mortgage: Second Homes Make Sense for Many in the Current Market - 08/07/10 09:41 AM
If you're a late "Boomer" or a "Gen X" or "Gen Y'er," you're likely looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens.
Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across America and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It's a "ground floor" opportunity that comes with doors, windows, a roof and potential for many great moments and … (1 comments)

mortgage: What is a HomePath Mortgage? – Fannie Mae - 05/30/10 04:08 AM
It is important for you to understand the mortgage process and all of the options available to you.  Rate are low, inventory is high and there are many types of homes for sale:  foreclosures, short sales and resales.  You should interview several lenders (bankers, brokers, etc) prior to your home search. 
You need to know:
What your purchasing power is - how much house can you get for the monthly payment you want? Understand the costs of buying - cost of the loan, attorney's fees, downpayment, cash to close, apprasial. What is the difference in APR and APY? What is PMI? … (2 comments)

mortgage: Path to a more affordable mortgage - 05/17/10 08:07 AM
More and more short sale resources are becoming available.  Training, certifications and on the job experience are on the rise as well.  Video is an easy way to communicate to potential short sale candidates.  This one provides enough detail to get the process started.
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mortgage: Trouble making the payments? - 01/23/10 11:48 PM
If you are having difficulty making your mortgage payments you may feel as if there are little or no options.  It is a strain both financially and emotionally.  Trying to work through a hard time with your home and the uncertainty of where you and your family will be living in the future can be overwhelming. 
It is important that you take action.  The situation typically will not resolve itself and the sooner you can get some answers the better you will feel.  Call your lender, mortgage company or bank and let them know that you have a hardship which can include:  illness, relocation, … (2 comments)

mortgage: Timing Couldn't Be Much Better for First-time Buyers - 01/08/10 11:12 AM
First-time homebuyers dominated the U.S. real estate market in 2009, accounting for roughly half of all residential transaction, according to the National Association of REALTORS®.
That trend is likely to continue well into the new year. That's because interest rates are hovering near all-time lows, home-price affordability is near all-time highs and a third factor - Congress' extension of the first-time homebuyer tax credit until April 30, 2010 - make conditions quite favorable for those considering homeownership for the first time.
Still, with the prospect of making one of the largest investments you'll ever make in your life, you can easily … (0 comments)

mortgage: ABC's of Closing Costs - 09/28/09 11:33 PM
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home. But before you get the key, there's one more step-the closing.
Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It's the fees associated with the closing that many times remains a mystery … (4 comments)

mortgage: Dodd Announces "Hope for Homeowners Act" - 03/18/08 10:07 PM
Mar 13, 2008 - Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford.  Under the "HOPE for Homeowners Act of 2008," new mortgage that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.
Full article: http://www.banking.senate.gov/index.cfm?Fuseaction=Articles.Detail&Article_id=248&Month=3&Year=2008
 
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mortgage: Federal Reserve Board Proposes Regulation to Fight Abusive Mortgage Practices - 01/13/08 12:43 AM
On December 18, 2007, the Federal Reserve Board released its long-awaited proposed regulation to prevent unfair or deceptive practices in the mortgage markets by all lenders, not just those with federal deposit insurance. The Fed is proposing two sets of requirements. One would apply to "higher-prices mortgages" (subprime mortgages defined as those with an interest rate at least 3 percentage points above comparable Treasury securities for first mortgages and 5 percentage points, for subordinate mortgages). The second would also apply to higher-priced (subprime) mortgages, and to most other mortgages. For higher-priced (subprime) mortgages: -- Ability to Repay. The rule would prohibit … (1 comments)

mortgage: FDIC Statement on Loss Mitigation Strategies for Services of Residential Mortgages - 01/13/08 12:39 AM
The federal financial institution regulatory agencies and the Conference of State Banking Supervisors issued a statement and supplement encouraging institutions and their subsidiaries that service mortgage loans to pursue strategies to mitigate losses while preserving affordable, sustainable mortgage obligations. See www.fdic.gov/news/news/financial/2007/fil07076.html and www.fdic.gov/news/news/financial/2007/fil07077.html. … (0 comments)