May 2007
Monthly Archive
16 May 2007 06:46 am
How To Free Yourself And Others From Mortgage Morass
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The AARP says taking the appropriate measured steps to save your home from foreclosure includes avoiding scoundrels who would take advantage of your vulnerability and reporting the frauds to the authorities. Nowhere is the need for consumer activism more obvious now than in the mortgage arena. Because of over-selling loans to borrowers with a questionable ability to repay them, millions are losing homes and criminals who prey on them would like to add to that trend. |
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search for : AARP, save your home from foreclosure
15 May 2007 06:53 am
Your Guide To Slashing Mortgage Interest Costs
| Mortgages are one example among many where plans — and the intentions they spawn — may prove expensive. The longer it takes to repay the amount originally borrowed — the principal — the greater the total interest charge. According to a survey released this year by the federal Canada Mortgage and Housing Corporation, “Three-quarters of all respondents to the 2006 Mortgage Consumer Survey indicated that their goal is to pay off their mortgage as quickly as possible.” This is a common plan, but paying off the mortgage in fifteen years or less is not commonplace. The financial complications of raising a family, establishing a career and living today’s have-it-all-now lifestyles derail many plans and add to the cost of borrowing. |
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search for : Mortgages, 2006 Mortgage Consumer Survey
14 May 2007 07:24 am
You should learn the facts about mortgages
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If you’re a creditworthy customer known as a “prime” borrower, you should qualify for a mortgage interest rate less than the prime rate, which is 8.25 percent. In the middle is not-so-prime-time lending — or the “Alternative-A” mortgage world. These loans are made to people who are considered less risky than a subprime borrower but aren’t as creditworthy as someone in the prime category. Then there’s the subprime market. Such loans are typically made to borrowers who have spotty credit records. The interest on these loans are usually at the prime rate or higher. Generally you enter subprime territory when you have a credit score in the low 600s. But a low credit score isn’t the only factor. You might only qualify for such a loan if you have a low downpayment or you can’t accurately document your income.
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search for : mortgage interest rate, subprime borrower
13 May 2007 06:27 am
How to buy your next home for nothing down
| Today’s mortgage lenders have become very savvy about the profitability of making low- and no-down-payment home loans, even to borrowers with poor credit. Last year, according to the National Association of Realtors, over 30 percent of home sales involved 100 percent financing in one form or another. In real estate “nothing down” means zero cash from the buyer’s pocket. However, it doesn’t mean the seller won’t receive 100 percent cash for the home. Personally, I bought several zero-down-payment houses where the sellers walked away with all cash. Nothing down really means the buyer is borrowing the entire purchase price. |
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search for : mortgage lenders, no-down-payment home loan, nothing down, zero-down-payment house
12 May 2007 07:11 am
You May Have a 1st and 2nd mortgage, but still need cash
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I am considering either refinancing or taking out a home equity line of credit (HELOC). Currently, we have a first and a second mortgage on our home. The first is for $246,500 and the second is for $46,500. We took out two loans initially because we wanted to avoid private mortgage insurance, or PMI, which we would have had to pay since the down payment on the house was less than 20 percent. Can I open a HELOC while having a first and second mortgage? Or do I need to refinance the two loans into one and then take out extra cash within the refinancing or then open the HELOC? |
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search for : refinancing, home equity line of credit, HELOC, private mortgage insurance, PMI
11 May 2007 06:36 am
Analyzing Your Lender’s Good Faith Estimate
| The ”800″ section on any lenders good faith estimate is reserved for lender charges. That’s where you compare one lender to the next. Some lenders have a lot of little fees and some don’t. Some have processing charges while other lenders do not. Ditto for tax service or administration or commitment or whatever. The final trick in evaluating a good faith estimate is to also pay attention to “missing” fees or the names given to a particular lender charge. If a charge is not there it doesn’t mean you’re getting a discount on anything or having a fee waived. If one lender charges an administrative fee that doesn’t mean every lender does. It’s simply a junk fee. |
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search for : ”800″ section, good faith estimate, lender charges
10 May 2007 06:53 am
Your Guide To Flipping Houses
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For many real estate investors or simply folks looking for a cheaper home to live in, finding a deal in foreclosures has become increasingly difficult. A lot of the homeowners now in foreclosure have drained the equities in their homes with multiple refinancings, have mortgages for more than 100% of the property value or simply bought at the height of the market. This is bad news for flippers, as many houses now go to foreclosure with upset prices that are higher than what the homes are worth. Couple that with the increased inventory on the real estate market — hence more homes for buyers to choose from — and it’s no wonder flippers’ profit margins have narrowed recently. |
search for : foreclosure, multiple refinancings, mortgages, flippers
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