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 […]
2nd Credit Checks Won’t Be Required
Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing. In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says applicants will need to come […]
Fed Unveils Slew of Mortgage Rules
The Federal Reserve recently unveiled a slew of rules aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans. The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators […]
Loan Modification Plan Can Save Your Home
Millions of people have found themselves facing foreclosure since the economic climate has shifted so rapidly over the past couple of years. Thanks to President Obama’s Federal Loan Modification Plan, however, thousands of people are starting to see themselves having some new hope that they may be able to keep their home. This loan modification […]
Credit Score Below 500? No FHA Home Loan
Credit Score Below 500? No FHA Home Loan The door that was once wide open to homeownership closed a bit recently when a key government agency announced a proposal to no longer allow mortgages for borrowers with credit scores below 500. The Department of Housing and Urban Development (HUD) said that it intends to require […]
Reverse Mortgages: Possible Answer for Struggling Seniors
Reverse Mortgages: Possible Answer for Struggling Seniors Many older Americans find themselves house rich and cash poor. They own their home, or at least have significant equity in it, yet struggle to make ends meet each month. They could sell their home, but are not inclined to move and leave their memories behind. A reverse […]
Home Loan Modification Approval – 3 “Must Do” Things
Home Loan Modification Approval – 3 “Must Do” Things Getting approved for a home loan modification can be a confusing process. Most people won’t need to pursue mortgage relief more than once or twice in their lives, and for that reason, few individuals seeking loan modifications are familiar with the steps involved in getting approved. […]
3 Reasons You Might Not Get a Mortgage
3 Reasons You Might Not Get a Mortgage While real estate might be easy to find these days, getting a mortgage might not be so easy. Here are 3 reasons why you might find yourself unable to get that mortgage when you need it… Questions about mortgages that we can help with? Just use the […]
Comparing a Home Equity Loan to a Second Mortgage
Comparing a Home Equity Loan to a Second Mortgage A home-equity loan and a second mortgage are very similar. Both use the equity you have in your existing property as collateral for a new debt. The main differences between the two options are in the structures of the liens and the payment schedules. Lien Structure […]
Confused By All The Types of Home Loans?
Confused By All The Types of Home Loans? Once you begin shopping for a mortgage, you will quickly learn there is a mind boggling assortment of types of mortgages. First of all, today’s borrower has to choose between fixed and adjustable rate mortgages. A fixed rate mortgage will usually be at a higher rate than […]