Fannie Mae and Freddie Mac, the former mortgage giants shamefully taken into conservatorship by the government, have now suffered another indignity. They were both delisted from the New York and Chicago stock exchanges. Ouch! The NYSE said they asked them to be removed due to low share prices, but they both have had low share [...]

A few days ago the Treasury Department announced their unlimited support for the two GSE’s, Fannie Mae and Freddie Mac. Many speculate sticking this potential bombshell of a story in the holiday news cycle was intentional leading to even more sinister assumptions. The most ‘horrible’ rumor circling the banking industry is Obama wants to give [...]

15 year mortgage rates are always lower than the 30 year. The longer the mortgage term, the more expensive it is. So the rate for the 15 year is less than the 30 year. The problem is even though the rate is lower, the payment is higher. Since the mortgage is amortized over a shorter [...]

Condo mortgage rates are higher than a single family home. Or, is that just what you get told out there? The rate for a condo is technically not higher but there is an added cost for condos with less than 25% equity. Any mortgage with extra risk like a condo has added costs. You can [...]

Investment mortgage rates can be the same as your primary residence mortgage rates. But that is not what you are told out there. An investment or non owner occupied mortgage is a mortgage on a property you do not live in. It is for rental properties. Investment Mortgage Rates Revealed A non owner occupied mortgage [...]

A mortgage appraisal is full of misperceptions and it is frustrating when something goes wrong. We are addressing the most common appraisal complaints and what you can do about them. First let’s define a mortgage appraisal. A licensed appraiser researches other properties to find homes that have sold in the last 6 months that are [...]

Automated underwriting is performed on every mortgage these days whether you know it or not. It can be done upfront when you take the application or later when the mortgage is submitted to underwriting. Obviously, it is much better to know upfront instead of wondering if you are approved farther into the process. Automated Underwriting [...]

It was announced today both Fannie Mae and Freddie Mac will implement a ban on foreclosures and evictions on occupied 1-4 unit properties from November 26th to January 9th, 2009. This is the first sign of compassion I’ve seen from the GSE’s since the foreclosure crisis began a few years ago. This will ease the [...]

Ameribank Inc today became the first West Virginia bank shut down by the FDIC. Ameribank depositors in Ohio will now bank with The Citizens Savings Bank and those Ameribank depositors in West Virgina will go to Pioneer Community Bank, Inc. Ameribank Fails Ameribank Inc had assets of $115 million and deposits of $102 million, not [...]