From The News Archives: First Time Mortgages

Think twice and consider legal consequences before defaulting or short selling one’s mortgage, says expert

February 23, 2010 First Time Mortgages

For those who are so far underwater on their housing payments that mortgage refinancing is not possible, simply choosing to go through with a short sale or walking away from the payment and defaulting may seem like the best options available.
However, according to the Consumer Credit Counseling Service of Greater Atlanta, there are a number [...]

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2009 ends with increased number of pending home sales, says NAR

February 2, 2010 First Time Mortgages

Pending home sales ended 2009 on a high note as rates shot above their year-ago levels, due in part to the extension of the homebuyer tax credits, reports the National Association of Realtors.
According to the NAR’s forward-looking Pending Home Sales Index based on contracts signed in December 2009, sales improved slightly by 1 percentage point [...]

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Fannie Mae to offer financial assistance on HomePath properties

January 29, 2010 First Time Mortgages

Fannie Mae has announced a new effort to help homeowners who are searching for flexible types of mortgages and have a less-than-ideal credit history by introducing financial incentives to those who utilize their HomePath program.
In a statement released Thursday, Fannie Mae announced that anyone purchasing a HomePath property owned by the mortgage company would receive [...]

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Mortgage rates remain stable during short week, says MBA

December 24, 2009 First Time Mortgages

Average interest rates for most mortgage types remained stable during a shortened week as applications declined during a short week before the peak of the holiday season, according to the latest Weekly Mortgage Applications survey for the week ending on December 18.
Of all types of mortgages, 15-year fixed-rate mortgages were the only to see a [...]

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October home sales up in central Ohio thanks to first-time homebuyers

November 30, 2009 First Time Mortgages

Home sales last month were up sharply over October 2008 in central Ohio, the Marion Star reported Monday.
Jo Ann Neal, Marion Board of Realtors president, credited the sales spike to the anticipated expiration of the first-time homebuyer tax credit at the end of November. "A lot of [buyers] probably did rush to take advantage of [...]

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Refinance rates increase as purchase applications decrease, according to MBA

November 16, 2009 First Time Mortgages

Average interest rates for long term fixed-rate mortgages continued to plummet during the week ending November 6 as refinancing remained popular and purchase applications hit a historic low, according to the most recent Weekly Mortgage Applications Survey from the Mortgage Bankers Application.
After falling below the 5 percent threshold the week prior, average rates for 30-year [...]

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