Frequently Asked Questions - Economic Stimulus Package - 02/27/08 11:40 AM
The Economic Stimulus Package was signed into law on February 13, 2008. In addition to several other benefits, it provides temporary loan limit increases for some high-cost areas for Fannie Mae & Freddie Mac loans and potentially all areas for FHA loans.
HUD has 30 days from the day the President signed the … (1 comments)
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New MD Rules Aim to Aid Those Facing Risk of Foreclosure - 02/21/08 09:47 AM
Maryland Gov. Martin O'Malley announced emergency regulations requiring loan service companies to tell the state when residents are in danger of losing their homes so the government can offer preemptive help.
Gov. O'Malley said the mortgage industry has failed to help troubled homeowners, pointing to poor customer service at major loan service … (1 comments)
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Is Your Closing Going To Be On-Time? Guaranteed? - 02/19/08 09:12 AM
The closing is the final phase of your home-buying and mortgage process, so now your new home is just a few steps away. If you haven't already, make sure to do the following?
Review our loan commitment. Make sure you understand all the terms and requirements. You will be signing documents at … (2 comments)
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Purchase & Renovate Your Fixer-Upper! - 02/15/08 07:26 AM
The definition of a fixer-upper is broad. It can be a house that simply needs "cosmetics" like fresh paint and updated fixtures - or a major renovation requiring foundation work and structural repairs. It's important that you assess your own abilities and interests before deciding to buy a fixer-upper. Some of … (3 comments)
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Check Your Credit Status - 02/14/08 08:20 AM
Have you checked your credit lately? Free credit reports once a yearIt's a good idea to check your credit report at least once a year. Each year you can get one free credit report from each of the three credit agencies through www.annualcreditreport.com .
Credit reports and credit scoresEspecially if you are … (2 comments)
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Wells Fargo Joins HOPE NOW Alliance Members in Launching Project Lifeline - 02/13/08 07:33 AM
Today, Wells Fargo joined other HOPE NOW alliance members-Bank of America, Citigroup, Countrywide, JP Morgan Chase and Washington Mutual-in launching Project Lifeline as a way to help prevent avoidable foreclosures. Under the leadership of U.S. Treasury Secretary Henry Paulson and HUD Secretary Alphonso Jackson, Project Lifeline encourages homeowners to reach out … (8 comments)
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Economic Stimulus Package - 02/12/08 07:41 AM
The House and the Senate recently passed the Economic Stimulus Package, which includes increases to standard Fannie Mae and Freddie Mac loan limits and FHA loan limits. It is likely that the bill will be signed into law by the President as early as Wednesday February 13, 2008.
Limited information is available. … (3 comments)
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Project Lifeline - A Plan to Halt Foreclosures - 02/11/08 03:41 PM
Here are excerpts from a CNBC.com article by Reuters
Six of the largest U.S. Mortgage lenders will announce on Tuesday a program to identify seriously delinquent borrowers and halt any foreclosure process while they try to work out a new payment scheme.
The lender will unite uner the program, dubbed "Project Lifeline," to … (1 comments)
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What's Behind the Change? - 02/11/08 07:42 AM
If you have an ARM, you probably selected it because it offered a lower initial interest rate. This lower initial rate:
Increased your borrowing powerProvided you with lower monthly payments than you would get from a fixed-rate mortgageHowever, the low initial rate doesn't stay that way forever; it's scheduled to change periodically. … (1 comments)
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What makes it a "reverse" mortgage? - 02/05/08 08:39 AM
A reverse mortgage is exactly what its name implies - a loan whose features make it essentially the reverse of a traditional mortgage. Instead of making the traditional monthly payments you can choose:
to receive payments, you turn your equity into income.to make no payments at all!to cash out for any purpose you … (2 comments)
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Wells Fargo Home Mortgage - Accelerated Ownership Plan - 02/04/08 07:43 AM
At Wells Fargo, our Accelerated Ownership Plan is an automatic payment program that drafts half your monthly mortgage payment every two weeks.
As a result you:
Will lower your interest expense over the life of your loan.Will Build up your home equity faster than you would have under your regular monthly payment schedule.May be … (3 comments)
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House Hunting? Now Is The Perfect Time To Be A Priority Buyer - 02/01/08 08:34 AM
House hunting? Now is the perfect time to to arrange your home financing. Understanding your mortgage options now gives you an advantage as you negotiate your home purchase.
You can get the mortgage expertise of Wells Fargo through either of these two convenient services:
A preapproval letter is an agreement to lend you up to … (1 comments)
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