mortgage: Newlyweds -- Merge Mortgage With Refi - 06/26/10 08:28 PM
Couples who decide to get married have many decisions ahead of them as to how they will live their lives after they are married. Merging finances is typically one of the first things worked out. If both own homes, that issue should fall at the top of the list. One decision might be to keep both homes - live in one and rent the other out, and then do a mortgage refinance on both. Another might to sell one, live in the other and do a mortgage refinance.

How to Determine Which House to Sell

There are several … (0 comments)

mortgage: The Hard Facts About Hard Money Loans - 05/26/10 07:31 PM
Hard money loans have been around for quite a while, but just not so much in the forefront as are more traditional loans. There are a variety of uses for hard money loans, and they have evolved in the past several years as to how they are used and what is now required to obtain one. Although they have their advantages, hard money loans also have their limitations. Before applying for one, make sure that you cannot be approved for a more traditional loan. A hard money loan should be your last resort.

What is a Hard Money Loan?

… (3 comments)

mortgage: Which Home Loan Is Right for You? - 04/21/10 05:51 PM
Depending upon several factors, some of which include geographic location, credit scores, current interest rates and current income, different loans work best for different home buyers. A good example of this is West Coast borrowers who opted for different versions of an adjustable rate mortgage (ARM) for their home buying needs in recent years. At the time of many of these ARMs, the initial interest rate was significantly lower than those for traditional fixed-rate mortgages, so their payments were quite affordable at the onset of the loan.

One common theory for using an ARM is to buy a home … (0 comments)

mortgage: Federal Grant and Home Loan Assistance for Native Americans - 02/28/10 06:26 PM
There are two federal home programs that provide assistance specifically to Native Americans - the Indian Home Loan Guarantee Program and the Indian Home Loan Guarantee Program (Section 184). Each provides uniquely different opportunities.

Managed by a local, authorized Public Housing Agency (PHA), the Indian Home loan Guarantee Program is a grant that provides and manages cost-effective, respectable, safe and affordable real estate for low-income families. Tribal governing bodies decide on a tribally designated housing entity (TDHE) that prepares an Indian Housing Plan (IHP).

Assistance is provided annually in the form of a block grant based on an … (0 comments)

mortgage: Mortgage Rates Fall and Hit New Low for 2010 - 02/28/10 06:10 PM
The 30 year rate fell from 4.97 to 4.93 this week. Overall rates have been pretty stable. In fact during all of 2010 30 year mortgage rates have stayed between 4.93 and 5.09. This is the 2nd week in a row where rates have fallen. The current rate of 4.93 is the lowest rate reached in 2010 and is somewhat near the all time low of 4.71 reached on December 3, 2009.

The other major mortgage products fell as well this week. The 15 year dropped from 4.34 to 4.33. The 5 and 1 year arms dropped from 4.19 to … (0 comments)

mortgage: Foreclosure Rescue - What Are The Options - 01/07/10 05:05 PM
If you are falling behind on your mortgage payment, your first act needs to be to contact your lender. Talk to them about your circumstances and find out what options are available to you. Oftentimes, lenders won't reveal what programs they have available, until they receive what they call a workout packet. Generally, a workout packet includes a breakdown of all your assets, income, debts and a letter explaining how you arrived at your situation in struggling to pay your mortgage.

After your lender receives your workout packet, your case is typically assigned to a default specialist of sorts who … (0 comments)

mortgage: Mortgage Rates Nudge Down - 01/07/10 04:50 PM
So over the last few weeks we have seen a rapid rise in mortgage rates. In the month of December we saw the 30 year rate rise from 4.71 to 5.14. So while the general trend has been rising mortgage rates this week for the first time in four weeks we saw mortgage rates move down a little. The 30 year rate fell from 5.14 to 5.09 and the 15 year rate fell from 4.54 to 4.50. The 5 year arm held steady at 4.44 while the 1 year arm dropped slightly from 4.33 to 4.31. Below are rates from the … (1 comments)

mortgage: Reverse Mortgage - Is It For You? - 12/14/09 05:06 PM
Reverse mortgages have been around for a while and the Department of Housing and Urban Development (HUD) under the Federal Housing Administration (FHA) was one of the first to offer them.

Before diving into the deep end of a reverse mortgage, you need to make sure you understand what it is, if you are eligible, and what will be expected if you decide on one.

A reverse mortgage is a home loan that allows you to borrow against the equity you've built up in your home over the years. The main differences between a reverse mortgage and a … (0 comments)

mortgage: Steps for Avoiding Foreclosure - 11/27/09 09:58 PM
If you're struggling with your finances and don't know what your options are, you're going to feel helpless in your situation. Here are some tips and tricks to avoid bankruptcy, and options that are available to help you resolve your outstanding mortgage.

The best advice you can ever get regarding your mortgage is that your highest priority in paying bills is to pay your mortgage first. That's hard advice to follow, though, because you can't live without utilities or food. It becomes even more complicated when you need to buy gas to look for a job or get to work … (3 comments)

mortgage: Traditional Home Loan or ARM? - 11/01/09 05:16 PM
If you're obtaining a mortgage and contemplating whether to get a traditional home loan or adjustable rate mortgage (ARM), there are definitely some things you'll want to consider.

Before deciding on either, you'll want to understand the dynamics and look into the advantages and disadvantages of each. Some considerations to keep in mind are how long you intend on keeping the home; whether one of your intentions in buying a home is to build credit and what will give you the best annual percentage rate (APR) in the beginning and throughout the lifetime of the loan.

Traditional home loans … (0 comments)

mortgage: Options for Avoiding Foreclosure - 10/24/09 05:01 PM
If you are having trouble keeping up with your mortgage payments, you're not alone. If you are three months or more behind in your mortgage payments, then you are one in an estimated 3 million or more who are currently in one state or another of default.

In this situation, however, what are your options for avoiding foreclosure?

Regardless of where you are right now with your mortgage payments, the most important thing you can do is to contact your lender when you first realize you are having problems. Never ignore communication from your loan servicer.

It … (1 comments)

mortgage: Foreclosures of Rich and Famous People - 09/21/09 08:05 PM
Although the rich and famous are rich and famous, it doesn't mean that they are impervious to the popping of the real estate bubble. Many have succumbed to real estate woes as of late.

Ed McMahon had tabloids a talking when his real estate troubles became front page news last year. The now deceased celebrity attributed his dollar difficulties to alimony paid out to ex-wives and the economic downturn.

Aretha Franklin set the record straight about her exclusive Detroit suburban home. It went into foreclosure due to non-payment of property tax. She could have lost her $400,000 home to … (2 comments)

mortgage: How to Avoid Mortgage Fraud - 09/21/09 07:56 PM
News articles throughout the U.S. headline stories about indictments for mortgage fraud. Although you may think you could never be scammed, you should think again.

Above-average, intelligent, middle-class professionals have been duped as well as the average Joe. Almost no one is beyond the long arm of a mortgage scammer's reach. You can, however, become better educated in the antics of fraudsters in order to thwart the most common scams used.

Today, the most common mortgage scams played out in the media are perpetrated against those who are in danger of losing their homes to foreclosure and homeowners who … (1 comments)

mortgage: Mortgage Rates Continue to Drop - 09/21/09 07:51 PM
Mortgage rates have now dropped for 3 weeks in a row. We are not seeing a lot of movement. 30 year rates have only dropped from 5.14 to 5.04 in the last 3 weeks. What is interesting is that rates are dropping at all. Most of the news have focused on how inflation is pending for the US because of unprecidented government spending. But while the news has focused on pending inflation (and corresponding higher mortgage rates) mortgage rates have continued to drop. Mortgage rates are lower than at any point before 2009 (they were lower in April 2009). Below are … (1 comments)

mortgage: Mortgage Rates Stay Down - 09/14/09 04:28 PM
There were some expectations that mortgage rates would fall this week. Instead rates not only did not rise but fell slightly this week. The 30 year rate fell from 5.08 to 5.07 hitting a new low for the summer. The 15 year rate fell from 4.54 to 4.50. The 5 year arm fell from 4.59 to 4.51 while the 1 year arm rose slightly from 4.62 to 4.64.

The continuing fall of the 30 year rate is good news for the national real estate market which is in the midst of a lukewarm recovery. The 5 year arm is seeing … (0 comments)

mortgage: Mortgage Rates Continue to Fall - 07/17/09 09:47 PM
Mortgage rates continue to fall this week. The 30 year rate fell from 5.32 to 5.20. While this is not lower than the rates we saw a few months ago this is lower than any recorded rate before the start of 2009. The 15 year rate fell as well dropping from 4.69 to 4.63. In the last 5 weeks rates have fallen steadily each week going from 5.59 to 5.14. Below are rates from the last 5 weeks and rates from December 31, 2009 (6 months ago).

Jul 16, 2009
30-yr 5.14 15-yr 4.63 5-yr ARM 4.83 1-yr ARM … (7 comments)

mortgage: Mortgage Rates Spike Up Rapidly - 06/04/09 04:56 PM
Mortgage Rates spiked up this week. The 30 year rate jumped from 4.91 to 5.29. This is the highest we have seen mortgage rates all year. Last week mortgage rates moved from 4.82 to 4.91 last week. What is interesting is that in two weeks mortgage rates have moved from near all time lows (the all time low was 4.78) to the highest point of the year. The 15 year rate moved up from 4.53 to 4.79. We did not see as much movement in the arms. The 5 year arm rose from 4.82 to 4.85 and the 1 year arm … (2 comments)

mortgage: Mortgage Rates Start to Move Up - 05/08/09 05:18 PM
After moving down for the last 3 weeks mortgage rates finally started to move up. The 30 year rate jumped from 4.78 (equaling the all time low) to 4.84. This is the highest the 30 year rate has been since April 9th. The other 3 major mortgage rates rose this week as well. The 15 year rate moved up slightly from 4.48 to 4.51. The 5 year arm moved from 4.80 to 4.90 pushing it farther above the 30 year rate. It's been sometime since the 5 year arm was below the 30 year fixed rate. It looks like the 5 … (0 comments)

mortgage: When to Consider a Short Sale - 04/20/09 05:14 PM
A short sale is when a lender agrees to take less than the principle due on your home to release you from the debt obligation. In today's real estate market, many cities are experiencing financial hardship. Financial hardship leads to bankruptcy and foreclosure. Bankruptcy and foreclosure often lead to short sales.

Of course, there is no need for a short sale if you can afford to leave your home on the market. You want to get the most money possible in the sale of your house. Probably the only circumstance under which you should consider a short sale is when … (4 comments)

mortgage: Chapter 7 or Chapter 11, Which Should I Use? - 04/20/09 05:06 PM
Have you done all you can to settle your debts, but do not have enough income to cover all the debts? Maybe you lost your job, like 90% of the most other individuals who file for bankruptcy. The creditors keep coming at you for collection. They call day and night. One has even begun court proceedings to attempt to collect the debt. What other option do you have but bankruptcy?

When deciding on bankruptcy, you need to determine if you will use a Chapter 7 or Chapter 11 Bankruptcy. Both bankruptcies have similarities as follows:

* Prior to filing. … (6 comments)