Tag Archives: banks

New Year Brings New Loan Requirements

Starting January 1, 2014, there will be a multitude of changes in mortgage lending practices as a result of the implementation of the, “Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010”. In short, some 16 new and heavy regulations on banks and lending institutions will go into full effect. Here are some of the ways the Act will affect you…

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Mortgage Interest Rates On 5 Week Rise

Mortgage interest rates are on the rise. For five consecutive weeks 30 year fixed mortgage interest rates have gone up and it has caused a panic in both the lending and housing markets. The weekly rise has averaged 10 points bringing interest rates that were around 3.50 percent to currently tipping over the 4 percent mark. Applications for home loans have spiraled down. Why the rapid increase in historically low mortgage…

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Homebuyers Mystified by Mortgages

Homebuyers. Francis Bacon said, “Knowledge is power.” But a recent survey just released about home buyer’s knowledge about mortgages and mortgage lending reveals that a lot of us have something to learn and it’s costing us money. “Time is money” said Benjamin Franklin. If you are having any thoughts of buying or refinancing a home now is the time to learn about financing….

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Mortgage Rates, Affordability and Foreclosures

Mortgage Rates, Affordability and Foreclosures are on the move. Some are rising and others falling. But all are on the leading edge of a recovering real estate and housing market. It’s hard to believe that the highest mortgage interest rate this year for a 30 year fixed loan has been only 3.85 percent. That happened last March 13. The national average for this past week was at 3.71 percent. Some economists are watching…

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Coastal Property Insurance Pool

The Coastal Property Insurance Pool, formerly known as the Beach Plan, was created in 1969 by the North Carolina General Assembly to provide an adequate market for essential property insurance, ensuring the economic welfare of the beach and coastal areas of North Carolina. The Coastal Property Insurance Pool is not a facility of North Carolina state government; however, the plan of operation is subject to…

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