New Website Offers Guidance on Mortgage Questions

If you are wondering who qualifies for the government program for mortgage help, you can now check online.
The Obama administration introduced a Web site on Thursday to help troubled homeowners find out if they’re eligible for any relief under its loan modification or refinancing programs.    MakingHomeAffordable.gov

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Freddie Mac survey shows interest rates near record lows

Rates on 30-year mortgages plunged this week to the lowest level since January, and may fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week, down from 5.03 percent [...]

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Mortgage rates drop thanks to Fed announcement

Mortgage rates are dropping thanks to news that the Federal Reserve will buy another $750 billion in mortage backed securities. Read the press release here.
Bottom line: good news for those in a position to buy a home in the Seattle area.

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ING Bank files lawsuit for alleged local fraud scheme

Finally, it appears some people may start “paying” for the ridiculous amount of fraud that took place in the real estate and mortgage industry over the last few years.
ING Bank, the nation’s second-largest thrift, has filed an unusual racketeering lawsuit in federal court, alleging a criminal conspiracy by a local escrow agent, a mortgage broker and [...]

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Fixed Rate Mortgage Report for February

Freddie Mac Monthly Average Rate & Points for 30 Year Fixed Rate Mortgages
 

 
2009
2008
2007
2006
2005

 
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts

January
5.05
0.7
5.76
0.4
6.22
0.4
6.15
0.5
5.71
0.7

February
 5.13 
 0.7 
5.92
0.5
6.29
0.4
6.25
0.6
5.63
0.7

March
 
 
5.97
0.5
6.16
0.4
6.32
0.6
5.93
0.7

April
 
 
5.92
0.4
6.18
0.5
6.51
0.6
5.86
0.6

May
 
 
6.04
0.5
6.26
0.4
6.60
0.5
5.72
0.6

June
 
 
6.32
0.7
6.66
0.4
6.68
0.5
5.58
0.6

July
 
 
6.43
0.6
6.70
0.4
6.76
0.5
5.70
0.5

August
 
 
6.48
0.7
6.57
0.4
6.52
0.4
5.82
0.5

September
 
 
6.04
0.7
6.38
0.5
6.40
0.5
5.77
0.6

October
 
 
6.20
0.6
6.38
0.5
6.36
0.4
6.07
0.5

November
 
 
6.09
0.7
6.21
0.4
6.24
0.5
6.33
0.6

December
 
 
5.29
0.7
6.10
0.5
6.14
0.4
6.27
0.5

Annual Average
5.05
0.7
6.03
0.6
6.34
0.4
6.41
0.5
5.87
0.6

~Freddie Mac

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What is a mortgage “Cramdown”

Last week many of you received my real estate newsletter.  In it I had some of the programs that are coming out of the Obama stimulus plan.  I received many inquiries as to what a “cramdown” was, based on this section:
Foreclosure Relief
Those who are “upside-down” on their mortgages (owing more than the property’s value) will [...]

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The New Obama Swing Set

“A climbing wall, tire swing… and in the back it even has a slide so you can pretend to be the Dow Jones Index”  (Thanks Stephen Colbert).

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Open Houses This Sunday, March 8th

This Sunday I have two great open houses.  The first is a gorgeous “studs out” remodel of a 1914 Craftsman in Phinney Ridge.  Completed to maintain the era details yet provide maximum energy efficiency.  Finished with a Four Star Built Green rating.  The home will be open from 1:00 to 5:00.  A definate must see.  [...]

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Don’t Forget Daylight Savings Time

Don’t forget to Spring forward this weekend.
Did you know?
Benjamin Franklin first suggested Daylight Saving Time in 1784 to conserve lamp oil.  But, it was not until World War I that it was adopted by several counties in Europe that initially rejected the idea.
In case you hadn’t noticed over the last two years, Daylight Savings Time now begins [...]

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