mortgage: Mortgage Points: Why Pay For Them? - 08/11/08 11:31 AM
If you are in the market for a home or considering refinancing your current mortgage, you probably have heard your mortgage professional talking about points. They may advise you to buy points or they may advise you not to, depending on your situation. The question is, do you really understand points … (0 comments)
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mortgage: Housing: Where Do Obama and McCain Stand? - 08/04/08 11:58 AM
Wondering where Barack Obama and John McCain stand on the controversial housing meltdown issues?
Obama wants the government to step in to help homeowners facing foreclosure. McCain has gradually broadened his position to support government intervention, but wants stricter requirements for borrowers seeking aid.
Obama supports:
Allowing troubled homeowners to … (0 comments)
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mortgage: Free Credit Scores, Not Just a Credit Report - 07/14/08 09:48 AM
If you're thinking about buying a home or refinancing - even if you've got excellent credit - you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate.
Under the terms of a national class-action settlement, you may qualify for six or … (2 comments)
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mortgage: Jumbo Loans for Larger Home Loans - 07/07/08 01:13 PM
In some real estate markets, a house in the $400,000 range may be considered a starter home. So the million dollar question is, "Why is it that a home loan in the mid $400's is considered a Jumbo Mortgage Loan?"
While most of us see the term "jumbo" as relative, Fannie … (1 comments)
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mortgage: Short Sales: What Are They? - 06/16/08 01:31 PM
We've had people asking us lately, "What is all this talk about Short Sales?… what are they exactly?"
Very briefly, a short sale home is a home where the seller is having to sell because of a looming foreclosure. They have a higher loan on the home than it's worth, so … (3 comments)
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mortgage: Mortgages with Bad Credit History - 06/16/08 01:24 PM
As home loan guidelines get stiffer and stiffer, more and more people are finding bad credit mortgages as plan A, not plan B as it used to be. But just because you're in the market for a bad credit mortgage loan doesn't mean you shouldn't still look for the best deal … (3 comments)
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mortgage: What is Happening to Mortgage Brokers? - 05/29/08 11:53 AM
What a difference a burst bubble can make. Only two years ago, mortgage brokers originated more than two-thirds of new loans, according to Wholesale Access, a mortgage research firm. Now their share of the mortgage pie has dropped to 45%.
That's a shocking loss of market share when you consider that … (2 comments)
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mortgage: Homeowner Mortgage Bailout Poll - 05/25/08 03:53 PM
Americans remain split on whether homeowners about to default on their mortgages should receive special treatment to help them keep their houses, according to a new research poll.
The poll finds 49% of Americans believe such homeowners should receive special treatment, while 48% feel homeowners should not get assistance. Three percent … (1 comments)
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mortgage: Home Loans Without the Big Down Payment - 05/25/08 03:48 PM
Many people give up on the dream of home ownership before they even get started because they just don’t believe they will ever be able to afford the down payment and closing costs.
A down payment can be as much as 20 percent or more of the purchase price of the … (2 comments)
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mortgage: Home Appraisals: Changes on the Horizon? - 05/19/08 10:04 AM
A major legal brawl is breaking out over how homes are appraised, at what cost, and by whom. The outcome could directly affect the price you pay for your next piece of real estate, and the amount of mortgage money you can obtain.
The fight centers on an unusual agreement … (3 comments)
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mortgage: Credit Score: Do Something Before It's Too Late - 05/12/08 11:58 AM
Making sure you have a good credit score is more important today than ever before. Not only is it crucial to helping you get the best interest rates possible when applying for any type of loan, it could mean the difference as to whether you can even find a job, if … (1 comments)
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mortgage: Reverse Mortgages: Pros and Cons - 05/04/08 02:26 PM
One of the most confusing mortgages to much of the general public is the reverse mortgage. Lots of folks aren't sure what a reverse mortgage is, who qualifies, how to apply, and where to go to get information.
These are all great questions, and here is a great article that sums … (2 comments)
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mortgage: Home Equity vs a Line of Credit - 04/25/08 02:37 PM
While the credit crunch has made borrowing for… or against… your home more difficult, home equity loans and lines of credit remain popular for those with equity.
Stacy Johnson explains what these loans do and if you should consider them. (video runs 1:27)
Leave us a comment about this tip.
… (6 comments)
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mortgage: Americans Are Confident in a Turnaround - 04/11/08 04:08 PM
According to a recently released survey, most Americans believe the economy will bounce back by next year. Of the more than 1,000 American adults surveyed in the poll, 83% said they are "confident" they will be able to maintain their standards of living next year, and 85% are "confident" they will … (1 comments)
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mortgage: Housing: Where do the Candidates Stand? - 04/11/08 04:01 PM
Recent data show that nearly a million American households are at risk of foreclosure, 71% more than a year ago. Nearly 6% of all borrowers are past due on their mortgages. And the presidential candidates are trying hard to convince voters that they have the best plan for fixing the problems. … (0 comments)
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mortgage: Mortgage Questions: There Are NO Dumb Ones - 04/06/08 01:27 PM
The old saying, "the only dumb question is the one you don't ask" couldn't be truer when it relates to your mortgage. The more you ask, the more you know. And the more you know, the better decisions you'll make when getting a mortgage.
when you are ready to talk with … (0 comments)
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mortgage: Lenders Cutting Off the Home-Equity Spigot - 03/18/08 02:12 PM
For more than a decade, banks encouraged homeowners to tap their equity for everything from paying off credit cards to covering college tuition. Now lenders are abruptly shutting off the spigot. More than 100,000 homeowners at one lender already have been told that their home-equity lines of credit have been … (2 comments)
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mortgage: High-Cost Mortgages: Now a Bit Cheaper - 03/13/08 10:17 AM
Mortgage costs just got a little cheaper for buyers in high-cost areas.
The size of loans that can be guaranteed by Freddie Mac and Fannie Mae was raised recently by the Office of Federal Housing Enterprise Oversight. The new, higher loan limits will stay in effect through the end of … (0 comments)
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mortgage: Lenders Put a Freeze on Foreclosures - 03/10/08 12:39 PM
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments. Under a program unveiled recently, legal efforts to oust seriously delinquent borrowers from their homes … (2 comments)
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mortgage: Can't Make the Mortgage Payment? Just Walk Away? - 02/19/08 03:05 PM
More and more borrowers are watching their house values sink while the cost of their loans skyrockets. What to do? It appears that some are opting to skip out on the mortgage all together. Homeowners are abandoning their homes and, more importantly, their mortgages, rather than trying to keep up … (3 comments)
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mortgage: Most Middle Class Workers Still Can't Afford a Home - 02/12/08 09:16 AM
Despite the housing slump, most middle income workers still don't earn enough to buy a median-priced home in their hometowns, according to the Center for Housing Policy.
The center, an arm of the affordable housing advocacy group the National Housing Conference (NHC), compared housing costs in 201 metro areas with the … (2 comments)
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mortgage: Will Rate Cuts Kill the Housing Market? - 02/08/08 09:52 AM
The latest rate cut from the Fed was again good news for the stock market. Unlike the last several Fed moves, however, this one didn't make mortgage borrowers very happy. The Fed has cut interest rates quickly and dramatically in recent weeks and months, and the entire yield curve has responded. … (1 comments)
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mortgage: Lenders Beginning to Make Deals - 01/31/08 02:13 PM
With so many houses in the United States facing foreclosure, mortgage lenders are starting to offer favorable deals for distressed borrowers they would not have agreed to just six months ago. This is not altruism, but a case of lenders trying to avoid being stuck owning hundreds of thousands, or even … (0 comments)
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mortgage: Stop the Foreclosure Process - 01/24/08 01:24 PM
It is estimated that more than 3 million homes will be foreclosed through 2009. This is worse than what happened during the Great Depression. Reasons for this are many, but put simply, homeowners have allowed themselves to get into mortgages they couldn't really afford. Predatory loan processes used by lenders have … (2 comments)
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mortgage: Home Equity Diminishing - 12/26/07 10:17 PM
Homeowners began to lose hold of their homes long before spiking foreclosures and the housing slump slammed the economy. Piece by piece, some gave away their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent … (0 comments)
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mortgage: Pay Off Your Mortgage or Invest the Money? - 12/26/07 10:12 PM
As you invest your money, shop for a home or tackle any one of the many financial decisions you have to make over your lifetime, do you sometimes wish you'd paid more attention in math class? Do you find yourself having to "run the numbers" and wondering what's best? The solution … (1 comments)
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mortgage: The Future of the Long Island Real Estate Market - 12/19/07 04:02 PM
The subprime mortgage crisis has extended itself throughout the economy. According to Congress' Joint Economic Committee, some 3.7 million homes will probably foreclose as a result of the crisis. As of August, 1.7 million of those homes had already foreclosed, and another 2 million are expected during the next two years. … (1 comments)
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mortgage: What Interest Rate Cuts Mean to You - 12/19/07 03:56 PM
When the fed lowers interest rates and gets everyone all excited, what do these lower interest rates really mean to you and me? Homeowners: You could save hundreds of dollars a month if your loan is pegged to Treasury rates, which have fallen considerably thanks to the Fed's recent cuts. But … (1 comments)
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mortgage: Housing Woes Have a Domino Effect - 12/14/07 10:51 AM
If you haven't yet felt the impact of the nation's credit crisis, just wait. So far, the turmoil may feel a bit remote for average people: Failed mortgage lenders. Gargantuan write-downs by banks. Foreclosures for people who couldn't really afford the mortgages they got. What about the rest of us? Are … (0 comments)
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mortgage: The Rate Freeze Idea - Give Us Your Opinion - 12/14/07 10:46 AM
If you haven't been keeping up with the news of late, you may not be aware of the new "Rate Freeze" idea that is being kicked around by the Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department. Details of the plan have … (0 comments)
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mortgage: Housing Costs Consuming More of Paychecks - 10/11/07 10:32 PM
Housing costs ate up more of the monthly paycheck for millions of Americans in 2006 than the year before, despite signs of a slowdown in the housing market, according to figures made public recently by the Census Bureau.
The housing data describe the buildup of economic pressures before the recent wave of … (1 comments)
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mortgage: 60 Million Foreclosures in next 2-3 years? - 10/07/06 11:07 AM
Just came across an e-mail that stated: "Please be sure you read the new federal guide lines for home loans. All of the "exotic" loans will be gone. The regulators want all loans to be fully amortized. In my estimation that could create 60 million foreclosures in the next 2-3 years."
Granted he … (3 comments)
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