mortgage: Refinancing a Mortgage - The Costs and Benefits - 11/03/09 02:38 PM
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 lower rate. … (0 comments)
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mortgage: Mortgages Cost More Than Home Value For 1 in 4 - 09/01/09 02:07 PM
Nearly a quarter of all homeowners are sinking under a mortgage that is bigger than the value of their home.
Even Worse, that figure could rise to as much as 30% by the middle of next year as job losses and foreclosures climb.
In the city, those who owe more on … (1 comments)
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mortgage: Mortgages: 2009 Advice - 01/21/09 08:39 AM
With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have … (0 comments)
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mortgage: HUD Issues New Mortgage Rules - 12/11/08 10:27 AM
HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.
Last March, HUD proposed reforms to … (0 comments)
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mortgage: The Mortgage Meltdown: Can Anyone Stop It? - 12/03/08 03:45 PM
Fifteen months into the worst credit crisis in decades, major banks and the federal government are coming together on a solution for struggling mortgage borrowers.
The goal is to hasten the process for renegotiating hundreds of thousands of delinquent loans, either those held by major banks or held by Fannie Mae … (1 comments)
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mortgage: Rescue for U.S. Homeowners? - 11/05/08 01:30 PM
Housing is at the root of the financial crisis, and preventing foreclosures could bring a double-barreled benefit. It would allow families to remain in their homes and could also help keep the housing market from spiraling out of control. The more foreclosed homes that get dumped on the market, the more … (3 comments)
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mortgage: Need a Mortgage? There's Still Hope - 11/05/08 01:22 PM
Credit standards have been getting tighter all year, reducing the number of people who qualify for loans. It's hard to quantify how many people have been disqualified because of stricter lending standards, but mortgages are still available despite all the hoopla about the credit crunch.
Qualified borrowers can find conforming and … (0 comments)
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mortgage: Lenders Don't Want Your House - 10/29/08 10:56 AM
With the huge number of homeowners facing foreclosure, it is true that your lender does not want your home. In fact, mortgage lenders are also victims in this crisis (believe it or not) as well. Your problem has become their problem!
With 8 homes in every 1000 currently in foreclosure (and … (6 comments)
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mortgage: Election 08: Fannie and Freddie - 09/17/08 01:11 PM
John McCain and Barack Obama agree the Treasury needed to step in to rescue Fannie Mae and Freddie Mac. They disagree over how much the U.S. government should be involved in the housing market once the immediate crisis is past.
The differences between the two presidential candidates over the lenders mirror … (2 comments)
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mortgage: Mortgage Prepay Programs: Don't Get Suckered In - 09/05/08 08:41 AM
The world is full of people trying to convince us to pay for things we shouldn't. For example, programs that promise to help you pay off your mortgage ahead of schedule. Worth the money? Not according to money reporter Stacy Johnson. In this short (1:33) video, Stacy examines "Matter over Mind". … (2 comments)
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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 … (3 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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