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The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a … Continue reading Affordable Financial Services’ Weekly Finance Review Affordable Financial Services is reminding everyone that April is Credit Scores Education Month. Those who are looking to apply for a mortgage should check their credit score, as the federal government has tightened its lending requirements. Credit Scores Education Month is a month-long campaign sponsored by the Consumer Bankers Foundation and the Leadership Conference on Civil … Continue reading April is Credit Scores Education Month The Washington Post reported today that Fannie Mae will charge people more to get a home loan — even for those with perfect credit and can afford to put down a large down payment. The cost for a home loan may be even higher for those with less-than-perfect credit who do not have that much … Continue reading Fannie Mae: Home Loans Will Cost More This Year Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% for … Continue reading As Interest Rates Rise, Mortgage Applications Fall National Mortgage Professional Magazine reported today on its website that mortgage applications were up as interest rates fell for a fifth consecutive week. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed that the Market Composite Index — a measure of mortgage loan application volume — increased 14.6% on the week ending October 8. The Refinance … Continue reading Mortgage Applications Rise As Interest Rates Fall Again Housing Watch reported today that applications for mortgages from the Federal Housing Administration (FHA) increased last week as applicants rushed to fill out the paperwork before the new FHA requirements took effect on October 4. According to data from the Mortgage Bankers Association, the seasonally adjusted Purchase Index rose 9.3% from the previous week to its … Continue reading FHA Mortgage Application Numbers Bounce Back The Wall Street Journal reported today that the Obama administration is launching a mortgage aid program which is aimed at reducing mortgage balances for homeowners who are currently underwater but are not in default. The federal government has set aside $14 billion as a way to modify between 500,000 and 1.5 million underwater loans that could … Continue reading Feds Launch Broader Mortgage Aid Program Today’s Associated Press article reported that the amount consumers owed on their credit cards fell to its lowest level in eight years. According to TransUnion, the average combined debt for bank-issued credit cards — either with a MasterCard or Visa logo — was $4,951 in the second quarter of this year, down 13% from $5,719 … Continue reading Credit Card Debt at Eight-Year Low If finding a job in the current economic climate wasn’t difficult enough, job seekers have one more potential roadblock on the way to securing a new position: their credit file. Based on a recent survey, up to half of employers eliminate potential job candidates with low credit scores. Though some 20 states have introduced recent legislation … Continue reading Credit Scores May Affect Prospective Employment |
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