Homebuyers Get Special Financing Perks for Energy-Efficient Construction

(PR Newswire)- Focus on Energy, Wisconsin utilities' statewide program for energy efficiency and renewable energy, is pleased to announce a first-of-its-kind financing program through North Shore Bank of Wisconsin. Under the new model, homebuyers who plan to build an energy-efficient home through Focus on Energy's New Homes Program will be eligible for lucrative financial rewards not afforded to individuals building a conventional home.

Unprecedented New Home Financing Model
North Shore Bank will now offer home mortgage loans at low rates for Wisconsin residents who build a home through the Focus on Energy New Homes Program.

"North Shore Bank recognizes the financial savings that energy efficiency brings," said Rovinski. "That's why we created a special package to allow higher debt to income ratios for those who have Focus on Energy certified homes. We want this program to succeed and for our customers to love their new efficient homes." Read more here…

Getting A Home Loan In Today's Market

(KTXS)- Getting a home loan has changed a lot the past couple of years. Sub-prime lenders - those who would give out loans to buyers who couldn't afford it - have been put out of business.

The change has affected the number of people able to get a home loan, but money is still available, especially here in Abilene.

A tighter real estate market has given a lot of potential buyers the impression home loans are just too hard to come by.

"A lot of people just don't understand and realize there are other options besides putting 20% down, and that scares them away and they don't ask, I wonder if there is something else for me," said Jeff Dressen, co-manager of Guild Mortgage in Abilene says it's important for folks to know there are still options for a loan. Read more here…

Shorter Term Mortgages Becoming Popular as Mortgage Rates Fall

(LoanRateUpdate)- Shorter term mortgages have grown more attractive to borrowers as interest rates on fixed rate loans continue to decline fueling a 31 percent increase in 15-year fixed rate mortgage requests according to the data collected by LendingTree’s Weekly Mortgage Rate Pulse.

Fixed Rate Mortgages (FRM) as of August 16, 2011:

The average home loan rates offered by network lenders for 30 year FRMs was 4.35 percent (4.59% APR), which is down from 4.49 percent reported the previous week.

The lowest mortgage rate offered for a 30 year FRM was 3.875 percent (4.01% APR), which is down from 4.125 percent offered the week before.

The average home loan rates offered by network lenders for 15 year FRMs was 3.59 percent (3.68% APR), a drop from 3.72 percent reported the previous week

The lowest mortgage rate offered for a 15 year FRM was 3.125 percent (3.36% APR), which is down from 3.25 percent offered the week before.

Adjustable Rate Mortgages (ARM) as of August 16, 2011:

The average home loan rate offered by network lenders for 5/1 adjustable rate mortgages (ARM) was 3.56 percent (3.80% APR), which was up from 3.40 percent reported last week.

The lowest mortgage rate offered for a 5/1 ARM was 2.5 percent (3.04% APR), which is down from 2.625 percent offered the week before. Read more here…

Is it time to switch your home loan?

(Moneycontrol.com)- 'Refinancing' or 'switching' your existing home loan to another lender is also known as a 'Balance Transfer'. In a Balance Transfer, your outstanding loan is transferred to another lender of your choice by conforming to their rules and regulations. There are many reasons for which people opt for switching the lender, of which the following are the most common ones:

To lower Interest Rates: Suppose, you have taken a home loan from a bank two years back and if the interest rate in the market has become lower now, it may not make economic sense for you to continue paying a higher EMI. You do have the option to apply for a refinance with a new lender or even with your existing bank if they are open to shifting your loan to the new lower interest rate. Read more here… 

Chase Opens Columbus Loan-Counseling Center to Help Keep Families in Their Homes

(MarketWatch)- Chase today officially opens its new Columbus homeownership center to help families struggling with their mortgage payments. Borrowers with a Chase or EMC mortgage may call (614) 985-1513 to make an appointment at the Columbus center if they are:

-- Behind on their mortgage

-- Are current on the loan but face financial hardship that may cause them to fall behind

-- Would like more information

"We created these local homeownership centers so our borrowers can sit down and discuss their situation face-to-face with trained loan advisors in these challenging times," said Steve Stein, head of Homeownership Preservation at Chase. "They are part of a wide-ranging initiative to help families stay in their homes whenever possible." Read more here…

Mortgage rates plunge: For a few borrowers, 30-year fixed loans under 4%

(Los Angeles Times)- Would a 30-year fixed-rate mortgage for less than 4% make you think about refinancing or even buying a home in today's battered housing markets?

Home loans at that seemingly hallucinatory rate were out there this week, mortgage industry insiders said Tuesday -- at least for those few gold-plated borrowers willing to fork over king-size upfront discount points and origination fees.

Home loans almost always march in tandem with the yield on long-term government bonds.

And a combination of bleak economic news and lawmakers' agreement to raise the federal debt ceiling sent the yield on the 10-year Treasury note plunging to 2.62% on Tuesday -- down from more than 3.7% in February.

As usual, mortgage rates followed, reaching their lowest point since November. Read more here…