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The Mortgage Blog of Mount Olympus Mortgage Co.

Home Prices Fall Less Than 1 Percent Month Over Month

According to the S&P/Case-Shiller composite index of 20 metropolitan areas, home prices declined 0.2 percent in March from February. The report shows prices are at mid-2002 levels and slipped in 18 of the 20 cities tracked. Despite a slowly recovering economy, home values are under pressure from excess inventory, particularly in cities that suffered badly from high unemployment and the foreclosure crisis. The Case-Shiller index measures sales prices of homes in select cities compared with January 2000. The index offers a three-month moving average price. More here.

Pending Sales Show Effects Of Economic Soft Patch

Pending home sales fell in April after two consecutive months of gains. According to the National Association of Realtors’ Pending Home Sales Index, pending sales, which reflect contracts not closings, dropped 11.6 percent from March. Lawrence Yun, NAR’s chief economist, said the economy hit a soft patch in April due to sharply rising oil prices, severe weather, and a rise in unemployment claims, which may have caused the dip in contracts. Yun believes the decline is due to temporary factors and, even with favorable affordability conditions and pent-up demand, the housing recovery will continue to be uneven. More here.

Can canceling your credit card hurt your score?

Here is a great question and answer session from Jean Chatzky, NBC’s Financial Editor. Once question was how canceling your current credit card and opening a new one can effect your credit score.

Watch and learn how you can protect your score and still get that great deal on a new credit card.

Visit msnbc.com for breaking news, world news, and news about the economy

Want to hear more about what Jean Chatzky has to say about your credit? What these free videos here.

Are you Financially Fragile?

Jean Chatzky talks about Financial Security today. Here are some great points in this video that was on the NBC Today Show this morning.

Are you Financially Fragile? How long would it take you today to come up with $2,000 cash? Do you have the cash on hand?

Visit msnbc.com for breaking news, world news, and news about the economy

Want to hear more from Jean Chatzky? Check out this video on how you can improve your credit with a few simple tips. Here is her video

Housing Forecast Calls For Increased Activity This Year

In his latest economic outlook report, Fannie Mae’s chief economist, Doug Duncan, forecasts a modest improvement in housing activity this year. Though the number of distressed homes on the market continues to put pressure on prices, Duncan writes that high housing affordability and still-low mortgage rates should help lift the market in the second half of the year. He is forecasting a 6 percent increase in existing-home sales this year and expects the median price to finish 2011 at $163,600. Duncan believes mortgage rates will rise slightly but remain historically low, which along with improvement in the labor market, should lead to positive gains for housing. More here and here.

Granny Flats and Backyard cottages save energy

High-performance Accessory Dwelling is designed to reduce energy production.

Accessory Dwelling Units Save Energy
EARTHTECHLING » NEWS | MAY 25, 2011
http://pulsene.ws/1EzZi

Throughout the city of Portland, Accessory Dwelling Units are catching on as both an affordable and environmentally sustainable … Read more

Another Satisfied MOMco Client

Cheers to our licensed loan officers at MOMco.

Hi Aaron,

I’m writing this letter to say thank you for the all the works & efforts toward our mortgage re-finance. You are very dedicated hard worker who could go extra miles for customers. You did not even mind helping us during weekends. With your unlimited help we were able to do our re-finance successfully.

Thank you again and you are the best banker in California. I would like to recommend you to my friends & families.

Sincerely,

Heejung Kim

You can have the same great service from Aaron. Check him out on his personal website at: http://www.momco.com/aaron

Mortgage Loan Demand Rises, So Do Rates

According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loan applications increased 1.1 percent last week from the week before. The Refinance Index rose to its highest level since December 10, 2010, increasing 0.9 percent. The seasonally adjusted Purchase Index gained 1.5 percent from a week earlier. Mortgage rates were also up, with the average contract interest rate for 30-year fixed-rate mortgages increasing to 4.69 percent from 4.60 percent the week before. More here.

New Home Sales Jump 7.3 Percent, 2nd Straight Monthly Increase

Sales of new single-family homes rose 7.3 percent in April. The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales Report shows new home sales were at a seasonally adjusted annual rate of 323,000. Economists had forecast a sales rate of 300,000. The median sales price of new homes sold in April was $217,900; the average price was $268,900. There were an estimated 175,000 new homes for sale at the end of the month, which represents a supply of 6.5 months at the current sales rate. More here.

Americans Feeling More Optimistic About Home Prices, The Economy

Fannie Mae’s First Quarter National Housing Survey found Americans are more optimistic about home prices, the economy, and their personal finances than they were during the last quarter of 2010. According to the survey, which polled homeowners and renters between January and March 2011, the number of Americans that believe the U.S. economy is on the right track has risen four percentage points since the end of last year. Also, 67 percent of respondents believe now is a good time to buy a house and one in three expect home prices will strengthen in the next year. On average, participants expected prices to increase by one percent. Sixty-six percent of Americans believe buying a home is a good investment and 87 percent said owning is superior to renting. More here.

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About Mount Olympus Mortgage Company:

The Mount Olympus leadership team has a combined lending experience of over 130 years. Our goal is to deliver accurate information, competitive rates, and a transparent process for our clients. Along with full compliance of new, stricter Federal regulations, we’ve implemented our own internal quality control policies as an extra layer of consumer protection.
*All of our mortgage bankers are SAFE Act licensed
In 2008 the Federal government enacted a new federal licensing requirement known as the SAFE Act. It establishes minimum standards for licensing which include background checks, credit checks, testing, ongoing education requirements and registration of loan originators in order to enhance consumer protection. All of our mortgage bankers are SAFE Act licensed and registered. We comply with all federal licensing, state licensing and lending policies. Click Here for the National Mortgage License System & Registry Consumer Access.
*We comply with a strict “no-steering policy”
None of our employees are incentivized to put you in one loan program over another. Our loan process is always looking out for your best interest.
*We provide an upfront and honest Good Faith Estimate (GFE)
New federal regulations require lenders to provide customers a standardized Good Faith Estimate or GFE when disclosing rate and fees. The new and improved GFE is designed to make all lenders conform to a standardized document. This guarantees that upfront third party fee quotes are within 10% of the actual fees charged at closing. At MOMco, transparency is key to earning the trust of our clients.

About MOMco

Mount Olympus Mortgage Company ("MOMco") maintains its headquarters in Irvine, California. With extensive knowledge in both conventional and government financing, MOMco has been driving the change toward responsible lending and increased efficiency.
The home loan industry has changed dramatically in recent months and we at MOMco are here to help you navigate through it. Whether it is higher loan limits or the changing landscape of the mortgage market as a whole, MOMco is here to help you wrap your arms around the changes and select the best loan program to fit you and your family's financial situation.

Contact:

Mount Olympus Mortgage Company
2600 Michelson Drive, 6th Floor
Irvine, CA 92612
Office: 949-453-8700
Toll-Free: 888-453-4659
marketing@momco.com

Email: Quick Contact

 
marketing@momco.com

 

Website:

www.momco.com

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