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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
Helping Your Child Buy a Home
Here’s how parents can help with the downpayment, satisfy lenders and not pay any gift tax. Have questions or comments about this video? Just use the comment link below to post your question or comment.
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, […]
Mortgages: Closing Costs Are Rising
Mortgage closing costs are on the rise across the nation and are up 8.8% over the last twelve months. Origination and title fees on a $200,000 home loan average $4,070 nationally according to Bankrate Inc.’s 2011 Closing Costs Survey. Banks are requiring extra employment verification and the like to keep loans in shape for Fannie […]
Modifying Your Loan To Prevent Foreclosure
Record volumes of home foreclosures in The united states are producing challenging instances for property owners. Obtaining a loan modification could be the smartest thing you ever do. Homeowners all across America are finding it difficult to repay loans due to layoffs and adaptable rate mortgages. Foreclosure solutions are being searched for by these home […]
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