A recent study by Bank Rate found that while mortgage rates have plummeted from a year prior, the fees associated with processing a mortgage loan have soared by roughly a third.  This is/was to be expected however, as increased borrower scrutiny increase the time and costs associated with the new requirements imposed by Fannie and Freddie.

The Fed has targeted ultra low mortgage rates (and interest rates overall) to help prod a sluggish economic recovery.  The more money in YOUR hands (due to interest cost savings) the more money you’re likely to spend, and the more jobs and growth is created.  While the recovery is anemic at best, the economy does seem to have stabilized to some extent.

Due to the increase in lender fees and mortgage costs, it’s ever more prudent to have multiple lenders quote your loan.  The lowest interest rate may not always be the best deal, as buried and back end fees may substantially reduce your economic gain on a mortgage refinance or home purchase.

Free mortgage rate quotes are here online NOW! While LoanEXA is going through a minor re-design to properly note this fact, at no point in time will be you be asked for any form of payment to use the LoanEXA system.  Give LoanEXA a try – you have NOTHING TO LOSE, and THE LOWEST MORTGAGE RATE AND FEES TO GAIN!

Press Release
August 3rd, 2010
Las Vegas, NV

LoanEXA’s online mortgage rate and home loan quote service will soon be made available FREE to all borrowers, and the $24.95 per quote fee will be waived indefinitely in an effort to increase visitor traffic and mortgage rate quote volume for our registered loan advisor professionals.

The LoanEXA system allows borrowers to quickly and anonymously get live mortgage rates online with far less hassle than conventional methods. While other websites claim to provide anonymous loan quotes, only LoanEXA truly provides this through the borrower friendly system we’ve created. Other sites simply collect your information, only to farm it off to a third party or internal sales person. LoanEXA is the exception to the rule in online home loan and mortgage rate quotes!

While the website is currently 100% free, a minor site re-design is in the works to accurately reflect the loan quote fee being waived.

FEEL FREE to use the LoanEXA system NOW AT NO CHARGE! At NO POINT in the mortgage rate quote process will you be asked for any credit card or payment information.

Stay tuned for more information and a minor website redesign to come!

Most people incorrectly assume their home is still worth more than it really is.  The fact is if you’re looking for a loan or home mortgage – prepare to be shocked by the appraised value.  In fact in many cases the appraisals are coming in lower than buyers are willing to pay for a home!

We’ve put a home loan value “what’s my home worth” resource page here.

Today’s mortgage rate environment is difficult at best, which is why it’s ever increasingly important to hire the RIGHT loan expert to help you find the most appropriate loan or mortgage for you.  Get and compare the best mortgage rates from any number of sources online, and interview your new loan consultant.  There’s an eBook “How to get the best mortgage in the post meltdown era” right on the home page to help walk you through the process.

Mortgage rates are still low, and likely to stay low for a little while longer as the economy still remains in a slump.  If you have equity and need to refinance your mortgage – hire a mortgage expert today by filling out the form above!

After a several week surge upwards, mortgage rates finally took a breather this week as the average 30 year fixed mortgage dropped to 5.38% down from 5.59% according to Freddie Mac.  Some 30 year fixed rates were being quoted as high as 6% a couple of weeks ago, whereas a couple of months ago those same home loans were going for near 4.5%.

15 year fixed mortgage rates dropped to 4.89%, and five year adjustable rate mortgages dropped to 4.97%.  All good signs for the housing market and the economy overall!

Mortgage rates have been volatile, and it’s highly important if you’re shopping for a mortgage that you compare home loan quotes online early and often to make sure you get the best rate for your situation!

Last week the Federal Reserve took aggressive action to reduce the cost of borrowing and spur lending activity throughout the economy.  The Fed, still reeling from a broken economy and lackluster credit market announced a massive plan to purchase long term treasury bonds and other mortgage backed securities – thereby dropping the rates associated with those assets.

30 year fixed rate mortgage quotes are hovering in the mid 4% range to 5%.  These are some of the lowest mortgage rates ever seen, and the goal would be to spur more lending, more home buying, more refinancing of home loans to help stabilize the real estate markets and put more cash in current homeowners pockets as they save money in interest expense.

This action has ballooned the mortgage refinancing activity over the last couple of weeks and provided many an opportunity to recognized real dollar benefits from taking advantage of the lower rates.

We’re also seeing signs of life as reports hit the wire yesterday that housing sales were up, housing starts were up, and while the median home price has dropped it’s still encouraging to see real activity in the largest component of the economic mess this country is in.

Loanexa Admin

One thing that strikes me as loan advisors are introduced to the Loanexa mortgage rate quote and home loan advisor matching system, is it really seems there are two types of loan advisors left out there:

1. The Good – It’s inspiring to see there are loan advisors out there who embrace the competitive nature of the Loanexa system.  These are the advisors with integrity, the ones that don’t balk at the Loanexa Home Loan Advisor’s Pledge, and the ones that genuinely want to serve their clients interests first and foremost.  They don’t have an issue with the borrowers staying anonymous, because they’re confident their quote, their reviews and (borrower entered) Loanexa Star Rankings, and their loan advisor profile will help them win the borrowers trust and eventually their business.  To The good loan advisors out there, it’s perfectly fine to spend a few minutes quoting a borrowers loan request, because they know they have an excellent shot at being the borrowers selected loan advisor.
2. The Not-So-Good – There are still some not-so-good loan advisors out there, and I’m being nice by calling them “not-so-good”!  Some work as brokers, others as lending agents.  These are the mortgage reps that don’t care to spend 5 minutes quoting the borrowers mortgage rate quote request, because they just want a name and number to call and exercise their superior sales skills at closing your business.  These are the mortgage reps that don’t want to compete against other loan advisors, because they know they’re not competitive price or service wise.  These are the loan advisors who don’t want to adhere to the Loanexa Home Loan Advisor’s Pledge, because maybe they don’t believe in honesty and integrity with client’s borrowing needs.  These are also the ones that know Loanexa Management is monitoring borrower reviews and lender quotes, and that they don’t stand a chance of remaining in the Loanexa system because their business principles don’t match with Loanexa’s or the needs of Loanexa borrowers.

To The Good, welcome and we hope to send you many interested borrowers and help you grow your business.  To do this you’ll need to act with honesty and integrity, and you’ll need to provide Loanexa borrower’s an excellent experience along with highly competitive mortgage rates and loan fees.

To The Not-So-Good – thanks for visiting Loanexa, but chances are you won’t last in the system for long – so we recommend you focus your marketing efforts through other means.  This program isn’t meant for you… because we want EVERY INTERACTION BETWEEN LOAN ADVIOR AND BORROWER TO BE EXCELLENT FROM QUOTE TO CLOSE!

Greg

After seeing government engineered sinking mortgage rates and a quick surge in mortgage refinancing over the last several weeks, last week mortgage applications dropped to levels not seen since last November.  The 30 year fixed loan rate is hovering in the low to mid 5% range where it had previously been in the high 4% range earlier in January.

Where do mortgage rates go from here?  I don’t believe anyone can say with any real certainty, however I personally believe it’s unlikely to see them fall substantially from current levels.  The credit markets are still in disarray and lending institutions are pricing in higher risk premiums.

If you’re considering refinancing or buying a home – now certainly seems like a good time to act considering where mortgage rates are currently.  While the obvious directive of the new administration is to get and keep mortgage rates lower, helping to stabilize the sagging real estate market, it remains to be seen just what ammunition they have left to try and make this happen.

Countrywide may be working towards helping nearly 400,000 borrowers by lowering mortgage loan rates for some subprime and option arm (adustable rate mortgage) home loans to 2.5% for a limited period. Some borrowers who owe more than their home is worth may even see a possible workout of their mortgage terms and a reduction in mortgage principal balance.

In an effort to help appease consumer advocacy groups, these mortgage loans may be adjusted by Countrywide – now owned by Bank of America – to a lower interest rate temporarily. While not a permanent solution by any means, every little bit helps if even a small percentage of foreclosures are avoided.

Countrywide Home Loans was one of the worst culprits in the mortgage loan meltdown. It’s fitting that they pony up and start helping some of the homeowners that many say were “tricked” into inappropriate mortgage loans.

State Attorney’s from 11 states settled the massive lawsuit against Countrywide today, totalling a whopping 8.6 BILLION dollars! Bank of America which purchased the troubled mortgage lender will end up footing the bill for settlement.

If you have a mortgage originated by Countrywide Home Loans BEFORE 12/31/07 which has a sub-prime, negative amortization, pick your payment, interest only or adjustable rate component you may be eligible to have your loan terms modified to a lower rate (potentially as low as 2.5% for a five year fixed period) and possibly even qualify for a principal reduction.

Currently California, Arizona, Connecticut, Florida, Iowa, Michigan, North Carolina, Ohio, Texas and Washington are participating in the lawsuit.

The settlement will affect some 400,000 homeowners across the country if all 50 states join, and it may have farther reaching imlications of setting a standard of other lenders adjusting a debtor’s loan terms and principal balance.

President Bush signed into law the HOPE for Homeowners legislation on 10/1/08. In short, it is designed to help those at risk of foreclosure refinance their mortgage loans into more affordable, sustainable loans. The program remains in effect until 9/30/2011, and could help up to 400,000 homeowners.

Homeowners may contact their lender to see if they qualify for the program, loan servicers working with borrowers in trouble with their mortgage payments may determine the borrower would be eligible, originating lenders working with distressed homeowners looking for ways to refinance them may determine this program is appropriate, OR counselors working with borrowers in trouble AND their lenders may reach a mutually agreeable solution to avoid foreclosure.

Eligibility criteria include:

• Their mortgage must have originated on or before January 1, 2008;
• Their mortgage debt-to-income must be at least 31 percent;
• They cannot afford their current loan;
• They did not intentionally miss mortgage payments; and
• They do not own second homes.

Features of FHA-insured loans under the new program include:

• 30-year, fixed rate mortgage;
• Maximum 90 percent loan-to-value ratio;
• No prepayment penalties;
• $550,440 maximum mortgage amount;
• Extinguishment of any subordinate liens; and
• New home appraisals from FHA-approved appraisers.

The program is backed by FHA and it’s voluntary for lenders whether or not they choose to participate.