“”Until recently, borrowing money for a new kitchen, second-story addition, or other home improvement meant going to the bank, seeing a loan officer, and hoping for the best. Today, however, you have many more options. A mortgage broker, for example, can offer more than 200 different loan programs. And brokers are just one of the [...]

Well during the past year and a half the lending landscape home buying home buying has changed profoundly. Guidelines have been rewritten, loan programs completely canceled, “SO!” here we are. You can’t even get an equity line today! I’ve seen quite a few loan programs in my time in the lending industry.

Existing home sales jumped 7.2% in July - the biggest monthly gain on record. First-time homebuyers are purchasing about one third of all homes sold. This is largely due to the tax incentive, interest rates hovering at historic lows and housing affordability at its best level in more than a decade.

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On Monday, August 3, the Commerce Department reported total construction spending rose 0.3% in June to $965.7 billion.
Economists had expected a 0.5% decline. Meanwhile, construction spending in May was revised slightly upward to a 0.8% decline.
The Institute for Supply Management reported the monthly index of manufacturing activity rose to 48.9 in July from [...]

Changes to the Truth in Lending Act:
What You Need to Know!
Regulation Z of The Truth in Lending Act (TILA) has undergone important changes that you need to know about when talking to your clients.

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On Monday, July 20, the Conference Board reported that its index of leading economic indicators rose 0.7% in June after a revised 1.3% gain in May.
It was the third straight monthly increase and an indication the recession might be nearing an end. Economists had expected an increase of 0.4%.
According to the ICSC-Goldman Sachs [...]

Todd Duncan Joins Prospect Mortgage as Chief Performance Officer - Prospect Mortgage (www.MyProspectMortgage.com) has announced that Todd Duncan, a renowned motivational speaker, sales trainer and best-selling author, has joined the company to lead a comprehensive sales, leadership and time management training program designed to drive its national sales team to the highest performance level in the industry.

On Monday, June 1, the Commerce Department reported total construction spending unexpectedly rose 0.8% in April. Economists had expected a 1.2% decline. It was the biggest gain since August 2008 and marked the second straight month that construction spending has risen after a 0.4% increase in March.

A Difference Indeed
A quit claim deed is the legal way that one person (the grantor) transfers real property, such as a house or land, to another person (the grantee). As an example, a divorcing husband may quit claim his interest in certain real estate to his ex-wife. While the concept is simple and straightforward — [...]

Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable to all Americans, now offers HomePath, a special new home loan to finance the sale of its current real estate owned (REO) properties across the country.
Lower down payments and relaxed requirements mean more homeshoppers can become homebuyers. HomePath helps you [...]