What Does the Future Hold- January 20, 2006 The outlook for the economy and mortgage rates is more of the same. Despite higher energy prices and the devastation of the hurricanes, economic growth is expected to continue due to productivity increases and tax cuts. The 30-year traditional fixed mortgage rate is predicted to reach 6.50%. For borrowers with adjustable rate loans, its still not too late to do a refinance mortgage into a fixed term given that long term borrowing rates are still attractive. To see where interest rates are at...http://bendmortgagegroup.blogspot.com/2006/01/what-does-future-hold.html Home Equity Lending Will Increase While Refinancing Will Decline- January 16, 2006 Rising interest rates = decline in refinancing = increasing home equity lending. "In a 2002 study the Federal Reserve found that the average household extracted $26,700 in equity with each refinancing. One-third of that money was used to pay off old debts or add to savings; the other two-thirds was spent. The Fed estimated that the extra spending added a quarter to a half-percent to consumer spending. That provided a welcome boost to demand as recession, terrorist attacks, and a sagging stock...http://bendmortgagegroup.blogspot.com/2006/01/home-equity-lending-will-increase.html Can You Get A Home After Bankruptcy- January 13, 2006 Yes, you can get into a home again after a bankruptcy, but be prepared for higher interest rates.A bankruptcy will stay on your credit report for seven to ten years, but it stops affecting your credit significantly after two years.Be sure to check your credit report annually, and make sure that all accounts that were part of your bankruptcy were discharged.Larger down payments decrease your rates. Cash reserves and a large income can also offset your credit risk. The lower your debt to income...http://bendmortgagegroup.blogspot.com/2006/01/can-you-get-home-after-bankruptcy.html Interest-Only Loans Can Buy More House and More Trouble- January 9, 2006 They're spreading like wildfire--interest-only mortgages appear to be the panacea for rising home prices and the incomes that cant quite catch up. You can buy "more house" and have a low mortgage payment and a big tax deduction. Who wouldnt want one, rightWell, a large number of consumers are getting into these loans when they shouldnt. Interest-only mortgages work well for some individuals and are dangerous for most others, yet the number of interest-only loans is rising rapidly.Take a look at.http://bendmortgagegroup.blogspot.com/2006/01/interest-only-loans-can-buy-more-house.html |