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September 17th, 2011

Have a question? Ask our expert!



Expert resized-HSH SpecialAmong the many things HSH.com offers its visitors, is a chance to have your mortgage questions answered by our very own site expert.

HSH.com’s Vice President Keith Gumbinger has over 25 years experience as an expert observer of the mortgage and consumer debt markets. Gumbinger, who has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters, stands ready to answer your questions.

Ask Keith a question

Let’s take a look at some recent “Ask the Expert” questions and at least part of their answers.

Q: Where are mortgage rates headed?

A: If you are determining how much house you can afford, one factor that can make a big difference is mortgage rates. Even a small shift in mortgage rates can make a big difference in your monthly payments.

Mortgage rate trends

While lenders change mortgage rates daily, you may want to look at current mortgage rates on a daily, weekly or monthly basis if you are still in the process of preparing to buy a home or searching for the right home.

You can read weekly and two-month on HSH.com to see what experts are predicting for mortgage rates. There are a lot of factors which affect mortgage rates, not the least of which is growth in the economy, inflation and inflation concerns, Federal Reserve monetary policies, and more. To get a working handle on how all this comes together, please read “What Moves Mortgage Rates” and use the tools above to track the market…(Read more)

Q: Will late mortgage payments in the past twelve months, with 670 credit score and strong income keep me from being able to refinance?

A: Since the FHA program makes money available for people with FICO scores all the way down to as low as 580, your low credit score shouldn’t be much of an issue. Your strong income characteristics will of course be welcomed. However, those mortgage lates within the last twelve months may be a deal-breaker. Many lenders are being more cautious, and it is likely that your loan would be subject to manual underwriting and only eligible for approval on a case-by-case basis. Your best bet is to talk to a few lenders to see if they think you might make it over the hurdles.

Want to have your question answered by us?

If so, there’s two ways to go about it:

1. Fill out the “Ask the Expert” form on our homepage (about halfway down HSH.com, on the right-hand side). Or,

2. Leave a comment below any blog post and I’ll be sure we get your question or particular issue cleared right up.

2 Responses to “Have a question? Ask our expert!”

  1. julie e. cunningham Says: September 21st, 2011 at 9:39 am

    have a home purchased through american title on the original contract on the special provisions where blank when my husband and i signed them. and i have a disclosure stating that i am responsible for contedting to a community well therefore making the property uninhabitable as per our and yalls knowledge there is a well. they went back the same day the contracts were signed and added special provisions stateing that we would have to conect to the community well. we had no knowledge of this until yesterday and per our copies these provisions were not there when we signed proof also they initialed the changes our initials are not present on this. i would like to know if this is a breach of contract and if it would be possible to void the contract as these people had alterior motives for doing what they have done. PLEASE HELP IM SO TIRED OF BEING HAD. THIS IS WHERE TRUST GETS YOU.

  2. Tim Manni Says: September 21st, 2011 at 11:28 am

    Hey Julie, Here’s what I can tell you: 1) Never sign a contract you don’t understand; 2) The time for a lawyer is before you sign the contract, not after. There’s really no specific help we can offer. You need legal representation to help break the contract you signed. You might want to contact the mortgage regulator in your state, or possibly try the state Attorney General’s office for guidance. Unfortunately that’s all I can really tell you. Thanks for commenting, Tim

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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