Rates Poised For Another Dip?

Art Bermudez — Mon, 16 May 2011 14:47:21 +0000

Choicelend.com – Mortgage rates are unlikely to go much lower at this time. The 10 year bond has been testing 3.14 but has not been able to break through. Risk is to the upside.

Mortgage Rates Improve over Japan’s Tragedy

Art Bermudez — Mon, 14 Mar 2011 18:40:48 +0000

Choicelend.com – Mortgage rates improved by investors fleeing to safety. Is it an over-reaction? It may be, Japan has a great deal of US Treasuries and may need to sell them to raise cash for the re-construction. It they do rates will go up. Take this opportunity to lock in on this unfortunate dip.

Mortgage Rates Improve Over China News and Unemployment Applications

Art Bermudez — Thu, 10 Mar 2011 18:53:37 +0000

Choicelend.com – News China continues to slow down hit the stock market hard sending investors into the safety of treasuries helping to improve mortgage rates. Spain was downgraded (again), Libya continues it’s civil war and our own citizens continue to struggle in finding jobs. This pullback will test our lows, great time to lock.

Mortgage Rates Tugged Between New Oil Prices and Bond Demand

Art Bermudez — Thu, 24 Feb 2011 17:17:02 +0000

Today, the Treasury will auction $29 billion of 7 yr notes, yesterday’s and Tuesday’s 5 yr and 2 yr auctions were not the best in terms of demand. Some are beginning to question whether foreign investors are backing away from US debt; if today’s 7 yr suffers weaker demand look for that question to gain more attention. On the other hand, the situation in the Middle East has some investors fleeing to the safety of bonds however weaker than expected demand may confirm the loss of confidence in the US. Two great potential forces at play here, which one will prevail only time will tell. In the meantime we are still in a rising interest rate environment. Lock now and don’t risk it.