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 […]
More Homeowners Refinancing Into Shorter Loans
More homeowners prefer to pay off their mortgages sooner as interest rates have stayed near rock-bottom and weak labor conditions have caused them to reduce their debt loads. According to a recent survey, the current trend in refinancing into shorter-loan terms is a stark contrast to the one during the height of the housing boom, […]
Mortgage Conforming Loan Limits Changing Soon
The conforming loan limits are changing – what does that mean and why should you care? For most borrowers, it probably means nothing at all, in fact the majority of the country falls into the standard conforming limit and they won’t be affected at all. Since 2006, the conforming loan limit has been set at […]
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.
Real Estate News – August 2011
In this Issue:* Home Loan Comparisons: The Basics Pending Home Sales Rise Unexpectedly 3 Ways to Get More From Your Plastic (Your comments are welcome at the bottom of our newsletter) Home Loan Comparisons: The Basics Some first time home buyers as well as experienced home buyers sometimes have a difficult time searching for and […]
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, […]
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