Sean Murphy's (coast0downlender) Blog

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Mortgage and Lending - Centennial Mortgage Corp.
RECENT BLOG POSTS
Is your rate 6% or above?  Do you have an FHA loan with an adjustable rate?  Did you know that on a $200,000.00 loan a 1% lower rate would save you over $125.00 a month.  2% lower more than doubles that.  Let me get you a 30 year fixed rate as low as 4.875%.  Even if your credit is not as good as...
08/04/2009
The housing industry's had a rough few years.  Foreclosures are way up, home values are way down, and -- pardon my french --  but mortgage underwriters are so tight that if you stuck a lump of coal up their fist, in two weeks you'd have a diamond. The upside of it all is that today's home buyers ...
07/29/2009
Over the past 2 two years, mortgage guidelines have tightened and one of the lasting impacts on home buyers is that it now takes a larger downpayment to buy a home. It's as true for conventional home loans as it is for FHA ones -- banks want to see more of home buyer's own skin in the game. Unfor...
07/29/2009
As strict as mortgage underwriting has been lately, it may seem that there's a magic formula to getting approved. Truth is, there's not. Getting approved for a mortgage is the same as it ever was, just with higher hurdles. Satisfy the Mortgage Income-Equity-Credit Triangle and everything else is ...
07/29/2009
The $8,000 First-Time Home Buyer Tax Credit expires December 1, 2009. If you're planning to claim use the credit and haven't started looking for a home, your clock is officially ticking.  You must be closed on your new home on or before December 1. Because purchase closings come 60-days standard,...
07/29/2009
Mortgage approvals are getting more difficult.  Again. After reviewing recent unemployment data and market fluctuations, plus patterns of mortgage fraud, Fannie Mae is making major mortgage guideline changes for the first time in more than 6 months. The changes are broad, impacting 15 separate ar...
07/29/2009
Whether you're buying a home in Louisiana or refinancing one, there's lots of ways to make a play for lower mortgage rates or fewer loan fees.  For Example: Have a higher credit score Make a larger downpayment But, sometimes, the easiest way to save money on your mortgage is by picking a better c...
07/29/2009
It's been a wild few months in the mortgage markets and a trying time for mortgage rate shoppers. Making sure you get the absolute "lowest rate" has never been tougher.  Rates are up.  Then, rates are down.  Rates are up.  Then, rates are down.  Over the past 5 weeks, mortgage rates have carved o...
07/29/2009
Are mortgage rates going up? Are mortgage rates going down? Bankrate.com has a mortgage rate survey that is for conforming mortgages only. It does not apply to FHA mortgages, VA mortgages, jumbo mortgages, or foreign national mortgages. For rate quotes, contact me directly. The group's 30-day pre...
07/29/2009
It's transcended trending -- it's now a given.  Foreclosures regionalize. In June, for the brazillionth time in as many months, just 3 states accounted for half of the country's foreclosure-related activity.  The top 10 states accounted for 75%. Clearly, the foreclosures crisis doesn't impact eve...
07/29/2009
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