Day: August 12, 2012
Mortgage Rates Rise For First Time in 3 Months
While mortgage closing costs are on the decline, actual mortgage rates are on the increase. For the first time in over three months, the rate for a 30-year fixed rate mortgage rose to 3.55%, up from last week’s 3.49%. These are the lowest rates since the 1950’s, when long-term mortgages were first introduced. These historic low… Continue Reading
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Main Street Case Study
I’m back again with another “My Life in Real Estate” rehab videos. In this one, we’re at 5494 Main Street and we just closed on it four days ago. This one is a real diamond in the rough. It’s located right across the street from the Portage Lakes near Akron, which is a prime location…. Continue Reading
Read MoreForeclosure Errors Cost Banks $125,000… or $15,000… or…
Late last year, banking regulators set out to put a price on foreclosure errors for victimized homeowners. It’s going to cost banks $125,000. Or maybe $15,000. Or perhaps just $500. Pretty clear, huh? How is the actual amount determined? The regulators finally released their “framework” of possible outcomes from 13 different mortgage servicing “errors.” Each of… Continue Reading
Read MoreMortgage Closing Costs Vary By State
Mortgage closing costs can vary widely by state, according to a recent survey by Bankrate.com. The average closing costs on a mortgage fell by 7% to $3,754, with New York being the most expensive with a cost of nearly $5,500. On the other extreme is Missouri at $3,000. Interestingly, Ohio ranks #11 on the list, with… Continue Reading
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