Today’s Current Mortgage Rates for 4/4/2011 from LoanSafe.org

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- LoanSafe.org Quick Links: Get Daily Updates - Subscribe to Our RSS Feed Mortgage Assistance - Find mortgage help Scam Alerts - Watch Out for These Scams! Government News - Are they helping homeowers? Join Our Forum - Get FREE Help Online Now! Today’s Current Mortgage Rates for 4/4/2011 from LoanSafe.orgby Moe Bedard on April 4, 2011

in Current Mortgage Rates

(LoanSafe.org) – Today, a few  loan programs saw rates decrease at the majority of the top lenders we study daily, but over at US bank , a few had increased. Wells Fargo showed appeared to show no activity from last week.

This morning at Chase Mortgage, 30 and 15 -year fixed loans, in addition to their regular and FHA 5-year ARMs all decreased under both the their home purchase and refinance programs.

Bank of America Home Loans’ 30-year fixed loans decreased under their home purchase program. The rest of the lender’s rates stayed the same this morning.

30, 20 and 10 year fixed rates along with 5-year ARMs increased at US Bank. The lender also showed a decrease i their 3-year ARMs.

Wells Fargo Home Mortgage Purchase Rates:

30-year fixed: 5.000%
30-year fixed FHA: 4.875%
15-year fixed 4.250%
5-year ARM: 3.500%
5-year ARM FHA 3.750%

Wells Fargo Refinance Rates:

30-year fixed: 5.000%
30-year fixed FHA: 4.750%
15-year fixed 4.250%
5-year ARM: 3.625%
5-year ARM FHA 3.750%

Chase Home Mortgage Purchase Rates:

30-year fixed 4.875%
15-year fixed: 3.875%
7/1 ARM 3.625%
5/1 ARM 3.125%

Chase Refinance Rates:

30-year fixed 4.875%
15-year fixed: 4.000%
7/1 ARM 3.750%
5/1 ARM 3.250%

Bank of America Home Loans Purchase Rates:

30-year fixed 4.750%
5-year ARM 3.375%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.625%

Bank of America Refinance Rates

30-year fixed 4.875%
5-year ARM 3.500%
30-year fixed rate, interest only 5.375%
5-year ARM, interest only 3.750%

US Bank Fixed Rates

30-year fixed 4.750%-5.000%
20-year fixed 4.500%-4.750%
15-year fixed 3.875%-4.250%
10-year fixed 3.750%-3.875%
FHA 30-year fixed 4.750%
FHA 15-year fixed 4.250%

US Bank ARMS

3-year ARM 2.750% – 3.375%
5-year ARM 3.250% – 3.625%

DISCLAIMER: Maximum Original Principal Balance for Loans Closed in 2011

Places: Continental United States            Alaska, Hawaii, Guam

Units     General         Higher Cost          General      Higher Cost
1            $417,000     $729,750             $625,500     $938,250

2            $533,850     $934,200               $800,775     $1,201,150

3             $645,300     $1,129,250            $967,950     $1,451,925

4            $801,950     $1,403,400              $1,202,925     $1,804,375

The limit may be lower for a specific high-cost area; use the Loan Limit Look-Up Table above to see limits by location. These limits are the same as the 2010 high-cost area loan limits and apply to all loans originated on or before September 30, 2011. Loans originated on or after October 1, 2011, will use the

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Free Legal Mortgage Foreclosure Consultations in Nassau County, New York

by Alex Ferreras on April 4, 2011

in Mortgage Assistance

(LoanSafe.org) - Home foreclosure filings in Nassau County continue to be among the highest in New York State. To get assistance in this ongoing foreclosure crisis, events like this one are recommended to attend. Attendees must bring their mortgage documents. Attorneys who speak Spanish, Creole and Russian will be on site to assist home owners at the event. Attorneys bi-lingual in Korean, Chinese, Hindi and other languages will be made available upon request when homeowners call to make reservations.

at the event, attendees will get to talk face to face with housing counselors, and will get assistance with loan modifications and other foreclosure mediation.

Reservations are required by calling the Bar Association at 516-747-4070.

Date of Event: April 14, 2011

Time of Event: 3:00pm

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Second Fresno County Pot House Mortgage Fraudster Sentenced

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(Source: DEA) FRESNO, Calif.- United States Attorney Benjamin B. Wagner and U.S. Drug Enforcement Administration Special Agent in Charge Anthony D. Williams announced today that Shirley Wong, aka Ngoc Li Vuong, 43, of San Jose, was sentenced to 21 months in prison for conspiring to commit mail fraud in connection with the financing and acquisition of two houses in Fresno and Clovis that were later used for marijuana cultivation. Wong was also ordered to pay restitution to the lenders who were forced to foreclose on the properties and suffered a loss of $342,095.

Wong admitted in her guilty plea that she bought two houses with the help of real estate agent and co-defendant Monique Le Nguyen. The Clovis house came to the attention of law enforcement when it caught fire, and Clovis Police found approximately 200 marijuana plants growing inside it. The Fresno house was also intended to be used for the indoor cultivation of marijuana. Loan applications for both the Clovis and Fresno residences falsely stated that the properties would be owner-occupied, misrepresented Wong’s employment, overstated her income and bank account balances, and used falsified bank records.

Last December, Nguyen was sentenced to a 20-month prison term following her guilty plea to the mortgage fraud conspiracy. Wong has been detained since February 2010.

This case is the product of an extensive investigation by the Organized Crime and Drug Enforcement Task Force (OCDETF), an interagency program which investigates and prosecutes major drug trafficking organizations throughout the United States. The DEA led the investigation with assistance from the U.S. Attorney’s Office’s Mortgage Fraud Task Force, Fresno County Sheriff’s Office, Clovis Police Department, Fresno Fire Department and Mendocino County Sheriff’s Office. Assistant United States Attorney Karen Escobar is prosecuting the case.

SOURCE: DEA

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Should you accelerate mortgage loan payments?

« All-cash deals made up 28 percent of home purchases in 2010
Should you get a mortgage if you have bad credit? »

Many Americans have slashed their spending and are doing without in order to pay off debt and lessen the effects of the troubled economy. Paying off mortgage loans early has become more popular, something that many financial experts have traditionally advised against.

Getting free of a mortgage

The argument for accelerating payments on a home mortgage is that you build equity faster and ultimately will own it free and clear of any debt obligation. You will always have the security of knowing that the place is yours as long as you want it to be. Paying off a home mortgage in full also would likely free up a significant chunk of your income, allowing you to have more control and freedom to use it for other purposes.

Using income for other investments

Those who are against accelerating mortgage payments often cite the loss of the mortgage interest tax deduction. They also point out that instead of putting extra cash toward a home loan, the money could be invested in mutual funds or other investments that may earn you more money. Also, during the years when you are accelerating mortgage payments, you may have less income to put toward other things.

Biweekly mortgage payments

Before you starting attacking your mortgage debt for a faster payoff, learn as much as you can about the various methods. Biweekly mortgage loan payments can allow you to pay off a 30-year mortgage about six years ahead of schedule. Instead of making mortgage payments once a month like a lot of borrowers do, you make a payment every two weeks. So instead of making 12 payments a year it works out to 13 payments.

Most mortgage lenders allow biweekly payments, but usually charge a fee to set it up. Skip the fee and set up your own biweekly mortgage payment plan. Check with your mortgage lender to see if you can send half of the payment every two weeks. If the lender won’t allow it, divide the monthly payment by 12 and add that amount to the payment on the principal each month.

Use cash windfalls

Use bonuses and other cash windfalls to pay down mortgage debt. Make sure you don’t need the money for other expenses that are more pressing than paying off a mortgage. For instance, putting lump sums of cash toward credit card debt can wipe out high interest payments, which would give you a better return on your money than paying off low interest mortgage debt.

Tags: accelerate mortgage, home loan, home mortgage, mortgage, mortgage loans

This entry was postedon Sunday, March 13th, 2011 at 12:30 pmand is filed under General Mortgage Info.You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

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Should you get a mortgage if you have bad credit?

« Should you accelerate mortgage loan payments?

Advertisements promising mortgages for those with bad credit are a dime a dozen. But often, the claims are exaggerated and mortgage loan applicants are turned down because they are seen as too big of a risk. When people are approved for a loan even though they don’t have great credit, they end up paying more because of high interest rates. You may be determined to not let having bad credit keep you from getting a mortgage, but should you really get a loan?

Not-so-ancient history

The reason mortgage lenders review your credit history is to determine what kind of consumer you are. Having bad credit is a sign that something in your past and present has kept you from being financially responsible. Maybe you fell on hard times after a job layoff, divorce or major illness in your family. However you got to where you are, money has been handled in a way that indicates that lending money to you at this time might be a mistake.

Questions for you

Getting a home loan is a major financial decision that can really backfire if not handled properly. Ask yourself the following questions before applying for a mortgage:

Are you really ready to take on the payments for the mortgage loan, taxes and insurance? Tax payments are set by your town based upon a property assessment, but mortgage and insurance payments will be affected by your credit score.Why can’t you wait to buy a home? Are you currently living in a rental and having difficulty keeping up with the monthly payments? Getting a mortgage loan isn’t going to improve that dilemma in most cases. Remember, owning a house means you’ll be responsible for repairs, upgrades, yard work and anything else that comes up.Why should mortgage lenders trust you to repay a loan? Be honest about your financial behavior up to this point. Have you been dishonest with others and yourself when dealing with bill collectors and creditors? Are you constantly making excuses for why you’re late with payments? Do you tell your kids or other family members to lie to bill collectors when they call? These are signs that you probably are not ready to get a home.

Repair credit before mortgage application

The bottom line is that going through the steps to repair credit can prepare you for getting a mortgage loan down the line. If you need help doing this, find a reputable debt counseling agency in your community.

Tags: home loan, mortgage, mortgage lender, mortgage loan, mortgages

This entry was postedon Friday, March 18th, 2011 at 11:12 amand is filed under General Mortgage Info.You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

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