Senator Christopher Dodd, Chairman of the Senate Banking Committee, has finally announced that he is going to refinance his sweetheart loans that have been the source of much controversy over the past year. Dodd, has blamed Countrywide for some of the nation's lending problems, yet he got a special rate and loan from Countrywide through its secret "Friends of Angelo" program.

Why is this news? Well, for one, Chairman Dodd has been under fire for months to produce documentation about this loans which essentially were better deals than the average American could get because of his oversight role in the banking industry. But the other interesting fact is that he waited until now to refinance. While everyone is paying attention to the bailout and the stimulus, mortgage rates are super low right now, allowing Chris Dodd to trade in one sweetheart deal for another. Of course if Chairman Dodd had been doing his job in oversight, many Americans might not be losing their houses or facing economic hardship right now, but at least he got his low-rate loan.

In case you missed the news, the federal government is offering up to a $7,500.00 tax credit for first time home buyers until June 30, 2009. Already bought a new home? You might be covered too as the tax credit applies to first time buyers who bought after April 9, 2008.

Thirty-year fixed mortgage rates have been tracked since 1971, and never before has going rate for 30yr fixed mortgages fallen below 5.0%, until now.

New home sales are slow which means business for builders, general contractors and sub-contractors is also slow. Now is a good time to buy, but its also a good time to tackle that home renovation or addition project you've been thinking about for years.

Since the subprime meltdown and foreclosure crisis started, lending guidelines have become increasingly tighter, making it harder for some borrowers to obtain a mortgage, leading to even more foreclosures and delinquent mortgages.

And it's about to get worse.

Pending Home Sales Fell, Existing Home Sales Fell and Foreclosures and delinquencies increased... all signs of a buyers market.

In every market there are buyers and sellers. In every depressed market, one person's bad news is a buying opportunity for someone else. Its difficult to be on the wrong end of that, but the opportunity for someone on the opposite side is what eventually helps things turn around.

As part of the financial bailout package that was announced November 25, the Federal Reserve has finally started buying illiquid mortgage assets to ease the struggling mortgage market and hopefully improve rates and credit terms for borrowers.

A number of different financial institutions hold illiquid mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac and Ginnie Mae, including banks and hedge funds, and are eligible for the program.

The Fed said late last year that it planned to complete its purchases of mortgage securities by June 30, significantly faster than most regulatory observers had initially expected.

Averages for 30 year fixed mortgage rates for qualifying borrowers continue to hover around the 5% mark this week, causing a flurry a refinance inquiries at lenders and mortgage brokers. If you have been sitting on the sidelines waiting to refinance, now might be the right time!

Its a new year. Time for new beginnings and resolutions. Like many Americans you may resolve to improve their physical well being this year, but make sure you also focus on your fiscal health.

You've probably heard that the Fed Funds rate is next to nothing (0-.25% to be exact). That means that banks can borrow money for short periods of times and pay little to no interest. But those savings are just reserved for the banks. When the Fed Funds rate drops, Prime invariably follows, and that means all of us will save.

Have you heard, conventional mortgage rates are pretty low. In the low to mid 5% range is feasible, with some people paying a little more to get close to 5.0% or even the upper 4s. Those a crazy low interest rates for 30-year money.

Many borrowers are looking for low or no down payment options when purchasing a new home. These programs are becoming more scarce as the economic and financial markets tighten up. Thankfully, there are still FHA Loan Programs available to allow many borrowers to buy a home with as little as 3% down. And, with an FHA Loan, you might be able to wrap the fees and other closing costs into the loan so your only out of pocket expense is the down payment.

Click here for more information about FHA Loans for Home Purchases.

Get the best deal on your home loan, or LendingTree will pay you $500.00, guaranteed.

The mortgage industry is very volatile right now. From lenders and brokers closing shop to programs disappearing and rates fluctuating wildly and a foreclosure problem that doesn't seem to be getting any better; the mortgage business is in a state of transition and confusion. That is why, now more than ever, you need to choose who your mortgage company is very carefully. It is imperative that your broker or loan officer is experienced in the industry and has the knowledge and experience to whether the storm with you.

Choose your Mortgage Professional carefully and don't be afraid to ask them questions.  Interview them, ask how long they have been in the business and what kind of track record they have helping borrowers like yourself.  The size of the company doesn't matter, nor does it matter whether your mortgage comes from a large national bank or small family show.  What matters is that they have your best interests at heart and offer you a complete and thorough Good Faith Estimate, Truth-in-Lending Statement and FACT Act Statement within three days of your application.

A few years ago, Adjustable Rate Mortgages (ARMs) were all the rage in North Carolina and Virginia. With rates around 3.5 to 4.5%, you can understand why. Many of those ARMs are adjusting now, or will be soon. With Prime, LIBOR, and other indeces considerably higher than the were a few years ago, most of those Adjustable Rate Mortgages are going to increase by 1, 2, 3% of more. And, in six months or a year, they are almost certainly going to adjust again.

LFS Home Loans has opened hiring for its Raleigh, North Carolina retail branch location.  There are a few desks available for qualified candidates who should possess the following:

• North Carolina Loan Officer's License
• Experience in the Mortgage Business or other Financial Services Industry
• Attention to detail and a desire to succeed
• Reliable transportation
• Working experience with Windows Operating System and the Internet
• Successful track record in self-motivated environment
  
• Proven team player
• A strong moral character
• The desire to help people, regardless of credit, socio-economic, cultural, or racial background.

LFS Home Loans now offers a live loan officer chat through its website at www.lfshomeloans.com.  With this exciting new feature, North Carolina and Virginia borrowers can chat with a licensed loan officer about their mortgage needs whenever our office is open and during most nights and weekends.  If none of our loan officers are avalble, visitors can send an instant message to our staff for a fast response. 

Look for this button to access our live loan officer chat:

Today LFS Home Loans unveiled its new website, accessible by visiting www.lfshomeloans.com.  The new website is faster, builds on our industry exceeding security standards, and offers 5 easy ways for North Carolina and Virginia residents to apply for a mortgage loan.  We also have a new forms and documents page for borrowers to quickly access the documents they need.  Finally, users can save virtually every page of the new site as a pdf, print it, or e-mail it to a friend all by a single mouse click, helping them to compare our services to other mortgage brokers and lenders.

In the coming weeks we will be unveiling additional features to our new website, providing additional resources for North Carolina and Virginia residents who are looking to buy, build or refinance their home.  For additional information, please contact LFS Home Loans at 1-866-812-4826. 

Today, LFS Home Loans was proud to be a sponsor of the North Carolina Bar Association 's Triangle Race for the Cure team.  This year's Race For the Cure will be heald on June 10th at Meredith College in Raleigh.

UPDATE:  The 2006 Triangle Race for the Cure was a big success, raising over $1,296,000 for breast cancer research.  LFS Home Loans was honored to be able to make a small contribution towards that goal.

LFS Home Loans is proud to announce it is fully operational at its new retail location. The new office is located at 203 W. Millbrook Road in Raleigh, North Carolina. Just past the corner of Six Forks and Millbrook Road, the brand new building is situated in the heart of North Carolina and minutes from downtown and the State Capitol. The new location gives Raleigh residents and newcomers closer access to the LFS Home Loans staff while still keeping our office centrally located to the surrounding areas.

LFS Home Loans published its online brochure on Construction To Permanent Mortgages today, hoping to provide further information for customers wishing to build their new home.

LFS Home Loans announced today that it received its license to act as a residential mortgage broker in the Commonwealth of Virginia. LFS Home Loans had already partnered with some federally chartered banks in the Commonwealth, and is proud to now be able to provide full service home loan origination to Virginia residents, regardless of credit background, property type, or circumstance.

Conforming Loan Limits have increased for residential mortgage loans. The new limits as of January 1, 2006 are as follows:

Conforming Limits in the Continental United States:

• 1 unit 48 states: $417,000
  
• 2 units 48 states: $533,850
• 3 units 48 states: $645,300
• 4 units 48 states: $801,950
  
  
• Loan limit on second liens: $208,500

• 1 unit Alaska and Hawaii: $625,500
  
• 2 units Alaska and Hawaii: $800,775
  
• 3 units Alaska and Hawaii: $967,950
• 4 units Alaska and Hawaii: $1,202,925
  
  
• Loan limit on second liens: $312,750
  

Today LFS Home Loans of Cary, North Carolina announced the guidelines of its exciting Owner-Builder Home Construction Financing Program. The Owner-Builder program allows savvy individuals to get great interest-only financing (as low as 4.99%/5.71 APR) for the construction of their new home. Borrowers can build without hiring a licensed general contractor, and save thousands of dollars. Many owner-builders have 15%-20% or more equity in their home by the time construction is complete.

We received an e-mail today thanking our office for our support of Hurricane Katrina relief efforts. We are still working to give more, as we are donating an additional $100 for each first lien mortgage that closes and funds this month.

LFS Home Loans is proud to support the Hurricane Katrina Relief Efforts by donating to the Southern Baptist Convention -- Disaster Recovery fund. LFS Home Loans chose to give to SBC Disaster Recovery because 100% of all money contributed goes to relief efforts. Unlike some other charities, the Southern Baptists' overhead is not paid by donations to the relief effort, but rather continuous monetary and volunteer support by member churches.

As of 10:30am eastern time today, the Southern Baptist Convention's North American Mission Board has served over 2 million meals to displaced citizens affected by Huricane Katrina. The board has also provided more than 12,000 showers, and completed more than 2,192 loads of laundry for affected citizens.

Eligibility for Free Annual Credit Reports opened yesterday for East Coast States and all U.S. Territories. As of September 1, 2005, regardless of your location, all U.S. citizens are entitled to receive a copy of their credit report once each year from the three major bureaus.

The thoughts and prayers of the LFS Home Loans Team are with those devastated by Hurricane Katrina, and the volunteers who are desperately trying to help. This morning, LFS Home Loans donated $500 to disaster relief efforts by the Southern Baptist Convention and is pledging to also give $100 for every loan that closes and funds in the month of September.

LFS Home Loans announced the winner of its Gas Grill Give-A-Way contest that occured during the Waverly Day event on June 18th. The Humphrey Family of Apex, North Carolina won the grand prize. Mrs. Humphrey entered the drawing at the LFS Home Loans display on Saturday. The stainless steel grill was 50,000 BTU's and had 700 square inches of cooking surface along with a side burner.