mortgage: Recovering Real Estate Market - 03/02/12 11:43 AM
If you have clients looking into buying a home, now may be a great time to encourage them. New reports are hinting that we can be cautiously optimistic about a recovering real estate market. My post for today’s Equifax Finance Blog has lots of great information to back up the claim. Here are 4 things that are fueling the optimism.
1. Fannie Mae and Freddie Mac are reporting positive outlook reports. Fannie Mae reports that based on three consecutive months of increased home sales late last year, Fannie Mae expects housing to add to the gross domestic product (GDP) for the … (2 comments)
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mortgage: Buying a Home? Mortgage Advice from Steve Cook - 02/24/12 07:52 PM
Do your clients need an incentive to start moving on buying a home? 2012 may be your year, as 30-year fixed rate mortgages are at an all-time low.
However, mortgages are becoming more difficult to get approval for, which may result in your real estate deals falling through. Today’s Equifax Finance Blog post by real estate expert Steve Cook details his interviews with Margaret Kelly and the CEO of Total Mortgage Service Adam Walsh on the latest real estate and mortgage news.
“The Federal Reserve promising to keep short-term interest rates at zero for the next three years,” says Cook. However, … (8 comments)
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mortgage: States and Lenders Near $25B Settlement - 01/24/12 11:49 AM
Government officials announced Monday that the nation's five biggest mortgage lenders have agreed to overhaul the industry, after robo-signing and deceptive foreclosure practices caused many consumers to lose their homes. The proposed settlement could reach $25 billion.
Even so, those who lost their homes to foreclosure are unlikely to get them back. Only about half the households who might be eligible for assistance will likely receive checks, and those checks will only be $1,800 each. That's a good amount of money, but nowhere near the cost of a home.
It's unlikely a settlement will be reached this week, according to a … (0 comments)
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mortgage: Mortgage Rates Hit All-Time Record Lows (Again) - 08/18/11 12:47 PM
A week ago, I thought mortgage rates had hit all time lows. I spoke too soon.
This morning, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) showing mortgage rates, fixed and adjustable, reaching new all-time record lows providing further incentive for those homeowners looking to refinance.
While any market changes that make home affordability more accessible are a boon to the depressed housing sector, there is some question as to how many Americans can actually take advantage of these mortgage bargains. Though 30-year fixed mortgage rates are now the lowest in over 50 years, there is still … (2 comments)
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mortgage: Countrywide Mortgage Refunds $108m to Homeowners Who Were Overcharged - 07/20/11 05:31 PM
In the midst of the foreclosure crisis, some feel at the mercy of their banks. When a homeowner is defaulting on their mortgage, every fee and charge from loan services can seem severe. Well, some complaints apparently weren't so unreasonable. And today, they were answered.
Earlier, a press release announced that Countrywide, a loan processing unit of Bank of America would be returning money to homeowners. On my CBS Moneywatch Home Equity blog, I give you the details of the settlement.
The settlement, agreed upon by the FTC (Federal Trade Commision) includes:
Approximately $108 million. Individual refund checks up to … (1 comments)
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mortgage: Homeowner Headaches: Itemized Deductions, AMT, and Other Tax Nightmares - 03/30/11 03:24 PM
The deadline to file taxes this year is April 18th. If you own a home, the process of deciding whether or not to take the standard deduction or itemize your expenses can have you reaching for a bottle of Excedrin.
Equifax Personal Finance Blog expert Eva Rosenberg offers a handy guide for answering the eternal question.
There are a number of changes in the standard deduction rules, comparing 2010 with 2009. They fall under the following categories:
Sales Tax Property Tax Disaster Law The list of potential itemized deductions can be daunting, but homeowners will want to pay particular attention to … (1 comments)
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mortgage: Taking Out a Mortgage in Retirement? 6 Questions to Ask Yourself First. - 03/22/11 11:31 AM
Making a decision about taking out a mortgage is difficult for anyone at any stage of life. But it's even more complicated for those on a fixed income. Do you know the right questions to ask yourself before you sign?
Equifax Personal Finance Blog contributor Roger Wohlner lays out the 6 questions that every retiree will need to answer for themselves before proceeding with the purchase of a home.
The first three questions relate to your retirement lifestyle and the impact of borrowing on your estate:
1. What will my cash flow look like in retirement? Without the secure funds to … (4 comments)
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mortgage: How To Prioritize Debt To Pay Off Your Mortgage - 03/21/11 11:50 AM
When homeowners are in debt, they have to balance their spending needs, utility bills, and other obligations with their desire to pay down their mortgage. During his live chat on Facebook last month, David Bach, author of "Debt Free For Life", answered readers' questions about prioritizing their debts. Many were concerned about making mortgage payments while still saving money for other expenses. Shelby asked: "Could you tell me if it is better to pay additional monthly payments toward your mortgage principal or pay any additional payments in one lump sum? Currently I pay an additional monthly amount and then another lump payment with … (5 comments)
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mortgage: 9 Things You Should Do To Get The Mortgage Of Your Dreams - 02/18/11 09:58 AM
Everyone knows it's harder than ever to get financing. One third of all borrowers don't qualify for mortgages. With tightening credit markets, lenders have become more selective about who qualifies.
So what can that one third of potential home buyers do to increase their chances of being approved? My colleague Sue Stewart of MortgageMatch.com has 27 years in the mortgage industry under her belt, and overseen all aspects of major mortgage banking operations for leading home builders and real estate brokerage firms.
She put together an excellent post with 9 steps that potential home buyers can take to increase their chances of being … (0 comments)
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mortgage: How To Pay Off Debt: Prioritize Your Spending Needs And Your Debt Payments - 02/14/11 12:15 PM
Being in debt is a scary situation, and it can seem overwhelming to try to get a handle on where your money should go. If you're making an effort to pay off debt, you need to evaluate your mortgage payments, insurance premiums, utility bills, and other spending to see which are most important.
The credit experts at Equifax have put together a great post on budgeting and prioritizing when you're in debt. Their first piece of advice: Your mortgage payment is always your #1 priority. A family needs a safe place to live, and late mortgage payments will catch up with you … (0 comments)
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mortgage: Avoid the Scam of Mortgage Credit Insurance - 01/13/11 12:24 PM
My colleague Linda Rey is an insurance agent who often hears her clients ask: "What insurance can I buy to protect my mortgage if anything happens to me?” In this time of high economic uncertainty, it's good to hear that people are trying to protect their assets. If you’ve asked yourself the same question Linda Rey's clients did, you might think you need mortgage credit insurance, based on the name. Unfortunately, Linda says, mortgage credit insurance is not going to help most homeowners in the way they need. Mortgage credit insurance is basically an expensive policy for a declining liability. The policy … (3 comments)
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mortgage: Strategic Default: The Consequences Of Not Paying Your Mortgage - 11/05/10 09:42 AM
When companies take on more debt than they can afford, they typically walk away from some of it to better balance income and expenses. Walking away from certain debts in order to shore up your balance sheet is called “strategic default.”
Here’s an example: The Mortgage Bankers Association built a beautiful new headquarters in Washington, D.C., several years ago, and then found it couldn’t afford its mortgage. So the nonprofit association turned the keys over to the lender and walked away from the property. Strategic defaults happen in corporate America all the time. And it’s considered a perfectly legitimate way of … (2 comments)
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mortgage: Foreclosure Freeze: Is MERS Causing a Foreclosure Nightmare? - 10/07/10 05:10 PM
In the short span of a week or so, the phrase “foreclosure freeze” has become part of the vernacular - millions of homeowners who are in default are wondering if the foreclosure freeze will stop the clock and give them a few more months, perhaps a few more years, in their home.
Perhaps, but I think this is more of a temporary stop on a trip to foreclosure hell.
In today’s Washington Post, writers Brady Dennis and Ariana Eunjung Cha argue that there is more to the foreclosure freeze than simply flawed paperwork.
Their story centers around Mortgage Electronic Registration Systems, based in Reston, Virginia. The company, which … (2 comments)
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mortgage: Baby Boomers Set Mortgage Trends - 09/20/10 03:44 PM
Baby boomers are setting the pace for mortgage change. Most are reaching the end, or getting closer to the end, of their first 30 year mortgage.
Baby boomers have refinanced their mortgages numerous times and are now looking for better options.
The trouble with mortgages is that they tend to last up to 30 years, unless you move, get a 15 year mortgage or figure out a way to pay down your debt on a monthly or yearly basis. If you don’t pay down your debt or sell your home, you’ll be paying your lender a monthly payment for the … (3 comments)
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mortgage: Release Of Mortgage Lien Should Follow Payment in Full of Debt - 05/10/10 02:35 PM
If you have paid off your mortgage in full, the holder of the note should return to you the note as "paid in full," should return to you the original mortgage marked "canceled," and should send you a document to record in the local office that records or files documents against your property to note that the lien on your home has been paid in full and released.
Read the full article at ThinkGlink.com
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mortgage: Dangers of Co-Signing A Loan And Refinancing A Loan After Divorce - 04/26/10 02:12 PM
Beware the dangers of co-signing a loan for your boyfriend, significant other, or friend. Once you co-sign a loan for someone, you are tied to them and the loan for the lifetime of the loan.
If he fails to make payments on the mortgage, your credit will be hurt. If you and he break up, you won’t be able to get your name off the mortgage unless he refinances the home.
Make sure you understand the dangers of co-signing a loan for your boyfriend before you sign the paperwork.
Read more about this issue at ThinkGlink.com
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mortgage: Want To Buy A Home? So Does Nearly Everyone Else - 04/14/10 07:04 PM
According to Fannie Mae’s latest Housing Survey, 80 percent of those polled believe that homeownership is important to the economy and two-thirds of Americans want to own their own home.
Other survey highlights include:
64 percent of respondents said now is a good time to buy a house and 31 percent said now is a very good time to buy 90 percent of respondents are satisfied with the terms of their mortgage, but Americans with 30-year fixed-rate mortgages are more satisfied than homeowners with other types of mortgages. (I know I’m very happy with my 15-year fixed-rate loan at 4.25 percent.) … (2 comments)
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mortgage: How Much House Can I Afford - 04/07/10 12:49 PM
How much house can I really afford? It's a question that's becoming increasingly common, and for good reason.
A top home buying mistakes is buying too big of a home or extending yourself too far trying to buy a dream home. Make sure you are comfortable with your monthly home budget.
There is more than just income to consider when deciding how much home you can afford.
Read the full story at thinkglink.com
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mortgage: Only Refinancing Can Help Avoid Issues With A Mortgage After A Divorce - 04/07/10 11:48 AM
You may think that your divorce is final after you recieve the divorce decree, but think again. There may still be loose ends that need to be resolved. Your mortgage may be one of those issues. The only way to avoid future problems is to refinance your current mortgage with a new loan. Read more at Thinkglink.com.
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mortgage: How Will Your Spouse Affect Your VA Loan? - 03/17/10 12:02 PM
Q: I am a disabled veteran and would like to get a VA Loan with my wife on the mortgage.
Two banks said I can't put my wife on the loan because she had a foreclosure three years ago due to a divorce. Her ex-spouse claimed bankruptcy, but she didn’t.
The VA said they don't have a problem securing a loan with her on it as long as my credit is good and I am the veteran. She has had some bad credit in the past but is current on all her bills for the last year.
Are there banks out … (2 comments)
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