Mortgage Modification: A Credit Score Killer Many troubled homeowners view President Obama’s foreclosure rescue plan as a way out of their financial troubles. What they don’t realize is, entering a trial mortgage modification can actually hurt their credit. Let’s face it, most people who apply for the president’s plan are already delinquent in their mortgage […]

HUD Updates Home Loan Shopping Booklet The Department of Housing and Urban Development (HUD) has released an updated version of a booklet that’s intended to help consumers comparison-shop for a mortgage. Much of the 49-page publication, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet,” is devoted to the new standardized Good Faith Estimate and […]

Reverse Mortgages: Why to Avoid Them Retirees are living longer than they may have anticipated, and for those who own their homes but are cash-poor, a reverse mortgage might seem tempting. But don’t be taken advantage of. These are often expensive and unnecessary. Though reverse mortgages have their place, it’s a rare one. Be cautious. […]

Mortgage Modifications: Careful Whom You Call If someone offers to help modify your mortgage for the low-low upfront fee of $3,500, run for the hills! In many states, it’s illegal to charge upfront fees or payments for loan-modification help. The problem is twofold: Homeowners who can’t afford their mortgages really can’t afford to spend several thousand […]

Private Mortgage Insurance Explained When many borrowers hear “mortgage insurance,” they tend to think, “hey – that’s great!  I’ll be protected in case I can’t pay my mortgage!” However, this mortgage insurance is not in place to protect borrowers.  Rather, it’s put into place to protect lenders. Experience has shown lenders that borrowers with less […]

FHA Streamline Mortgage Process Revised FHA Streamline is a refinance process designed for homeowners who currently have an FHA loan. Previously, homeowners could refinance to a lower rate without an appraisal. However, after November 17, 2009, appraisals are required if clients roll any portion of the closing costs and prepaid fees into the mortgage. Clients […]

Reverse Mortgages: A Good Thing? Reverse mortgages are becoming more and more popular these days, but are they scams or are they legitimate? Is it really possible to sell your house back to a bank and still retain the deed to it? Will the bank really pay you the mortgage payments? A reverse mortgage is […]

Reverse Mortgage for Purchase Imagine a mortgage that pays you, instead of the other way around. Questions or comments about this video on Reverse Mortgages? Use the comment link below and we’ll get back to you with answers. Remember, your email address, though needed to post a comment or question, is never published on our […]

Understanding Interest-Only and Reverse Mortgages Presently, there are around 6,000,000 home owners who have an interest only mortgage. This kind of mortgage implies that the standard payments you make are just taking off the amount of interest the mortgage amasses. The capitol you borrowed must be paid back when the mortgage has run its term. […]

Home Equity Loans – Facts You Need To Know Your home is probably the biggest asset you have to use for money. A home to back you up when you need funds is one of the greatest advantages of home ownership. In recent years, there has been a major boom in the amount of people […]