Mortgage Update

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Mortgage and Lending - LX Financial LLC
Mortgage Update - Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.
RECENT BLOG POSTS
Until last summer commercial loan modification was not an unfamiliar concept and residential modifications were virtually unheard of. Now the need for commercial modifications is increasing. Contact me if you have a situation to evaluate. // Rates are down to just over 5% for 30-yr fixed. //  Re...
03/15/2009
The Obama plan now called the "Making Home Affordable Program" (MHAP) is good. Details. It has been said that it cuts the Gordian Knot. While it covers only a limited number of scenarios it establishes well-defined criteria for refinances for properties under water (to 105% for now), and loan mo...
03/08/2009
The Homeowner Affordability and Stability Plan (HASP) is launching March 4th. Read about the details here. Meanwhile getting a loan is getting tougher across the board: higher credit scores, more down payment, higher PMI rates, surcharges - and more. See below. Not pretty - Paul Homebuyer Tax Cr...
02/28/2009
The Homeowner Affordability and Stability Plan (HASP) is by and large good news. The devil is often in the details with newly announced initatives, and I will keep you posted as more specifics become known. March 4 is the date when most initiatives launch. The plan will help many, but not all - a...
02/22/2009
Obama to detail foreclosure plan on Wednesday President Obama will release the details of his foreclosure prevention plan Wednesday, the White House announced today as several large banks pledged to temporarily stop foreclosures until the program is in place. Read more   Housing plan to fund inte...
02/13/2009
Rates are up, and from my point of view high volumes have a lot to do with it. Lenders raise their rates (or not lower them) because they have too much business. Some mainstream lenders have turn times of up to a month, and even longer. No kidding. // Loan mod terms are much better now, and may ...
02/07/2009
A big thank you to all of you who recommended real estate and bankruptcy attorneys to me. It's very helpful. //  It looks like we will shortly discover what the Obama administration has in mind for the housing/mortgage markets. We have heard about 4% mortgages, fed funds for loan modifications, ...
02/01/2009
Rates keep coming down (and lenders are swamped), DPAs may be coming back, the terms of loan modifications keep getting better. More loan options for investment (to 90% ltv) are starting to appear, at somewhat better rates. And it looks like the Obama administration is poised to introduce new in...
01/18/2009
The current real estate and financial crisis is unprecedented. The onslaught of daily news reports is overwhelming and confusing, and people are looking for solutions to protect their assets and prevent foreclosure... It is my hope that with this new weekly publication I can provide meaningful in...
01/11/2009
It appears that the stimulus plan set to be proposed by President-elect Barack Obama will include the long-contested "cram-down" proposal, which allows bankruptcy courts to modify the terms of a mortgage loan. The most common criticism is that this will raise the cost of borrowing for everybody b...
01/09/2009
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Paul Luykx

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Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.