Yesterday we heard the news that the First Time Homebuyer Tax credit that was slated to expire on November 30th, 2009 is being extended until next spring. Future homeowners need to get under contract before May 1st 2010 to take advantage of the extension. This is great news for realtors, mortgage people and most of all buyers in light of the current low mortgage rates.

Congress just passed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Whether we have missed a house payment or not, thoughts of mortgage modification are likely to cross our minds. But, along with the hope of paying less every month, comes the fear that our credit ratings will be adversely affected.

Everybody hates private mortgage insurance or PMI. Some say it should be illegal. Mortgage insurance is a fee that the customer pays to protect the interest of the lender. Typically any loan that is more than 80% loan to value of the house will have private mortgage insurance attached to it. Witnessing what has occurred in the mortgage world over the last few years it seems more justified that lenders can charge a premium for loans with little or no equity.

California legislators have been busy enacting several new laws that directly impact the California Housing market for both the homebuyer and homeowners.

On Monday, the U.S. federal government launched a new program aimed at helping to stabilize the U.S. housing market. The program will use government-backed mortgage giants Fannie Mae and Freddie Mac to provide temporary financing for housing finance agencies.

Despite all the efforts from the federal government and the mortgage lenders, foreclosures are still increasing. On Thursday, RealtyTrac released a report that shows foreclosures were up in the third quarter.

The deadline for first-time home buyers to get the credit is approaching fast. If some Congress members have their way, that deadline will be extended and the program will be opened up to everyone.

Government site big help for homeowners who are behind in their payments, or who cannot refinance.

Reverse Mortgage Disadvantages; I believe that it is not the right loan for everyone and I let everyone know that in our conversations. One drawback to the HECM program is its cost...

According to the Mortgage Bankers Association the current mortgage rates are officially under 5% with purchase applications jumping 13.2% and refinance applications jumping a whopping 18.2% compared to the previous week’s results. Remember when we are quoting averages of mortgage interest rates, the average usually assumes there is .6 % of an origination point or fee involved.

Providing service in the mortgage business means ensuring a smooth and easy process and providing “absolute red carpet treatment” for the customer. Half of the mortgage person’s job is finding the customer through marketing and the other half is guiding them through the mortgage loan process hopefully making for a happy experience. We are always looking for ways to make the process of getting a mortgage easier because ultimately that will reflect positively on us and hopefully lead to more business.