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Never Drag Your Forbearance Longer Than Necessary
If you find that you are falling behind in student loan payments, you can request forbearance. A forebearance is when your lender agrees to a repayment plan on your mortgage. It usually involves a substantial down-payment and increased monthly payments.This is a temporary solution that is granted for those experiencing financial difficulty. In order to qualify, [...]
Continue reading...Comparing Your Reverse Mortgage Offers
18. August 2009
If you are considering a reverse mortgage, currently there is only one type of reverse mortgage that is available. It is called the HECM or Home Equity Conversion Mortgage. This mortgage is insured by FHA. You can obtain this type of mortgage from a HUD lender. Since the credit crunch, there are rules and regulations these [...]
Continue reading...Five Great Reasons To Refinance Before It Is Too Late
17. August 2009
The Federal Reserve has lowered its interest rates several times during this current economic crisis. As a result, mortgage interest rates have begun to fall and hundreds of thousands of homeowners have sought refinancing for a variety of reasons. Besides being afforded the opportunity to save money (which is critical during this recession), here are five [...]
Continue reading...Rate Lock Basics: What Everyone Should Know
14. August 2009
What is a rate lock? According to the Consumer’s Guide to Mortgage Lock-ins, a rate lock is a lender’s promise to hold a certain interest rate and a certain number of points for you, usually for a specified period of time, while your loan application is being processed. Establishing a rate lock will depend upon the [...]
Continue reading...Ten Remortgaging Tips
13. August 2009
Here are ten remortgaging tips to help you secure the best rate for your home. 1. There are many types of remortgage deals available. Speak to several lenders to find the most appropriate and low cost deal for you. 2. Ask the lender what the interest rate will be for a remortgage. If it is a fixed [...]
Continue reading...Points or No Points: That Is the Question
13. August 2009
In order to ascertain whether or not to opt for points or no points when refinancing, let’s first describe what mortgage points are. Mortgage points are fees paid in order to obtain a mortgage. Each point is based on 1% of the total amount of the loan. The most commonly known points are called discount points. According [...]
Continue reading...Smart Homeowning Tips
13. August 2009
A house is one good investment for any one. It requires careful and wise handling to maintain it, to sell it or to buy it. There are also things to consider when planning to own one. Below is a list of smart ways to manage a house. *When you plan to buy a house, buy one that [...]
Continue reading...Hidden Fees Can Hurt
17. July 2009
Unless you are aware of all of the fees a lender can add to the refinancing of your mortgage, it is critical that you ask ahead of time exactly what fees will be incurred before you sign on the dotted line. There are a host of fees that can be added to your mortgage such as [...]
Continue reading...Don’t Pay Too Much on Mortgage Insurance
14. July 2009
When the sub-prime mortgage crisis occurred, the reason why many homeowners went into foreclosure was because they could not pay their inflated mortgages. Since there may have been no insurance offered at the time, both the lenders and the homeowners suffered a loss. Private Mortgage Insurance is primarily utilized for homeowners who are considered at [...]
Continue reading...Beware of Reverse Mortgage Scams
11. July 2009
With the current recession in full swing and unemployment rising, the quest by unscrupulous predatory lenders to take advantage of seniors is on the rise. One of the areas in which they are particularly insidious is selling reverse mortgages. There are a host of reverse mortgage scams that are plaguing our senior citizens and steps are [...]
Continue reading...Are You Burdening Your Family with a Reverse Mortgage?
11. July 2009
Except for seniors who require long-term care, most are fiercely independent. To suggest they are burdening their family with a reverse mortgage is, in their minds, clearly absurd. In fact, it is just the opposite. With seniors living longer and baby boomers possibly having to take on the added responsibility of caring for them when they [...]
Continue reading...Find the Right Mortgage for You
9. July 2009
In this current economic situation, one problem that is still ongoing is the housing foreclosure crisis. Foreclosures are increasing every month, and experts expect that more and more homeowners will face this eventuality sooner rather than later. If you currently hold a mortgage and are trying to find ways to reduce the monthly payments, here are [...]
Continue reading...Don’t Fall for 0% APR
16. June 2009
You have undoubtedly received a mortgage application in the mail offering you 0% APR for a specific time. While this offer may seem attractive, it is a gimmick the credit card companies and mortgage lenders utilize to entice people by offering an apple when, in fact, the real deal turns out to be a lemon. According [...]
Continue reading...Credit Crunch Explained!
4. June 2009
The current credit crunch originates back to the problems with the implementation of the TARP (Troubled Asset Relief Program). The U.S. Treasury, under the direction of Secretary Paulson, asked for and received permission from Congress to bail out financial institutions to the tune of $700 billion dollars. Initially, the first $250 billion dollars was given those [...]
Continue reading...Sub-Prime Mortgages
3. June 2009
A sub-prime mortgage is that which is given to homeowners who have less than a stellar credit rating. For example, someone with a FICO score of 600 or lower may be eligible for a mortgage, but the interest rates would be much higher than for someone with a FICO score of 700 or above. The sub-prime mortgage [...]
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19. August 2009
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