Quicken Loans Mortgage News

Capital Markets Update – Treasury Begins Auctions Today

Jenny Zhang — Tue, 09 Mar 2010 16:09:02 +0000

The Treasury will begin this week’s $74 billion auction today by selling $40 billion in 3-year T-notes. On Wednesday, $21 billion in 10-year notes will be sold and the auctions will conclude on Thursday with the sale of $13 billion in 30-year T-bonds.

Whether or not the auctions are well received could go a long way in moving the markets in a week that’s light on data.

Guest Room Decorating: 10 Tips for a Cozy Look

Jenny Zhang — Mon, 08 Mar 2010 20:47:14 +0000

Making your guests feel at home doesn’t have to cost a fortune. And if you’re already decorating an extra bedroom, there are ways to save money along the way. After all, it’s the attention to small details that contributes to an overall homey look. Here are some ways you can make your extra bedroom a relaxing retreat for guests.

1. If you were about to repaint the room anyways, consider choosing a light neutral color for the guest room. Generally, pale yellows and soft grays do the job well for providing a relaxing atmosphere. Dark and bright colors like red, orange, green, or pink often bring a more chaotic or loud feel, so avoid those colors if you are repainting.

2. As with all decorating, pick a color theme and stick with it. Bringing too many different colors into one room can make it look cluttered and stressful. Instead, pick 2-3 colors, and try to keep most decorative items in that same color scheme.

3. Make a welcoming tray mints and small candies. Food always looks welcoming, and small candies or mints won’t go stale quickly, making it the perfect guest room amenity.

4. Make a basket of toiletries in the bathroom. Small travel sized shampoos and conditioners are great for guests. If you’re worried about the costs of constantly restocking toiletries, you can even buy small containers, and just refill it yourself with the larger bottles you already have.

5. Stock up on pillows. This is great for making the bed look cozy, as well as giving your guests the option of having more pillows depending on their sleep preferences.

6. Hang a mirror in your guest room. This could be either in the bathroom or bedroom, but it’s important they are able to get ready in the mornings without having to run through the house to see how they look.

7. Layer the sheets and blankets. Since a comfortable bed is a big focus for your guest to have a great night’s sleep, multiple layers not only make the bed more cozy, but also gives your guest the option to choose their temperature.

8. Lay out towels. A neat stack of clean towels not only provides good decor (if the colors remained consistent), but also save your guest from the trouble of rifling through linen closets.

9. Furnish the room with adequate lighting. Make sure there are nightlights plugged in so that your guest won’t be stumbling around in the dark in an unfamiliar room. This is especially handy in the bathroom, if that’s connected to the bedroom.

10. Add some plants. While providing fresh flowers for guests may be costly, you can add a bit of nature into the room by placing a small potted plant on the window sill or dresser.

Don’t have a guest room in your house? Or maybe you’ve been looking to upgrade into a new home. No worries. Now is the best time to buy a home with the low mortgage rates, home buyer tax credit, and low property values, so take advantage of this buyer’s market before it’s over.

Capital Markets Update – Treasury to Auction $74 Billion This Week

Jenny Zhang — Mon, 08 Mar 2010 15:39:10 +0000

There isn’t much in terms of economic data this week, however some of the key reports include Thursday’s unemployment claims report, Thursday’s trade balance report, Friday’s February retail sales report and consumer confidence report.

Also this week we will have more Treasury auctions to contend with for a total of $74 billion.

Organic Gardening: 12 Foods to Plant in Your Garden

Jenny Zhang — Wed, 03 Mar 2010 21:11:12 +0000

Hey homeowners, are you a gardener? Or maybe you just bought a home, and are prepared to begin a garden this spring? Well good news, there are infinite benefits to gardening as any foodie will tell you, but here are some specific foods you should definitely try to grow yourself.

Organic Gardening: Healthy and Cheap

I’ll be the first to admit, I have never gardened myself. But, since we just bought a house, I do plan on beginning this spring. One of the reasons I want to garden is because of the benefits of organic foods. We all know organic produce is more expensive than non-organic. But the health benefits are endless.

For example, some studies have found that organic produce have more nutrients than conventional, while others show the high doses of chemicals or pesticides that reside in conventional produce. Aside from the fact that many of the pesticides are associated with cancer, infertility, and neurological conditions; I just think that organic fruit often tastes better, as in stronger in flavor, and often sweeter.

Fruits and Vegetables You Should Eat Organic

However not all produce are created equal, as pesticides really stick to some produce over others. There are twelve fruits and vegetables specifically identified by the Environmental Working Group that are considered more heavily coated with pesticides. Here’s the list:

Apples
Carrots
Celery
Cherries
Grapes
Kale
Lettuce
Nectarines
Peaches
Pears
Sweet Bell Peppers
Strawberries

If you eat any fruits and vegetables from this list frequently, then you should probably consider growing these yourself. Organic gardening is for the most part, much cheaper than buying organic. And while growing a garden containing all of these items is time consuming and unrealistic, picking a few that are most often eaten may save you quite a bit of money.

By growing these yourself, you not only have better control over the quality of your food, you also save on the grocery bill. With the surplus from gardening, you could also freeze or can the produce. For more homeowner tips, be sure to subscribe to Mortgage News.

Capital Markets Update – Mortgage Applications Rose 15%

Jenny Zhang — Wed, 03 Mar 2010 17:01:12 +0000

The Greek Prime Minister announced early this morning a set of deficit cuts that includes lower wages and increased taxes to try to tame their huge budget gap. In terms of economic data today, the MBA Mortgage application report showed that applications rose almost 15%.

Many believe that borrowers are trying to get in front of the Fed exist of MBS purchases and the tax credit expiration on April 30th.

9 Things Homeowners Should Buy in March

Jenny Zhang — Tue, 02 Mar 2010 21:35:08 +0000

You always hear about buying things off-season, or that some things are expensive because they are in-season. The tricky part is, how do you know when to buy what? Luckily, here’s a guide (largely according to Lifehacker) for how to take advantage of the best deals during this time of the year.

1. The best thing to buy right now is a house. While this doesn’t apply to the month of March exactly, it does apply to right now. The first time home buyer tax credit is running out, and mortgage rates are predicted to go up. Already have a house? Make sure your mortgage rate is low, or take advantage of the currently low rates and refinance. After all, you don’t want to be stuck at a high mortgage rate for the remainder of your loan when you could be saving thousands.

Keep in mind that the tax credit expires April 30th (which is when you need the purchase agreement signed by), and that it’s now been extended to existing homeowners too.

If you already have a house and you’re perfectly happy with your mortgage rate, you could look into investment properties because property values are so low right now. Regardless of how you look at it, it’s a buyer’s market and buying now could be a very good investment in the near future.

2. The next purchase best bought during the winter season (January through beginning of March) is a gas grill if you had been wanting one. Gas grills are clearly off-season, and are always marked down during the colder months when no one can actually use the grills. So, think ahead, and if you wanted one for this summer, be sure to get one before the weather warms up.

One downside to buying a grill now is that the selection is pretty small – but that shouldn’t be a huge deal since the technology behind a grill is…well ancient really.

3. Along the same lines, air conditioners are generally cheaper during the colder months, and March is basically your last call for cooling equipment. To get a bigger discount, look into combining the sale items with an in-store coupon since Lowes and Home Deport are frequently sending those out in the mail.

4. Winter Coats. When it comes to clothing, you should always buy opposite of season. Expensive coats are usually marked down to 75% off when spring gets closer, as stores need to clear out the winter inventory to make room for the spring collections. However, the timing for this is a bit tricky, as for some stores it’s a careful balance to get the discount without waiting soo long that the selection is gone.

Along with coats, you should also stock up on mittens/gloves, hats, scarves, boots, and any other winter accessories. Beyond that, sweaters, and other winter clothing will be on sale from January to March.

5. Snow Gear. The best time to buy a shovel, snow blower, sleds, skis, snowboards, etc. is when winter is just about over. Stores are going to be putting steep discounts on their leftover inventory to make room for the new stock, and the same idea applies to snow gear as it did for winter clothing.

6. Boats. According to Lifehacker, March is the tail end of the winter boat show season, so it’s a good time to catch both last year’s and this year’s models at a good price from a dealer.

7. Frozen food. March is apparently frozen food month, which means your local grocer could be offering deals on frozen food. This could be a good time to invest in a deep freezer (chest freezers are more energy efficient than door freezers, which is what most deep freezers come in) and you could store a lot of meat this way. Lifehacker also has a great chart on how long you can store frozen meats.

Beyond meats, grocery stores might also have more discounts on frozen foods like ice cream because there’s less demand in the winter. If you have a large family, it might be worthwhile to stock up for a couple months and save a little money in the long run.

8. A Toyota. This is a little random, but it’s worth a try. If you have been looking for a car anyways (not saying you should just go out and buy one, but rather this is a good thing to check into if you are already looking for a car) you could look into Toyotas. Why this brand? Well with the recent news, dealerships may be willing to cut a bigger discount for you if sales aren’t going so well.

Toyota Priuses are also well ranked by U.S. News & World Report despite the brake issue, so it may be a good time to take advantage of a good car at a lower price. I happened to get mine for quite a bit lower than the initial asking price, and certainly much lower than the prices a year ago when I first checked around. I don’t know if this was because of the bad press, but I’m pretty happy with the purchase.

9. Jewelry, chocolate, and Valentines gifts. Since Valentines is over, some stores still have quite a bit of heart shaped inventory left over. And while jewelry stores can barely keep up with the demand right before Valentines, business often slows right after. Zales is having a huge clearance right now, and local Starbucks are still trying to get rid of heart-decorated mugs. So, if you aren’t picky, or have someone who enjoys many things that can be considered “Valentine themed”, now is a good time to get this stuff on sale. Godiva also often offers sale items right after the holiday, although now might be a little late.

Capital Markets Update – Anticipation of Greece’s Announcement Lowers Bonds

Jenny Zhang — Tue, 02 Mar 2010 15:02:03 +0000

Treasuries and mortgages held mostly flat Monday, as equities rose on expectations of a Greek bailout. This morning Treasuries and mortgage bonds are down slightly as the European Union said it expects Greece to announce new deficit measures.

3 Ways to Avoid Foreclosure

Jenny Zhang — Mon, 01 Mar 2010 21:38:21 +0000

For many homeowners, foreclosure is viewed as a way out from their mortgage payment. With unemployment at an all time high, and many property values still down, making payments on a loan can be difficult for many people. However, contrary to a popular belief that a foreclosure can be a fresh start – foreclosures actually affect credit scores negatively, and cause higher interest rates for future loans.

The first thing to do if you are experiencing difficulty making your payments is to call your lender. Lenders will often work with you on late payments to help you keep your home. You should definitely call your lender before the late payments begin, and discuss alternative payment plans when you are first seeing financial trouble.

The Downside of Foreclosures

Foreclosures not only decrease credit scores, thus making future loans difficult to obtain, but also cause a higher mortgage rate for when home buyers do qualify again. Regardless of your situation, foreclosures impact families negatively in many ways. If you are at risk for not being able to make your payments, there are a few ways you can prevent a foreclosure from happening to you. Here are three ways you can avoid foreclosure.

3 Ways You Can Avoid Foreclosure

1. Making Home Affordable. This program is aimed at helping struggling homeowners who have experienced a loss of income and mortgage payments that are beyond what they can afford. Depending on your situation, you may be able to lower your mortgage rate through this program.

Despite the slowly recovering economy, unemployment is still one of the largest reasons for foreclosures. This program is targeted at homeowners who have lost their jobs, or have seen a reduction in wages and work hours, to help them keep their homes by making their home more affordable.

2. Short Sale. If you have given up on your current home, and simply want to get rid of it, but can’t because you owe more than it’s currently worth – a short sale might be a good option. A short sale is when you sell your home for less than you owe. For example, if you owe $100,000 on your home, but you can only sell it for $50,000, then you are short another $50,000. So who accepts that $50,000 loss?

Well, in a short sale situation, you would submit a short sale amount of how much you are listing the house for, and the bank would have to approve the amount provided that you already have a buyer ready. This whole process can take up to quite a few months, which deters many buyers. The bank would then agree to take the full amount of the loss, or work out a payment plan with you for you to cover part of the loss over time.

While this differs in each situation, the basic idea is that this is a compromise between the homeowner and lender to sell the house for less than what is owed. So check with your lender if this option sounds like it could suit your situation.

3. “Deeds in lieu of foreclosure.” If you don’t qualify for a short sale, look into this new type of foreclosure alternative. The New York Times recently reported that banks like CitiMortgage are now offering the option for homeowners to simply relinquish their property. The difference between this and a regular foreclosure is that deeds in lieu of foreclosure transactions give the homeowner more time in the house. Homeowners are not evicted, but are given time (and even relocation budget) to move out within the agreed upon period.

While most deed-in-lieu settlements allow borrowers to be released from all legal obligations to repay the loan, it’s important to always check with your lender for your specific situation.

Despite the large sums of money set aside for programs such as Making Home Affordable, many homeowners are still not taking advantage of these opportunities. Regardless of which option suits your situation the best, it’s always important to avoid a foreclosure when possible. As always, be sure to check with your lender to see which of these options are possible before planning your solution to any mortgage problems.

Capital Markets Update – ISM Manufacturing Expected to Show Reduction

Jenny Zhang — Mon, 01 Mar 2010 15:16:56 +0000

Last week we learned the U.S. economy grew more than anticipated in the fourth quarter while home sales and consumer sentiment continue to disappoint. Today’s ISM Manufacturing is expected to show a small reduction to 58, down from the January 5-year high.

Any level over the 50 mark is considered to be “expansion” but with all the mixed news lately optimism could be fading. This week we will also keep an eye toward foreign issues, especially Greek bond offering that was delayed from last week.

Capital Markets Update – Greece’s Potential Default Increases Treasury Prices

Jenny Zhang — Fri, 26 Feb 2010 15:41:15 +0000

On Thursday, a number of factors conspired to push Treasury prices higher: increasing weekly jobless claims, dropping equities, and a well bid 7-year T-note auction.

Treasury prices are mostly higher this morning. The continuing threat of a default by Greece has fueled demand for the relative safety of U.S. debt and mortgage bonds.