Mortgage
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Millions of households cannot qualify for refinancing
Feb 27, 2010 | | Posted in MortgageRefinancing for millions of households is next to impossible for the best interest rates. Statistics show that half of the nation’s borrowers have mortgages with rates above 6 percent even though the average rate on 30-year, fixed-rate mortgages has been about 5 percent for most of the past year, according to research firm First American … Continue Reading »
Tips how to get mortgage loan at the lowest possible rate
Feb 20, 2010 | | Posted in MortgageThe most important and probably the only criterion for getting mortgage loan at the most favorable and lowest rate is to improve and raise your credit score to as high as you possibly can. The higher the score, the lower the interest rate. Of course, at both ends of the spectrum, as with anything else, … Continue Reading »
10 Easy steps to finding the best mortgage lender
Feb 13, 2010 | | Posted in MortgageWhen you need the best financial adviser, you look for the best. When you need a good tax preparer, you find a good one. On the same token, when you look for a good and an effective mortgage lender, you look for the best mortgage lender. These days, because of the so many scams going … Continue Reading »
Foreclosure does not necessarily mean zero mortgage balance
Feb 4, 2010 | | Posted in MortgageMedia have reported millions of homes that have been foreclosed by banks the past year or so. That does not necessarily mean, after the foreclosure, the homeowners are off the hook from then on and the mortgage balance would automatically come down to zero. In cases where the bank auctioned off the home for less … Continue Reading »
Don’t let Willie’s mortgage story be your outcome
Jan 9, 2010 | | Posted in MortgageBefore I say anything further, I want to mention that an overwhelming majority of the mortgage refinancing companies – in any shape or form – have legitimate businesses and that includes your neighborhood bank as well. They will help you refinance your home without any questionable action on their part and within the law, fair … Continue Reading »
Reverse Mortgage lenders might put older homeowners at risk
Jan 2, 2010 | | Posted in MortgageReverse mortgage by its very nature is targeted towards seniors – age 62 or older – as against sub-prime market where everyone got screwed regardless of age. Sub-prime went down the drain so the story goes or at least we are being led to believe it did.
You know that the National Consumer Law Center … Continue Reading »
Mortgage lenders profit from foreclosure and not modification
Dec 28, 2009 | | Posted in MortgageThe Federal Government initiated a program a while back called the Home Affordable Modification Program (HAMP). The basic logic behind it was to make loan modification easier and perhaps simpler for the consumers so that they would avoid foreclosure on their homes.
But guess what? The lending institutions – perhaps your neighborhood bank as well, … Continue Reading »
Have more control over your homeownership future
Sep 21, 2009 | | Posted in MortgageHave you fallen behind on your mortgage payments? If you have, don’t despair. Don’t think about defaulting on your mortgage loan. By following these steps, you can have more control over your home-ownership future than you think.
So then, how to find the money you need
You don’t necessarily have to have a checking account on hand … Continue Reading »
3 more months and $8,000 vanish into thin air
Sep 2, 2009 | | Posted in MortgageTime is running out to claim the $8,000 first-time home-buyers tax credit. Passed earlier this year as part of the economic stimulus package, the credit is good for up to $8,000, or 10% of the purchase price, and applies to people who have not owned a home in the previous three years. There are some … Continue Reading »
Have a specific goal in mind when you apply for loan
Aug 30, 2009 | | Posted in MortgageYou gotta have a goal, a specific plan when you go to a lending institution and apply for a loan. Most folks do and they get a loan to spend on something that can potentially give them a return.
There are, unfortunately, some who get a loan, at least when the credit was available in abundance, … Continue Reading »
The negative equity in your home is shrinking
Aug 15, 2009 | | Posted in MortgageWhat the heck is negative equity? If you have heard of mortgage underwater, then negative equity means almost the same, for us ordinary folks. I don’t know if there is a difference in technical definition.
Let’s say your home is worth $200,000 and you owe $250,000 in mortgage, then you have negative equity of $50,000 … Continue Reading »
Is reverse mortgage good for you?
Jul 29, 2009 | | Posted in MortgageAre you at least 62 years old? Do you have enough or full equity in your home? Does it get harder and harder to live on your income? Are you retired and living on fixed income?
If you say YES to any of these questions, reverse mortgage may be a good option for you. It … Continue Reading »
Calculators for mortgages
Jul 9, 2009 | | Posted in MortgageWhenever interest rates drop, the appeal of refinancing your mortgage grows. But it’s important to know the real costs – and potential savings – before making a move.
Homeowners can see how their existing mortgage payments might change if they were to refinance, and, just as important, how long it would take to recover any … Continue Reading »
If you are home-searching, help is a click away
Jun 8, 2009 | | Posted in MortgageBuying a home can be an overwhelming experience, and it starts with your initial search. At times, it can be very annoying. The best thing to do is save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan. … Continue Reading »
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