Rates are down today. Today's comparison mortgage rates with no lender fees are 4.375% on a 30 year, 3.375% on a 15 year and 2.75% on a 5/1 ARM. (click here for details).
Mike was off today recovering from shooting yesterday's episode in the extreme heat, so Aaron called up the Mike Cox clone (with hair) to tell us about the world's cheapest house and the dangers of procrastinating when trying to close on a mortgage or other real estate transaction.
The cloned Mike Cox found a company in India that is building homes that only cost about $3 per month. The house will cost $720 and has a lifespan of 20 years, making it the world's cheapest home. This is the same company that is making the world's cheapest car and cheapest water filter. Click here to learn more about the Tata Group and their revolutionary new house design.
Also, congratulations to the US Congress for finally coming together to raise the debt ceiling and keep the world economy from crashing again. It's about time!
Rates are flat today. The Debt Ceiling issue looks to be settled and is just waiting on final Senate approval. Today's comparison mortgage rates with no lender fees are 4.375% on a 30 year, 3.5% on a 15 year and 2.875% on a 5/1 ARM. (click here for details).
There is no doubt that communication is one of the biggest problems for mortgage borrowers. Making sure your Realtor and loan officer are on the same page can be tricky, sort of like planking across your kitchen (watch the video).
Check out today's episode and let me know if you need any free advice:
As a borrower, it is extremely important to make sure that your Realtor and lender communicate on a regular basis.
If you run into appraisal or inspection issues, strong communication between your Realtor and lender can lead to quicker resolution of the problem, resulting in less headaches for everyone involved. Kind of like the gal planking across her kitchen.
If you're experiencing a problem, shoot me an email or call me and I'll offer some advice on how to get your team working together again. This is important stuff!
Also, if you get a chance, I would love to have you help bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter.
Let's change the way people shop for a mortgage…forever!
Have a great week!
- Mike
PS. To ask a question, get advice, or find out if you're getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
Rates are down today. The postponed debt talks are making investors rush to the safe haven of the bond market. I would take advantage of todays improved pricing! Today's comparison mortgage rates with no lender fees are 4.375% on a 30 year, 3.5% on a 15 year and 2.875% on a 5/1 ARM. (click here for details).
Happy Friday! Since the U.S. debt ceiling did not get fixed yesterday and we're still headed for default, I pulled an all-nighter trying to find a compromise we could all live with. I think I finally found a solution. Check it out in today's video.
With one crisis averted, I thought I would also show you four ways Rates in Motion can help you.
Also, it's #FollowFriday and I highly recommend you follow these top Realtors on Twitter when you get a chance:
To check out the "Top 25 Most Connected Mortgage Professionals" list on Twitter click here.
If you're wondering how Rates in Motion can help you, here are four tips to get the most out of these videos:
1. If you are a borrower looking for the best deal on a mortgage, then you're in the right place! Not only do I share the lowest rates on a daily basis, but I also offer helpful tips that will make finding the right mortgage easier.
2. For all my friends that are Realtors, builders, investors, and other members of the real estate industry, these videos are designed to be shared with your clients. When you forward these videos to your clients, you're letting them know that you want them to get the best deal possible. It shows your care. (Plus, I try to be entertaining)
3. If you are a lender that is set up to offer these low rates and costs to your clients, share Rates in Motion with them each day so they know what rates are. You can also contact me to become a Rates in Motion approved lender. This way you can make me do all the hard work and still promote the coolest person you know – YOU!
4. Finally, if you are a lender who is set up high rates and costs...sorry! Transparency is here to stay! Thanks for watching, though.
Also, if you get a chance, I would love to have you help bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter.
Let's change the way people shop for a mortgage…forever!
Have a great weekend!
- Mike
PS. To ask a question, get advice, or find out if you're getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
Rates are flat today. The initial jobless claims fell below 400k for the first time in 16 weeks. This has helped bonds this morning. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
In case you were wondering what housing would look like if the US does not raise the debt ceiling (only two full business days to go), I pull out my crystal ball and share a sneak peek in today's episode. (click here to see it on Facebook). I call dibs on the red and white one. I like to be by the water!
Today I also talk about what it takes to get a Good Faith Estimate or GFE from your mortgage loan officer. When you are shopping lenders you should always ask them to send you a GFE, but first you'll need to give them 6 things.
When you are shopping for mortgage lenders, you should be always be asking them to send you a Good Faith Estimate (GFE). This is a breakdown of the terms of the loan that they are offering. The terms are good for 10 business days, but do not include the interest rate. Keep in mind that the interest quoted rate can expire within minutes of them supplying you with the GFE. The only thing the GFE will give you is the closing costs and the terms of your loan, but these are important for comparing apples to apples when shopping.
Rates are flat today. My advice is to lock now! Uncertainty is not good for mortgage bonds!! Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I just wanted to congratulate my fellow "Top 25 Most Connected Mortgage Professionals" that made the National Mortgage Professional Magazine's list. I am truly honored. There are some great people on here with great knowledge to share, so click here to see the list. I would suggest following them all on your favorite social media sites.
To help me celebrate, just tweet @RatesinMotion with the #transparency hashtag and I have a special prize for you. (try it)
Ok, now on to the serious stuff. With the US debt ceiling all over the news, I thought we should cover a few ways this may affect you if you're in the industry, shopping for a home, or looking to refinance.
I discuss my three biggest concerns in today's episode:
To check out the "Top 25 Most Connected Mortgage Professionals" list, click here. Don't forget to tweet @RatesinMotion using #transparency.
Here are the three main ways that the debt ceiling default issue is affecting or will affect mortgages and the real estate industry:
1. If the US defaults on its debt, things would get ugly. Potentially, we could see mortgage rates double, confidence in the US crushed, and home prices fall further. You thought we had appraisal issues right now...
Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
My Geek Squad is tearing apart my office today, so I took a field trip to hang out with some furry woodland creatures and talk about mortgages.
The geeks won't let me back in until I answer their biggest question: "How often do mortgage rates change?"
I answer them from the wilderness in today's episode:
Mortgage rates don't necessarily change each day, but your lender will have a bigger or smaller amount to give you towards closing costs. It's called "Lender Credits" and it is something you should know about with the new loan officer compensation plan that went into effect earlier this year.
Rates are flat today. The US debt ceiling is pushing both the stocks and bonds lower today. Uncertainty is never good for the market. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I made it! I finished the Wisconsin Tough Mudder on Saturday (see pics)! It wasn’t easy and I ate a lot more mud than I care to admit. I wear my finisher's head band with pride today!
So, you knew I was going to spin this into something mortgage related...right? Of course I am! Today I share three things you should fight for during the mortgage process, no matter how hard or frustrating it becomes! You can do it!
Check out my three things and pictures in today's episode:
Here are three things you shouldn’t give up on during the mortgage process no matter how hard or frustrating it becomes.
1. Appraisal issues
If your appraisal comes in light don’t just give up. Fight for your value with an appraisal dispute or additional comparable properties. You can get these from your trusted Realtor or a local appraiser. There are a lot people that don’t even know they can do this.
Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I got a call yesterday from Real Estate PR guru Michael D. Harris Jr. (his blog post about it) and he told me about a no interest loan program from HUD that would help people facing foreclosure. Problem is...it expires today! This was the first I had heard of it and couldn't believe how poorly they did with marketing.
Why make a program if you don't want to tell anyone about it?
Also, it's #FollowFriday and I highly recommend you follow these folks when you get a chance:
If you get a chance, I would love it if you could help me in my dream to bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter.
Let's change the way people shop for a mortgage…forever!
See you tomorrow!
- Mike
PS. To ask a question, get advice, or find out if you're getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
Rates are flat today. With some good news coming out of Europe we have seen some pull back from the buying of US bonds. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I want to thank you for making this Rates in Motion project a success. Since it's a free service and I have no sponsors, I get paid in Twitter retweets, Facebook Likes, blog comments, and emails I you send. It's not worth it if no one uses it and you are definitely making it all worth it while helping me change the way people shop for mortgages forever.
Thank you!
To thank everyone for their help, I'm going to set aside some time today and tomorrow to help any viewers that want to dispute their appraisal or are having trouble deciding if they should refinance or not because of appraisal issues. I now have access to a professional grade home price value estimation system that normally costs $35/report (not Zillow or other online calculator) and I'm going to give it away to the first 100 viewers that request it.
It looks like Wells Fargo took one to the chin just recently. They were fined 85 Million and ordered to pay out 108 Million in a settlement over mortgage abuse!
That’s a lot of coin my friends. Don’t feel bad for them though, they still managed to report a 3.9 Billion dollar net profit in the second quarter this year. Looks like Wells Fargo isn’t feeling the housing woes of today's market. You may just be eligible for a piece of the 108 Million settlement if you had a mortgage with Wells Fargo, so click here to read the full story.
I like to answer questions that you guys send in via email or my social media sites. I have gotten a bunch of questions this week about appraisal values. The majority of the comments have to do with not wanting to pay for an appraisal upfront because you don’t know what your house is worth in todays market OR you are looking to dispute the value on the appraisal you just had done.
Rates are flat today. We were at the edge of better rates by the end of the day yesterday, but we lost some of those gains early this morning. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
Yesterday we talked about the type of loan that all originators want and need, the type of borrower that I called "the prettiest girl at the dance."
Today I'm diving into the exact opposite side of the dance floor...the nerd in the corner that nobody is talking too (that was me in high school). When shopping for the best deal you need to be aware if your loan is one of the few types of loans that originator shy away from or price higher due to the workload involved.
It looks like Zillow’s IPO release today is doing very well. The stock price is up 120% to $44 a share from its initial price of $20. Not bad for the first day! Hopefully this will give them enough capital to put Rates in Motion on their home page. Lets be clear! These good looks and my never ending knowledge of the mortgage industry are not cheap. Check out the link by by clicking here.
When you are looking for the best deal you need to where your loan falls in these categories. Here are a few types of loans that originator shy away from or price higher due to the workload involved. In no specific order.
Rates are flat today. Mortgage bonds are in the negative territory, but are gaining some traction. Positive earnings from IBM, Coca Cola and Wells Fargo are helping the stock market, which we know hurts bonds and raises rates eventually. Be ready. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
It will help you to know what kind of borrower banks are looking for so you can negotiate a better deal.
If you are doing a purchase transaction with good credit, W2 income and are putting at least some money down for your purchase, congratulations you are officially the prettiest girl at the dance! Now it's time to play hard to get and negotiate! (Tomorrow I'm going to talk about the nerdy kid in the corner)
Check out how one man in Texas got a $330,000 house for $16. Click here to read more. Is this a flaw in the mortgage system or a ingenious way to get a new home? I want to know what you think!!
The prettiest girls (see above) always have more options and competition for their attention. I want to make sure you know if you are one of them, you should use it to your advantage to negotiate that best deal.
I am sure you ladies know what I means, but just in case here is what makes this particular loan the most desirable loan on the market right now.
Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I have a dream that all responsible home owners could refinance their current mortgage at a lower rate, with lower costs. I have a dream that buying a home will be simple, instead of a hassle. Check out one kid's dream...guaranteed to make you laugh.
I also discuss loan to value ratios (LTV) affecting one viewer's quoted mortgage interest rate.
"Mike, my appraisal came in a few thousand short of what I thought it would and changed my Loan to value from 74% LTV to 76% LTV. My originator is telling me I have to take a higher rate. Is this true?"
Leo – Yes generally it does. Here is what happens:
Your initial rate is based off a certain Loan to Value Ratio (LTV) and if it is lower than 75% LTV you get a better rate than an 80% LTV because rates are based on risk concerns like equity. The less risk, the better the rate. This holds true for credit as well. If you have a low LTV and a low credit score you will get a worse rate than someone with a low LTV and higher credit score.
Rates are flat today here at the end of the week. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I'm on the road again hunting dinosaurs (aka, helping Realtors keep their buyers from getting screwed on their mortgages) and wanted to thank everyone for a great week and all the support. Together, we're making an impact and keeping costs down for buyers out there everywhere. This is good for our industry and good for our country. Email me at
This email address is being protected from spambots. You need JavaScript enabled to view it.
if I can help.
The mortgage world will never be the same when we're through with it.
Since it's Friday (#FollowFriday on Twitter), I wanted to recommend three great real estate professionals for you to follow today:
Andrew T Berman (EVP of National Mortgage Professional Magazine)
Hey, if you get a chance, it would be an honor if you could help me in my mission to bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter. Let's change the way people shop for a mortgage…forever!
See you tomorrow!
- Mike
PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
Rates are flat today. I told you it was going to be a volatile market yesterday and it was crazy indeed! Bonds have started the day in the negative territory. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
Let me be clear. Not all of it was nice, but I am ok with that. Some Dinosaurs have anger issues. I love your feedback, so please make sure to post your comment below.
Just to prove that I'm a fair guy, today we're going to focus on real estate agent compensation and shed some light on how they get paid. Let me tell you, it's quite different.
To be fair today, let's talk about how Realtors get paid. The commission for an agentr can vary quite a bit, but I'm going to simplify it down.
Real Estate Agent Compensation 101
Not all Realtors are created equal, and not all are the same cost. There are different levels of service each agent will be able to provide you and based on those services and expertise they will set an appropriate commission to goes along with it. You can go from simply just putting your house on the Multiple Listing Service (MLS) for $495 or you can get a full blown listing contract for all the marketing bells and whistles for 6% commission of the sales price. Each company or Realtor has a different set of skills or marketing strategies, so that is what you are paying for!
Rates are flat today. Ben Bernanke is speaking again today about the state of the economy. When Ben speaks the markets listen. Be prepared for an extra volatile market today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
I think today's episode may be my favorite. Not only did Chase Bank accidently report one of their customers dead and screw up their credit, but we also answer a great question about how your mortgage loan officer gets paid.
You definitely want to see this. (hint, we suggest a new slogan for the Chase logo)
I know I am not perfect, but how does a bank make a mistake and declare someone dead? That is what happened to a Florida woman. Chase Bank made an error and told the credit bureau she was deceased. Wow! No wonder why banks are having so many troubles. If you want to check out the full story click here.
Today's question is from a person on Quora.
What percentage of the loan value do mortgage brokers get paid on closing the loan?
Click here to see it Great question fellow Quora user! Here is how the new compensation structure is set in place for loan originators.
Today I'll offer the simplified version, but it should be more than you'll need to make a decision on what kind of loan officer you want to work with.
Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
Today I rant a little bit about Fannie Mae's grass cutting budget and answer a viewer question from another Mike in Illinois. Here's what he asked:
"I am buying a house for $300,000 and the appraisal came in at $295,000. What are my options? I don’t want to bring in more money."
So what do you think it costs to just cut the grass on 153,000 Fannie Mae foreclosed homes? How about over $36.7 Million, and that is a conservative number.
Guess who is paying that bill?
You are! Tax payers are on the hook for over $86 Billion since 2008 when the government stepped in to bail out Fannie Mae.
I am no economist, but how about instead of paying someone to maintain theses homes, we have local unemployed individuals getting government support pitch in to help take care of them? Doesn’t that make sense since the government is using resources to help support them during their transition?
Rates are flat today. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
Happy Monday! Today we've got a new intro and I share two things that are sure to wake you up. One of them is called Inman Next and it just went live today. It's a new and improved way for real estate agents to relearn, refresh, and relaunch the methods they use to buy and sell homes. Anyone else ready for a modern real estate industry? I know I am.
Also, today I offer one simple recommendation to get your loan through underwriting if you're paying down debts.
Todays tip is short and sweet. If you are doing a mortgage transaction and recently paid down your mortgage or other debts, be prepared to document the money used to do so.
Banks and mortgage investors want to make sure you are not paying down your debts with someone else’s money or a private loan prior to your application so you can qualify. Remember 401k loans are not used in your debt ratio. So if you need to pay down debt to qualify that my be the best route for you.
Rates are down today. Bonds are up 78 basis points (0.78%) due to unemployment numbers going up to 9.2%. The market continues to improve (rates move downward) based on this, so I suggest floating for now. Today's comparison mortgage rates with no lender fees are 4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM. (click here for details).
Every Friday I'll take a moment to suggest key people you should follow on Twitter and Facebook as part of our new "Follow Friday" segment. Today, Katie Lance and Chris Smith would be perfect to follow since they'll be announcing a major top secret real estate project on Monday. I'm excited!
It's called Inman Next and if it's anything like Agent Reboot, another Inman News creation, then this is guaranteed to be something great!
You won't want to miss the big announcement on Monday, so follow these three on Twitter and Facebook:
It's casual Friday and I want to talk about something other than just mortgages. I dive into the topic of selling your home and why it's smart to use someone to help you do it. I think the reasoning is similar to why you don't fix your own car to save money. Some things are best done by professionals.
Hey, if you get a chance, I would love it if you could help me in my mission to bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter. Let's change the way people shop for a mortgage…forever!
See you tomorrow!
- Mike
PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
Rates are flat today. Today's comparison rates with no lender fees are 4.625% for a 30 year, 3.75 % for a 15 year and 3.125% for a 5/1 ARM. (click here for details).
As if floods, tornadoes, forest fires, hurricanes, and other natural disasters aren't bad enough on their own, getting a mortgage in a disaster area can downright challenging. Today I discuss the top 5 things to be aware of when seeking mortgage financing after a disaster has struck nearby.
Check out today's video to see what one man did to save his home from flooding this year. A little imagination and hard work can really pay off. Check it out here.
If you are in any area that is declared a disaster area (whether you were effected by the storm or not), your appraiser will need to address this issue in the appraisal. Here are five items that you need to be aware of when getting a mortgage loan after the disaster strikes:
1. You will need another inspection.
If the appraisal effective date is dated prior to the disaster incident, an interior inspection of your property is needed. This means that if a disaster hits after your appraisal is done and you are added to the disaster area, you will need another interior inspection.
Rates are flat today. Today's comparison rates with no lender fees are 4.625% on a 30 year, 3.75 % on a 15 year and 3.125% on a 5/1 ARM. (click here for details).
It's a great thing when buyers find a home and make an offer. Everyone wins!
One of the biggest downers for both sides is when that transaction gets screwed up with an unexpected problem discovered during the appraisal or home inspection. For buyers, a problem on the home inspection saves them from making a big mistake. For sellers it sometimes means a lost buyer, another delay in selling their home, and unexpected repair cost.
Both sides should know what they're getting into, so I highly recommend getting a home inspection.
Hey, if you get a chance, I would love it if you could help me in my mission to bring transparency to mortgage lending by sharing today's episode on Facebook or Twitter. Let's change the way people shop for a mortgage…forever!
See you tomorrow!
- Mike
PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002
