January 2, 2010
- HUD Updates Home Loan Shopping Booklet
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 HUD-1 settlement [...]
December 18, 2009
- Reverse Mortgages: Why to Avoid Them
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.
Reverse mortgages [...]
November 28, 2009
- Mortgage Modifications: Careful Whom You Call
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 dollars on [...]
October 24, 2009
- Refinancing a Mortgage - The Costs and Benefits
Refinancing a Mortgage - The Costs and Benefits
If the near record low mortgage rates being advertised everywhere has you wondering whether now might be the time to consider refinancing your mortgage, here are some things to keep in mind:
First, use a good mortgage calculator to see how much you might save by refinancing to a [...]
October 20, 2009
- FHA Streamline Mortgage Process Revised
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 also [...]
October 12, 2009
- Reverse Mortgages: A Good Thing?
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 [...]
September 25, 2009
- Understanding Interest-Only and Reverse Mortgages
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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 [...]
September 24, 2009
- Reverse Mortgage for Purchase
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 website. [...]
September 8, 2009
- Home Equity Loans - Facts You Need To Know
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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 [...]
September 6, 2009
- Negotiating On Mortgage Rates
Negotiating On Mortgage Rates
Most of us will go out of our way to save a few bucks on groceries, or a few cents a gallon on gasoline. But what about that mortgage? The wrong deal on a mortgage can cost you thousands of dollars! Stacy Johnson explains:Questions or comments about this report on Negotiating on [...]
August 30, 2009
- Mortgage Rates: Locking In
Mortgage Rates: Locking In
Shopping for a mortgage doesn't just mean shopping for the best interest rate, you need to be aware of locking in the best mortgage, and what that time and date could mean. Stacy Johnson explains in this short video…Questions or comments about mortgage rates, or locking in your mortgage rate? Use the [...]
August 10, 2009
- How to Buy a Foreclosure
How to Buy a Foreclosure
Think buying a foreclosure is the way to go? Not necessarily! Learn how to buy a foreclosure without watching an infomercial, but ready for the pitfalls.Questions or comments? Click the comment link below. Your email address will never show up here. We hate spam as much as you do, and don't [...]
August 2, 2009
- Balloon Mortgages Explained
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Balloon Mortgages Explained
A balloon mortgage is a loan that is provided for a short period of time for a set amount of money. Balloon mortgages will often involve periodic payments that are made at a fixed interest rate. During this period, the loan may not be amortized. The balance [...]
July 13, 2009
- FHA Mortgages Increase in Popularity
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FHA Mortgages Increase in Popularity
FHA Mortgages keep getting more popular. In June, the share of applications for government-insured mortgages reached its highest level since November 1990, with government-insured loans accounting for nearly 36% of all mortgage applications, according to the Mortgage Bankers Association.
Most of those loans are made by [...]
June 28, 2009
- Reverse Mortgage: Is It Right for You?
Reverse Mortgage: Is It Right for You?
With housing activity improving in most markets, the time is right for homeowners age 62 and older to see if a home equity conversion mortgage (HECM) might work for them. The loans have been controversial, and they are complicated, which is one reason that consumer counseling is a required [...]
June 15, 2009
- FHA Backs Away From No Down Payment Loans
FHA Backs Away From No Down Payment Loans
After announcing a plan that would have allowed first time homebuyers to use a special tax credit to cover the 3.5% required down payment on an FHA-insured loan, the Dept. of Housing and Urban Development apparently had second thoughts.
HUD recently released a newly remodeled plan that does not [...]
June 2, 2009
- VA Loans: A Forgotten Resource
VA Loans: A Forgotten Resource
With all the news about mortgages being harder to obtain, and rates going up and down and requiring different amounts of down payment to qualify, one of the seemingly forgotten resources for financing that new home purchase is the VA Loan to qualified veterans.
VA guaranteed loans are made by private lenders [...]
May 5, 2009
- High End Mortgages Easier to Get
High End Mortgages Easier to Get
Things are looking up for buyers and owners of higher-priced homes: The jumbo-loan freeze is thawing.
After the bank scare began last fall, jumbos — mortgages bigger than what the government will buy or guarantee (between $417,000 and $729,750, depending on the location) — dried up.
Jumbo rates have not dropped, and [...]
April 24, 2009
- Low-Rate Home Loans?
Low-Rate Home Loans?
On paper it seems like the perfect time to refinance. The average rate on a 30-year fixed mortgage recently hit a 20-year low when it fell below 5% in mid-March. And the Fed has said that it will spend $300 billion to buy back government-backed Treasury bonds; that will probably keep loan rates [...]
April 11, 2009
- Qualifying for a Low-Down FHA Loan
Qualifying for a Low-Down FHA Loan
FHA (Federal Housing Administration) lending is soaring - with good reason. These mortgages are affordable, flexible and available. In fact, terms are so attractive that some may ask why all home buyers don't use FHA mortgages.
Since the housing bust began, FHA lending has soared to account for 20% of the [...]
