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Kelly Media Group President, Jason Cardiff remains optimistic of a possible rebound for the housing sector in 2009 because of the significant efforts from the mortgage powerhouses to lower mortgage rates and make credit more available for refinancing and new home financing.  

In a recent Real Estate Related News article Jason Cardiff said, “2009 may see the housing sectors and mortgage markets rebound after all.”  He continued, “The Federal Reserve showed their commitment with record low rate cuts to fight deflation and many financial insiders believe the President Elect, Barrack Obama will be aggressive in an effort to stem the foreclosure mess.” 

HUD continues to release new FHA loan products that offer solutions for mortgage refinancing with Hope for Homeowners.  Read the complete story > Will Credit and Mortgage Markets Rebound in 2009?

 

San Diego, California – Nationwide Mortgage Loans recently announced the roll-out of several new FHA products.  The mortgage lender extended the 203k FHA loan for home improvements and the 203S for fixed rate refinancing for homeowners trying to avoid foreclosures. 

According to mortgage banker, Bryan Dornan, “the company still remains focused on cash out refinancing so homeowners can consolidate debt and reduce their monthly payments.”  The FHA lender also said they would be rolling out the loan connected with Hope for Homeowners that would help borrowers modify their mortgage based on the market value. 

 

Furthermore, Bernanke said that the interest rates borrowers pay under the program could be reduced from the current level of about 8%, which remains so high because it is hard to find buyers for FHA loan backed securities. Bernanke also announced that would support putting borrowers into home mortgages they could afford now and down the road.  Industry sources said Wednesday that the U.S. Treasury is contemplating a plan to purchase mortgage-backed securities to reduce 30-year fixed mortgage rates down to 4.5% from their current 5.5% level, but it appears this plan might be aimed at helping new homeowners, not distressed borrowers seeking mortgage relief from FHA refinancing.  It becomes more and more evident that the government wants homeowners to be able keep their primary residence homes and avoid foreclosure with reasonable loan modifications.  Read complete article > Bernanke Cuts Rates and FHA Mortgage Rates Drop

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