“Banning the collection of up-front fees will protect homeowners from being victimized,” FTC Chairman Jon Leibowitz said. “This is especially important at a time when so many people are behind on their mortgages or facing foreclosure.”
As of January 31, 2011, companies that offer to help homeowners get their loans modified or sell them other types of mortgage assistance relief services are no longer allowed … (0 comments)
mortgage: Five Helpful Tips for Preparing for a Silver Lake Mortgage Application
- 02/02/11 03:16 AM
As many buyers in the Silver Lake area are well aware, the process for finalizing a real estate purchase is a lot more complicated than it was a few years ago. Before the California real estate bubble burst and America entered a severe housing and credit crisis lenders were handing out money without even scrutinizing people’s credit or income. That was good for some borrowers who got money fast and easy. But it also meant that many home buyers in Silver Lake wound up with toxic mortgages, unmanageable monthly payments and sky high adjustable rate loans that would sometimes double in … (0 comments)
mortgage: Three Glendale Mortgage Finance Tips for 2011
- 01/28/11 12:58 PM
If you are buying a home in Glendale in 2011 then you will most likely need to also secure an affordably priced mortgage loan. Here are three tips to help you get mortgage financing at discounted rates this year.
#1 Do you qualify for a VA loan?
First of all, if you are a military veteran or are an active member of the armed services you should look into the possibility of taking out a VA loan. These loans are not made by the Veterans Administration, they are made by ordinary banks and mortgage lenders. But the VA insures … (3 comments)
mortgage: Don’t Rationalize Your Debt – Know Your Debt-to-Income Ratio
- 12/26/10 04:19 PM
Just what is debt-to-income ratio and why is it important? Debt-to-income ratio is nothing more than a comparison of the money you earn to the money you owe – everyone. It includes credit card debt, existing mortgages, auto loans, and any other personal debt. Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. You should have a good idea of what your DTI ratio is before you approach a lender or consider buying a new home. As indicator of your overall financial health and stability, you want to achieve a low DTI … (1 comments)
mortgage: Down Payment Blues? Tips on Spending Cuts for Your Household
- 12/20/10 06:50 AM
The federal government isn’t the only organization that has to find ways to cut spending – your household probably does, too; especially if you are trying to save enough to get a down payment for your new home purchase. Here are some tips for saving money by making some budget cuts to your daily operating expenses:1. Write down what you are spending now. Have you ever looked at a diet plan that started by telling you to write down every single bite you eat, every day? The same holds true for trimming the waistline of your household budget. How do you … (0 comments)
mortgage: FHA Details Loan Limits for 2011
- 12/10/10 11:54 AM
The Federal Housing Administration (FHA) has issued a notice to its approved mortgage lenders outlining the loan limitations it’s put in place for fiscal year 2011. According to Mortgagee Letter 10-40 issued by the federal mortgage insurer last week, for forward loans, the limits apply to those that are originated and receive credit approval between January 1, 2011 and September 30, 2011. For reverse loans, or Home Equity Conversion Mortgages (HECMs), the limits are applicable to all loans that have been assigned an FHA case number within the effective date stated above. To establish the ceiling for fiscal year 2011, FHA … (0 comments)
The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. 
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