Metas
Real Estate News 03/14/08
MORTGAGE RATES - Rates on 30-year mortgages increased this week for the fourth time in the past five weeks, rising to an average of 6.13 percent, up from 6.03 percent last week, according to Freddie Mac’s weekly nationwide survey.
HOMEOWNERS INSURANCE - A Florida Senate panel charged with studying Florida’s property insurance troubles - and why rates did not drop as hoped last year - delivered its findings and recommendations to lawmakers yesterday. One discovery: Computer models used to estimate future losses must be approved by the state, but some companies modified them later.
GOOD FAITH ESTIMATES - Prospective home buyers would get easier-to-understand information on mortgage terms and save an average $700 in closing costs under a proposal to be unveiled Friday by President Bush.
If you are considering making a real estate purchase in the Bonita Springs, Estero or Naples areas be sure to obtain a good faith estimate from the loan officer or mortgage broker. Comparison shopping can save you literally thousands of dollars over the life of the mortgage as well as a better Annual Percentage Rate.
HOMEOWNERSHIP - Govenor Charlie Crist’s Florida HOPE Task Force will meet March 19 in Tallahassee, where task force members will accept public comments on Florida’s foreclosure rate, and its impact on the state’s economy. The group’s goal is to "provide real solutions for Florida’s families and our state’s economy," according to Lieutenant Governor Jeff Kottkamp, task force chairperson.
MORTGAGE FRAUD - Florida ranked number one in the country for mortgage fraud for the second year in a row, according to a report released by the Mortgage Asset Research Institute and an industry group of the nation’s biggest lenders. Lenders reported more than twice the number of suspected fraud cases in Florida than would otherwise be considered average, based on the number of loans originated here in 2007.
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