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Confused By All The Types of Home Loans?

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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 […]

More Homeowners Choose to Default on Home Loans

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More Homeowners Choose to Default on Home Loans “Strategic defaults” are on the rise as more borrowers who are underwater on their home loans decide it’s not worth it to stay current on their payments each month. That trend could have repercussions for the housing market, and for borrowers, in the future. Strategic defaults are […]

New Credit Screening Possible June 1st

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New Credit Screening Possible June 1st If you’re buying a home and applying for a home mortgage, here’s some important news: Beginning June 1, your lender is likely to order a second full credit screening immediately before closing. The last-minute credit report will be designed to find out whether you have obtained — or even […]

Fewer Homeowners Falling Delinquent

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Fewer Homeowners Falling Delinquent A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of March 2010 shows that, while foreclosure and mortgage delinquency rates are still near record levels, the pace may be slowing with fewer new loans becoming delinquent and an increase in the number of people bringing […]

Interest Only Mortgages

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Interest Only Mortgages There are those who say that interest-only mortgages are the main reason for the housing market’s problems in recent years. Loans were given fast and loose, with many home buyers barely qualifying for the interest portion, never mind the principal when it was added in. Still, interest-only mortgage loans are still out […]

Lower Home Appraisals Will Help Some, Hurt Others

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Lower Home Appraisals Will Help Some, Hurt Others Those who get hurt by lower appraisals are the sellers, who become underwater or even more than 25% underwater, which appears to be the threshold for mortgage mitigation programs. The lower the appraised value, the less likely a servicer will be willing to offer a Short Sale […]

Reverse Mortgages: Pros and Cons

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Reverse Mortgages: Pros and Cons If you own a home but are struggling to make ends meet, a reverse mortgage might be one way to boost your financial security. However, it’s important to investigate the pros and cons fully – and to seek out a qualified, professional financial adviser or institution to help you make […]

Car, Home and Credit Card Interest Rates to Increase

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Car, Home and Credit Card Interest Rates to Increase Interest rates are beginning to rise once again as the economy begins to take hold once more. This will place many consumers in a bind who are still struggling to make payments on things they own. Economists are predicting that rates are being raised to prevent […]

Mortgages: Consequences of Walking Away

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Mortgages: Consequences of Walking Away More homeowners are walking away from their mortgages, even if they can keep up the payments. Falling into foreclosure — voluntarily or not — has become less taboo for many people as they have watched their house values tumble far below the amount they owe, putting them “underwater.” Purposely defaulting […]