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Buying a Home: Comparing Home Loan Types

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If you are buying a home, it’s a good idea to make sure you firmly understand the options you have with regard to the types of home loans. Between the various home loan types, there are important differences. By making sure you choose the right type of home loan to fit your situation, the more […]

Refinancing a Home with Bad Credit

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When it comes to refinancing a home with bad credit, there are certain things you need to know if you are going to be able to make sure you get the best refinancing deal possible: 1.  KNOW YOUR MORTGAGE (AND ITS ALTERNATIVES): Before you even consider refinancing, make sure you fully understand your loan – […]

Fed’s Cash Injection Likely to Keep Mortgage Rates Favorable

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Along with the election results, the big news recently was the Federal Reserve’s announcement that it will attempt to jumpstart the economy by purchasing another $600 billion in long-term Treasury bonds through mid-2011. While this announcement was not unexpected, it has been widely debated whether the plan will actually bandage the economy and raise employment […]

Home Mortgage Loans: Getting One Continues to Be a Challenge

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Bankrate.com has pooled the opinion of several mortgage industry professionals with regards to the future of the home mortgage loan market. According to most of them, mortgage loan rates will maintain their low levels, but acquiring a home loan will be difficult for most consumers. They also predicted that homeowners seeking refinancing will be lured […]

9 Million Homes Could Be Affected by the Foreclosure Mess

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According to a recent Bloomberg article, the ongoing mortgage fiasco, dubbed foreclosuregate by some, could possibly entangle 9 million foreclosed properties with questions about the legitimacy of their title, the legitimacy of their foreclosure, or both. In response to this debacle, JP Morgan Chase and GMAC/Ally have suspended foreclosures in 23 judicial foreclosure states.  Bank […]

Refinancing: 5 Things You Need to Know First

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If you’re thinking about refinancing an existing mortgage, here are 5 things you need to consider first: A fixed mortgage rate guarantees your monthly payments will not change even if the housing market does. If the interest rate goes up at any given time, you’ll know you’ve been wise since your rate remains the same. […]

Mortgages: How Are Rates Determined?

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Mortgage rates are determined by a number of factors, including market conditions, your personal credit history and the size of your downpayment. One of the biggest factors in the mortgage rate you get as a homebuyer is the Federal Funds Rate, an interest rate determined by the Federal Reserve that affects inter-bank loans and transactions. […]

Reverse Mortgages Can Be a Solution for Some

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Simply stated, a reverse mortgage allows you to tap into the equity of your home, allowing you to stay in the home for as long as you like. Unlike a traditional mortgage — where you make monthly payments of principal and interest — a reverse mortgage has no monthly payments. The mortgage is paid off […]

Skipping Out On Your Mortgage Can Be Risky

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Some homeowners underwater on their home loan — meaning they owe more on the mortgage than the home’s current value — are turning to “strategic defaults” in which they simply walk away from mortgage debt. But financial experts warn — the cost of skipping out on mortgage debt can be high. The American Bankers Association […]