home loans cary: Commodities Market and Rates - 04/18/08 03:36 PM
I'm Still on the prowl for lower mortgage interest rates... If you've read this blog before, you know that I think George Soros is one of the smartest guys in the room.  Goerge was back in the news today helping me understand what happened to rates this week!
According to Bloomburg, "Billionaire George Soros said the boom in commodities is still in a "growth phase'' after prices for oil, wheat and gold rose to records.
"You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent,'' Soros said today at an … (5 comments)

home loans cary: We Have So Much To Unlearn! - 04/16/08 04:08 PM
The Times They Are A Changin'... Again.   Seems like every time I think I've figured out what the "rules" are for making a mortgage loan, I have to re-learn them!  There's no getting free from this!!
Mortgage Insurance Companies Announced Sweeping Changes, and more are on the way.
Standard A Paper Underwriting Guides:
LTV's > 97% are no longer eligible for MI regardless of FICO score or AUS decision. LTV's > 80% and FICO < 620 are no longer available for MI regardless of AUS decision. Investment propertis with LTV > 90% are no longer eligible for MI. Recent Additions for … (7 comments)

home loans cary: Has "Green" Gone Bad?? - 04/14/08 09:15 AM
The health of the world ECOLOGY and ECONOMY are unexpetedly diverging as we learn more about the global need to thoughtfully plan the use of our resources.  The unintended consequence of a global push for "Green" is a shift in farmland use.  With the rise in the demand for ethinol, farms world wide switched crops from grain and rice to corn.  According to the BBC (and others) this shift caused global rice prices to go up over over 70% in the last year triggering an alarming problem for already impoverished nations.
The increase in this most basic comodity is already affecting … (9 comments)

home loans cary: He Really Hates It When I Say That - 04/04/08 09:52 AM
I work and live with my husband, Steve... which can be tricky.  This morning, as we were waiting on baited breathe for the Jobs numbers to be reported (I've been told we don't have a life because I really dig this stuff!)...
I jumped up - Threw my fist in the air and said,
"I TOL YA' SO!... HA!"
For those of you who might not remember... I wrote a blog that says...
"The Economist at MBA say that we should all be watching the weakness in the SERVICING industry - as they feel this could be a leading indicator of … (10 comments)

home loans cary: Did Paulson Lie? - 03/30/08 03:03 PM
I read several economic and political blogs - and this headline caught my attention...
"My Nomination for Lie of the Year"
From the New York Times: 
"Mr. Paulson is clearly taking a stand against critics who support even stricter regulations, while rejecting any notion that the crisis in financial markets or the collapse of Bear Stearns can be laid at the administration's doorstep. In a draft of a speech to be delivered Monday, he declares: "I do not believe it is fair or accurate to blame our regulatory structure for the current turmoil."
So what does Paulson think caused the credit crisis? Martians?"
The impending news … (8 comments)

home loans cary: Earth Hour March 29th - 03/26/08 09:08 AM
I was reading the Cary News  - and some of my neighbors are excited about Earth Hour this weekend!
I had not heard about this - but I think it's something my family will participate in too! 
"On March 31 2007, for one hour, Sydney made a powerful statement about the greatest contributor to global warming - coal-fired electricity - by turning off its lights. Over 2.2 million Sydney residents and over 2,100 businesses switched off, leading to a 10.2% energy reduction across the city. What began as one city taking a stand against global warming caught the attention of the world.
In … (2 comments)

home loans cary: Jon Stewart on Recession - 03/25/08 08:36 AM
Okay  -  so you've probably already seen this (especially if you are a big Jon Stewart Fan Like WE ARE) ... I wrote to Matt Heaton today and asked him to help us out with some insight.  Figured he has one of the "bigger" brains when it comes to this stuff, unlike perhaps Mr. Bush! 
 
 
(9 comments)

home loans cary: Countrywide Exec Finds New Job - 03/24/08 07:28 AM
This just in... " A number of former Countrywide Financial Corp. executives are forming a firm to take advantage of the massive unwinding of the mortgage-securitization business, The Wall Street Journal reported."  How interesting!  They've figured out how to create an "exit strategy that makes them smell like roses! 
"Former CFC President Stanford Kurland and colleagues are forming Private National Mortgage Acceptance Co., or PennyMac, to buy not mortgage securities but rather whole mortgage loans, the Journal reported. PennyMac plans to buy the mortgages cheaply, work with borrowers to restructure them, and then resell them at a profit as interest-earning mortgages, the … (14 comments)

home loans cary: Homebuyers: Don’t Ignore Your Emotions - 03/20/08 05:52 PM
Today, more that ever, real estate experts advise consumers to detach their emotions from one of e biggest financial moves of their  life, reminding us that there’s a difference between a “home” and a “house.” I read about one California architecture professor who urges buyers to make sure those emotions get their due.
Clare Cooper Marcus, author of “House as a Mirror of Self” (Conari Press, $24.95), counts a box of crayons among her preferred tools to draw out deep-seated feelings about homes.  Before you start looking at new house, she suggests that everyone in the family separately doodle a sketch of … (6 comments)

home loans cary: Bear Stearns and Rates - 03/17/08 01:17 PM
CNBC Said this was going t be the most historic trading day of this Century... because Bear Stearns was being sold to JP Morgan for $2 a share.  Normally, bad news in the Economy is GOOD NEWS for mortgage interest rates.  But these days we are not dealing with normal.
Rates have gone down a tad, and we are slightly under 6% on a 30 year fixed rate mortgage - but we are not WAY down.  The Fed meets tomorrow, and on Weds. will announce if they are going to cut rates... and mortgage rates might tumble in concert with the Fed.  But there are … (1 comments)

home loans cary: Buy a House - Get a Raise! - 03/07/08 01:14 PM
Have you filled out your taxes yet?  Are you getting a refund?  NO?!?!  You might need to buy a house!
Many times we talk to homebuyers (especially first time home buyers) who tell us that they "want to keep their payments around where they are now."  Meaning that if they are paying $1200 a month in rent - they feel confident that they can afford a house payment of $1200... And that's very logical - except - they're comparing Apples to Oranges.
When you buy a house - it helps the economy - and UNCLE SAM gives you a TAX Advantage - … (3 comments)

home loans cary: FHA: We Fix $6 Haircuts - 02/14/08 09:52 AM
There's an old story about a a barber shop in a small town that pretty much was the only place to get your haircut.  They'd been there for 20 years and did a great job for a good price.
The town grew - and pretty soon one of those discount shops moved in right across the street.  They put up a BIG Banner that announced they had $6 DOLLAR HAIRCUTS! Well, the folks that owned the original barber shop started losing business... they couldn't meet their bills and obligations if they cut hair for $6 !!
They were honestly worried.  And … (8 comments)

home loans cary: FHA and Fannie/Freddie Loan Limits Higher EDIT - 02/08/08 12:26 PM

The Stimulus Package might actually help... The Senate kept the language in the Rebate and Economic Stimulus package that raises the loan limits for FHA, Fannie Mae and Freddie Mac.  THIS IS VERY good news for thousands of people seeking financing this year! 
We believe that this should bring additional activity for home above the $500,000 mark in our area because borrowers will have a 12 month window for EXCEPTIONALLY good interest rates (Jumbo interest rates are usually a full percent of interest or more higher than conforming interest rates).  If you hold an Adjustable Rate Mortgage on a second home, for … (25 comments)

home loans cary: COUNTRYWIDE is causing rates to go UP!?! update - 01/10/08 05:01 PM
see comments.... I've never been a big Countrywide fan - but I've told EVERYBODY that when Countrywide goes under - it's like WalMart going out of business - we're in DEEEEP CaCa at that point.  So this just in from CNBC
By LESLIE WINES updated 12 minutes ago
NEW YORK - Treasury prices fell sharply Thursday after stocks advanced on news that Bank of America Corp. might buy struggling mortgage lender Countrywide Financial Corp.
The news was viewed as a sign that troubles in the hard-hit mortgage and housing sectors may be contained soon. The sense that economic relief may be imminent was … (5 comments)

 
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Eleanor Thorne

Cary Mortgage Loans 919-649-5057

Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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