March 10, 2010
- Underwater on Your Mortgage?
Underwater on Your Mortgage?
The housing market is still very unstable. One month we read that home sales are strong and home prices are rising. The next month we see that sales are down. One piece of discouraging news that came out recently was that in the fourth quarter of 2009 another 600,000 homeowners found themselves [...]
February 9, 2010
- Considerations When Planning to Refinance Your Home
Considerations When Planning to Refinance Your Home
Home refinancing is one of the popular and widespread choices among homeowners in today's real estate sector. It is an alternative that most homeowners are trying to understand and avail due to its beneficial outputs and objectives. If you are one of those who are still weighing their options [...]
January 28, 2010
- FHA Loans: Waiting Will Cost You Big Time
FHA Loans: Waiting Will Cost You Big Time
The FHA is making proposals to change mortgage insurance premiums, FICO (credit score) and down payment combinations and seller concessions. The changes will be posted in the Federal Register next month and after a comment period would become effective early summer.
With these rule changes, an FHA loan could [...]
January 21, 2010
- Real Estate Rental Update
Real Estate Rental Update
Apartment vacancies hit a 30-year high in the fourth quarter, and rents fell as landlords scrambled to retain existing tenants and attract new ones.
The vacancy rate ended the year at 8%, the highest level since Reis Inc., a New York research firm that tracks vacancies and rents in the top 79 U.S. [...]
January 20, 2010
- 5 Things to Check Before Refinancing
5 Things to Check Before Refinancing
Since mortgage rates have remained low, homeowners have been rushing to refinance. But before you lock in at a lower rate, here’s a checklist to make sure you’re saving money and getting the best loan for your needs.
1. Use a refinance calculator to make sure you are saving money. Calculate [...]
January 13, 2010
- Rules to Clarify Cost of Mortgages
Rules to Clarify Cost of Mortgages
The complexities of shopping for home mortgages has always been a struggle for home buyers. Now, the Federal Government is trying to help.
Federal rules that took effect on January 1st now require mortgage lenders and brokers to give consumers better estimates of the barrage of fees they incur when taking [...]
January 6, 2010
- Mortgage Modification: A Credit Score Killer
Mortgage Modification: A Credit Score Killer
Many troubled homeowners view President Obama's foreclosure rescue plan as a way out of their financial troubles. What they don't realize is, entering a trial mortgage modification can actually hurt their credit.
Let's face it, most people who apply for the president's plan are already delinquent in their mortgage payments, which [...]
January 5, 2010
- Mortgage Modification for Distressed Homeowners
Mortgage Modification for Distressed Homeowners
Homeowners experiencing financial hardship can now take advantage of the Home Affordable Modification Program (HAMP). HAMP is the national loan modification program offered in the Obama Administration’s Homeowner Affordability and Stability Plan which mortgage servicers are implementing broadly to bring long-term affordability to homeowners struggling to keep their homes. Navigating [...]
December 23, 2009
- HUD Updates Home Loan Shopping Booklet
HUD Updates Home Loan Shopping Booklet
The Department of Housing and Urban Development (HUD) has released an updated version of a booklet that's intended to help consumers comparison-shop for a mortgage.
Much of the 49-page publication, "Shopping for Your Home Loan: HUD's Settlement Cost Booklet," is devoted to the new standardized Good Faith Estimate and HUD-1 settlement [...]
December 12, 2009
- Reverse Mortgages: Why to Avoid Them
Reverse Mortgages: Why to Avoid Them
Retirees are living longer than they may have anticipated, and for those who own their homes but are cash-poor, a reverse mortgage might seem tempting. But don’t be taken advantage of. These are often expensive and unnecessary. Though reverse mortgages have their place, it's a rare one. Be cautious.
Reverse mortgages [...]
December 6, 2009
- Mortgage Modifications: Careful Whom You Call
Mortgage Modifications: Careful Whom You Call
If someone offers to help modify your mortgage for the low-low upfront fee of $3,500, run for the hills! In many states, it's illegal to charge upfront fees or payments for loan-modification help.
The problem is twofold: Homeowners who can't afford their mortgages really can't afford to spend several thousand dollars on [...]
November 5, 2009
- Private Mortgage Insurance Explained
Private Mortgage Insurance Explained
When many borrowers hear “mortgage insurance,” they tend to think, "hey - that’s great! I’ll be protected in case I can’t pay my mortgage!” However, this mortgage insurance is not in place to protect borrowers. Rather, it’s put into place to protect lenders.
Experience has shown lenders that borrowers with less than 20 [...]
October 27, 2009
- Refinancing a Mortgage - The Costs and Benefits
Refinancing a Mortgage - The Costs and Benefits
If the near record low mortgage rates being advertised everywhere has you wondering whether now might be the time to consider refinancing your mortgage, here are some things to keep in mind:
First, use a good mortgage calculator to see how much you might save by refinancing to a [...]
October 19, 2009
- Reverse Mortgages: A Good Thing?
Reverse Mortgages: A Good Thing?
Reverse mortgages are becoming more and more popular these days, but are they scams or are they legitimate? Is it really possible to sell your house back to a bank and still retain the deed to it? Will the bank really pay you the mortgage payments?
A reverse mortgage is a loan [...]
October 14, 2009
- FHA Streamline Mortgage Process Revised
FHA Streamline Mortgage Process Revised
FHA Streamline is a refinance process designed for homeowners who currently have an FHA loan. Previously, homeowners could refinance to a lower rate without an appraisal. However, after November 17, 2009, appraisals are required if clients roll any portion of the closing costs and prepaid fees into [...]
September 27, 2009
- Understanding Interest-Only and Reverse Mortgages
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Understanding Interest-Only and Reverse Mortgages
Presently, there are around 6,000,000 home owners who have an interest only mortgage. This kind of mortgage implies that the standard payments you make are just taking off the amount of interest the mortgage amasses.
The capitol you borrowed must be paid back when the mortgage has [...]
September 22, 2009
- Reverse Mortgage for Purchase
Reverse Mortgage for Purchase
Imagine a mortgage that pays you, instead of the other way around.Questions or comments about this video on Reverse Mortgages? Use the comment link below and we'll get back to you with answers. Remember, your email address, though needed to post a comment or question, is never published on our website. [...]
September 15, 2009
- Home Equity Loans - Facts You Need To Know
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Home Equity Loans - Facts You Need To Know
Your home is probably the biggest asset you have to use for money. A home to back you up when you need funds is one of the greatest advantages of home ownership. In recent years, there has been a major boom in [...]
September 3, 2009
- Mortgage Rates: Locking In
Mortgage Rates: Locking In
Shopping for a mortgage doesn't just mean shopping for the best interest rate, you need to be aware of locking in the best mortgage, and what that time and date could mean. Stacy Johnson explains in this short video…Questions or comments about mortgage rates, or locking in your mortgage rate? Use the [...]
August 27, 2009
- Negotiating On Mortgage Rates
Negotiating On Mortgage Rates
Most of us will go out of our way to save a few bucks on groceries, or a few cents a gallon on gasoline. But what about that mortgage? The wrong deal on a mortgage can cost you thousands of dollars! Stacy Johnson explains:Questions or comments about this report on Negotiating on [...]
