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CT Mortgages - As a self-employed borrower are there any additional documentation requirements?

CT Mortgages - In this video, Sandra A. Montanari discusses additional documentation requirements for self-employed borrowers. The Diamond ...

Mortgage rates reach highest level in nearly two months

When the Federal Reserve met earlier this week, it did not raise interest rates, but it did signal a September hike was likely. The central bank has raised its benchmark rate twice this year and indicated that two more increases are possible before the end of the year.

The Fed doesn't set mortgage rates, but its decisions influence them. A better indicator of where rates are headed is the movement of long-term bonds. This week, the yield on the 10-year Treasury crossed the 3 percent threshold. It hadn't closed at 3 percent since late May. When yields rise, so do home loan rates.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that nearly half the experts it surveyed say rates will move higher in the coming week. Elizabeth Rose, a sales manager at Nations Lending, is one who expects rates to go up.

"With a constant stream of good news in the economy, mortgage bonds are under pressure," Rose said. "When economic news is good, mortgage rates rise - and this trend is likely to remain in place. In the coming months, the Treasury will increase the amount of debt supply in the market, adding additional pressure to mortgage bonds and keep mortgage rates on the uphill climb.

Escrow-free loans: money-saver or major credit risk?

Traditionally, borrowers granted waivers from mandatory escrow accounts have had good to excellent credit scores and substantial down payments — often 20 percent or more. Opening the door to escrow-free status for borrowers who don’t fit this profile is raising eyebrows in the mortgage field. Michael Fratantoni, chief economist for the Mortgage Bankers Association, said it would be “a troubling development” if large numbers of new buyers with subpar credit opted out of escrow accounts, exposing them to potential problems down the road.

A little background here: Escrow (or impound) accounts are standard features on many conventional home mortgages in the U.S. They require the borrower to deposit money in advance for later payment of local property taxes and hazard-insurance premiums by the lender or loan servicer. The idea is that individual borrowers are more likely to forget — or otherwise fail to pay — insurance and tax bills that come due annually or semi-annually. Failing to make those payments exposes the property to foreclosure, endangering the lender’s collateral and the owner’s equity.

where can i find info or help on getting a mortgage in florida. I love in ct and i want to move to florida,?

I have 3 properties in ct that i am in the process of puting them up for sal enext week, a condo i own (no mortgage), my condo that i owe 65k but its worth 110k,and a 3 family i owe 120k but worth about 225k.


You need to contact a mortgage consultant who is able to do business in FL. They will be able to perform a basic interview to verify and analyze your situation, and make recommendations on what programs would be best for you.