February 5, 2012
- Mortgages: Shopping for the Best Rates
All those "record-low" mortgage rates have you watering at the mouth to buy a home or refinance your current one? Mortgage lenders adjust their rates based on perceptions of risk, so unless you can show you're a low-risk borrower, you are unlikely to qualify for a rate that matches those seen in all the advertisements [...]
January 27, 2012
- Checking Your Credit Report and Scores
Even if you're not thinking about applying for a loan or credit card in the near future, it's always a good idea to look at your credit report and scores. You should check your personal credit report and score at least twice a year to make sure that all of your personal information is accurate.
Why [...]
January 22, 2012
- New Mortgage Rules Making Home Financing Harder
Mortgage rates below 5-percent have people scrambling to refinance. They have also helped breathe new life into the troubled real estate market.
But a new rule has many people shocked to discover their financing is near collapse just days before closing. That's what happened to Pam and Ted Ten Eyck of Mansfield. They planned to refinance [...]
January 6, 2012
- Foreclosed Properties Hold Back US Economy
Most economists agree the housing crisis remains the biggest obstacle to economic recovery in the US. But there's no consensus on how best to fix it and the rate of foreclosed properties has hit a record high.
Comments or questions about this video? We'd love to hear from you. Just click the comment link below and [...]
December 19, 2011
- How Long Can These Record Low Rates Last?
Just as we saw over Thanksgiving, mortgage rates have dropped below the historic four point mark again, according to Freddie Mac's weekly mortgage rate survey which cites the average rate on a 30-year fixed rate mortgage recently at 3.94 percent.
The survey notes that the 15 year fixed rate mortgage rate hit a new record low [...]
December 9, 2011
- Your Mortgage: Walking Away is Not an Option
Since the housing crash, millions of Americans have lost their homes. If you have trouble making your monthly mortgage payment, it is important to learn what you can do if you are facing foreclosure, to either minimize its' financial impact, or hopefully avoid it altogether.
Walking Away is Not an Option!
People facing insurmountable financial debt are [...]
December 5, 2011
- FHA Loan Limit Raised, Despite Opposition
Congress moved to raise the loan limit for mortgages backed by the Federal Housing Administration recently, despite some lawmakers' fears of artificially propping up the market.
The bill increased the ceiling on the loans to $729,750, up from $625,500 in October. The loan limit had been raised to this level before in an attempt to promote [...]
December 2, 2011
- Foreclosures: Finding Funds For Investing
There are many different ways to secure funds for foreclosure investing. Many of the top investors have their own money allotments for foreclosures, or a tight relationship with a bank who views them as a small business. While this is great for the seasoned investors, where does that leave the new investors in the market? [...]
November 5, 2011
- Special Loan Programs For First Time Philadelphia Home Buyers
For first time Philadelphia home buyer's, the loan process can be extremely intimidating. When you're buying a home for the first time, you will likely be bombarded with advice from family members, co-workers, and friends, much of which is either inaccurate or not applicable to your particular needs. Acquiring first-hand knowledge of the loans available to [...]
October 21, 2011
- Mortgage Costs to Watch Out For
Faced with plunging property values and rising defaults, lenders are charging borrowers higher mortgage rates and adding fees. Not all of these added costs are set in stone, however. If you're looking for a loan, vigilant shopping and a little haggling can go a long way toward landing a better deal.
Here are some fees you [...]
October 18, 2011
- Refinancing Your Mortgage - What is a Good Credit Score?
Once upon a time, it used to be that a person with a credit score of 640 could refinance their mortgage and pretty much be assured of getting the best rate on that mortgage. Unfortunately, those days are long gone.
The mortgage credit crisis of 2007 and 2008 resulted in nearly every mortgage loan source redefining [...]
October 15, 2011
- Real Estate Short Sales Explained
The term "short sales" is used to describe a situation in which a homeowner is at risk of defaulting on their loan, and the lender agrees to sell the property below the original appraisal price in order to avoid foreclosure. Most lenders do not readily agree to short sales, although exceptional circumstances such as a [...]
September 28, 2011
- 20 Percent Mortgage Down Payments Unlikely
Remember the proposed requirement from six federal agencies that home buyers make down payments of at least 20 percent if they want the lowest interest rates?
We've been keeping you up to date on this issue here, and the latest is, the 20-percent proposal is still alive, but it's temporarily bogged down in agency reviews [...]
September 25, 2011
- Short Sale vs Foreclosure
There are several differences between a short sale and a foreclosure. Homeowners who find they are having difficulty meeting their monthly mortgage payments should be careful to understand these differences before taking action. Discussing the options with their mortgage company, scheduling a meeting with a real estate consultant, and learning what potential taxable and credit [...]
September 17, 2011
- Homeowners Face the Reality of Negative Mortgages
The idea of being upside down on a vehicle is not that new. This commonly occurs when a consumer makes the decision to purchase a new vehicle before they have paid off their existing one. As a result, the balance of the loan on the existing vehicle is added to the note for the new [...]
September 7, 2011
- Types of Home Mortgages
Many of the novelty type home mortgages — such as the "payment-option" loan — have disappeared in the wake of the housing bust. But homebuyers and homeowners who want to refinance still have several types of loans from which to choose.
The most basic choices include: fixed-rate mortgages, adjustable- or variable-rate mortgages and hybrid mortgages (which [...]
September 4, 2011
- Avoid Foreclosure and Keep Your Home
If you are having trouble paying your mortgage for any reason, or expect problems, you should work with your loan servicer (the company that collects payments on your mortgage) or other experts to find a solution now. If you fall behind and don't take action, the lender will foreclose on your home. If that happens, [...]
August 27, 2011
- Home Equity Loans: Things You Should Know
Great Benefits, Serious Risks - A loan secured by a homeowner's "equity" can be an economical way of borrowing money because the interest rate is typically low and, for many people, the interest paid will be tax deductible. However, there's a big risk…
Have questions about home equity loans not answered here? Use our comment link [...]
August 18, 2011
- Why Foreclosures Take So Long
One of the reasons banks favor short sales over foreclosures is that lenders are taking too long to repossess a home.
According to RealtyTrac, a firm that monitors the foreclosure market, homes in the U.S. spent an average of 318 days in some stage of foreclosure before a bank formally regained ownership during the second quarter [...]
August 11, 2011
- Mortgages: Fixed Rate vs Adjustable Rate
While shopping for a mortgage, you will need to decide whether to take a fixed-rate mortgage or an adjustable rate mortgage (ARM).
As the name implies, the interest-rate of a fixed-rate mortgage will remain the same throughout the life of the loan. If interest rates are low when you are buying or refinancing a home, a [...]
