budget: Mortgage Rates are Going Up -- But Not for the Reason You'd Expect - 12/13/07 12:16 PM
Conforming mortgages are getting more expensive -- but not because of mortgage rates.
To protect against further weakness in the housing sector, Fannie Mae and Freddie Mac are instituting "delivery fees" on all conforming mortgages, effective March 2008.
Fannie Mae's Adverse Market Delivery Charge and Freddie Mac's Market Condition Delivery Fee will … (7 comments)
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budget: How Mortgage Calculators Can Be Misleading - 10/16/07 09:38 PM
Mortgage calculators are ubiquitous on real estate-related Web sites but that doesn't mean that they're helpful.
See, Internet-based mortgage calculators take three figres into consideration when determining "how much home can you afford".
Income Debt Downpayment/Equity Next, the calculator figures in your downpayment, multiplies your income by a factor of … (3 comments)
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budget: Need $$ for Downpayment? Think About . . . (4 of 4) - 10/06/07 02:17 AM
Option 4: Lease-To-Own With a lease-to-own, you essentially lease a home, but make larger payments in order to begin accumulating a downpayment. For example, if a house would normally lease for $800, you might lease it for $1,000/month, with $200/month going into a special account. At the end of a … (7 comments)
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budget: Need $$ for Downpayment? Think About . . . (3 of 4) - 10/06/07 02:15 AM
Option 3: Owner Financing Owner financing means exactly that: the owner (or seller) finances a portion of your home purchase. For example, you might borrow 80% of the value of a home from a lending institution, and "borrow" the other 20% from the owner. In this situation, the owner "carries … (1 comments)
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budget: Need $$ for Downpayment? Think About . . . (2 of 4) - 10/06/07 02:13 AM
Option 2: Special Loan Programs Special loan programs come and go quickly. There is many available right now that will allow the seller to provide up to 6% towards the down payment and/or closing costs required for a home loan. That means no money out of your pocket if you … (2 comments)
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budget: Need $$ for Downpayment? Think About . . . (1 of 4) - 10/06/07 02:10 AM
Option 1: FHA Loans Although there isn’t a "No Money Down" option yet, the FHA loan is by far one of the best alternatives for people who want to buy a home and don’t have much money to put down. With an FHA loan, you could put down as little … (0 comments)
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budget: Simple Ideas for Raising Money for a Down Payment… - 10/06/07 02:02 AM
With all the credit tightening going on, many programs will require that buyers come up with at least some small downpayment. Even if you are able to secure 100% financing, you will still need to pay closing costs (if the seller does not agree to pay for you). So, here are … (9 comments)
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budget: Have You Ever Wondered Where the Money Goes? - 10/04/07 09:55 AM
Where does your money go? If you're like most Americans, more than half of it goes towards housing and transportation alone.
This is according to the Consumer Expenditure Survey performed by the Bureau of Labor Statistics.
The most recent study shows American household spending habits from 2005, but the … (7 comments)
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budget: Can't Find Your Cash? You Probably Ate or Drank It! - 09/25/07 02:17 PM
In a study of 2,036 U.S. adults commissioned by Visa USA, nearly half of all Americans are losing track of their money.
An average of $45 in cash is "lost" each week in what Visa dubs "mystery spending", Visa's version of "I know I had this money in my … (11 comments)
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budget: A Few Good Reasons To Ignore Your Mortgage Prepayment Penalty - 08/15/07 11:12 AM
Industry trade magazine Inside B&C Lending pegs the 2006 dollar volume of new sub-prime loans at $640 billion. According to the Real Estate Charts chart (exhibit 18), 78% of those dollars were in 2-year adjustable loans.
A loan of this variety is often called a 2/28 ("two twenty-eight").
A 2/28 originated … (7 comments)
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budget: Simple Steps To Keep Home Insurance Costs Down - 08/14/07 11:06 PM
As homeowners insurance premiums rise across the nation, Bankrate.com writes a helpful story on ways to keep your premiums down. The tips may surprise you.
Some of the highlights include:
Don't think a series of small claims is better than one big claim. The smaller claims are more expensive to process for … (5 comments)
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budget: Why Alerting Your Mortgage Lender About Bad News In Advance Is Better Than Surprising Them - 08/10/07 02:34 PM
Having trouble paying your mortgage? You aren't alone. According to RealtyTrac, 1 out of every 134 homes filed for foreclosure in the first half of 2007.
More and more, though, mortgage companies are doing their best to work things out with delinquent homeowners.
Loss of a job or a sudden medical emergency are … (5 comments)
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budget: Sharing Your Credit Card Balances Can Lower Your Mortgage Rates - 08/10/07 01:45 AM
Typically, higher credit scores get lower mortgage rates and access to a wider array of mortgage products.
Extent of Indebtedness comprises 30% of a credit score and is the second largest component in the credit scoring model. In plain-speak, Extent of Indebtedness is: "How close is this person to maxing … (4 comments)
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budget: How To Answer "How Much Home Can I Afford?" - 08/10/07 01:38 AM
Home shoppers know to consider the impact that a new home will have on their household budget and that is called keeping your eye on the ball.
Unfortunately, most shoppers are keeping their eye on the wrong ball.
The proper way to answer the "How Much Home Can I … (0 comments)
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