Mortgage Articles

Finance » Mortgage | By Chris Esposito @ Monday, 11th August 2008 @ 10:01 AM

Getting a loan pre-approval from a lender is a quick, easy process. Typically, you fill out a few pages about your financial situation, the bank runs the numbers through a computer approval system, and you're pre-approved the next day. So, how do so many people mess it up so badly? Simply put, people lie (either to themselves or about themselves) when filling out a loan application. We'll look at examples from customers who applied for owner builder construction loans, ... more...

Finance » Mortgage | By Nick Kent @ Sunday, 10th August 2008 @ 2:22 PM

There are a couple significant reasons behind the current crisis in our mortgage market. One is that mortgage brokers haven't been giving borrowers enough information to make an informed decision. The bigger issue is that borrowers haven't been asking the right questions! And how are they even supposed to know what to ask? School doesn't prepare us to make decisions regarding our home mortgages (unless you're studying to become a mortgage broker), so most of us are flying bli... more...

Finance » Mortgage | By Ki Gray @ Saturday, 9th August 2008 @ 10:06 PM

Before we talk about what happened with mortgage rates this week lets do a quick recap of what happened last week. Last week mortgage interest rates made a sudden jump over the previous week. For the entire month of June and July 30 year mortgage interest rates only fluctuated from 6.09 to 6.45. Then last week 30 year mortgage rates suddenly jumped from 6.26 to 6.63. At the time we predicted that rates would probably fall this week because usually after big spikes in mortgage rates there is... more...

Finance » Mortgage | By JT Miller @ Saturday, 9th August 2008 @ 1:10 AM

If you're an older person who has been living in the same home for years then there is a good chance that your house desperately need some sort of home repair or home improvement but you simply don't have the money to pay for the construction costs or home improvement professionals needed to make your house a better place to live. Maybe you need a new roof or you need to upgrade your furnace or perhaps your home simply needs modern insulation and new windows and doors to make it more ... more...

Finance » Mortgage | By Shaun Greer @ Friday, 8th August 2008 @ 9:50 PM

Considering the current state of the real estate market, it came as no surprise that the Federal Reserve would swoop in to regulate and tighten allowances on mortgages for homebuyers. The overhaul of the mortgage lending system is in full swing with consumer groups and lenders on both sides of the arguments. The hope is that these regulations will put the current mortgage lending industry in a more stable and profitable situation in the long-run. Currently, the extension of credit to hom... more...

Finance » Mortgage | By Sal Farzin @ Friday, 8th August 2008 @ 11:01 AM

Many homeowners are now finding themselves in a situation where they cannot afford to pay off their mortgage any longer. This maybe because they had taken advantage of the short-term interest-only loans or had their properties valued lower than the loan they have obtained. In such an event, there are some options available to them rather than to go through the whole process of mortgage foreclosure and run the risk of being evicted. Short sale is a good solution. It involves the sale of yo... more...

Finance » Mortgage | By Sal Farzin @ Friday, 8th August 2008 @ 10:57 AM

Mortgage foreclosure is an official, legal process wherein a person, a group, or a company owes money to a lender and can't pay. In which case, the lender would force the sale of a real estate property involved in order for them to pay off the loan completely. To know more about the foreclosure process, basic information about borrowing and lending money has to be tacked first. When you go to a bank and request for a loan, you have to sign several documents. These usually are the de... more...

Finance » Mortgage | By Sal Farzin @ Friday, 8th August 2008 @ 10:51 AM

There are certain steps that a lender can undertake when the mortgage foreclosure has started. One of the main steps is called the trustee's sale or sheriff's sale. In states that use deeds of trust, this process is called non-judicial foreclosure. For example, the borrower misses a payment on his loan after the typical grace period of 15 days. At which point, he becomes delinquent on his mortgage loan. And primarily because of the fact that foreclosures can be very costly to th... more...

Finance » Mortgage | By Chris Esposito @ Friday, 8th August 2008 @ 8:00 AM

Construction loans, especially owner builder construction loans, are tricky enough when the mortgage industry and housing market is doing well. Things got a lot tougher, though, when lenders tagged certain counties around the nation as being areas of declining values. These counties are known in the mortgage industry as soft markets, and they are having a big effect on your owner builder loan terms whether you recognize it or not. If an owner builder wants to build his home in a county t... more...

Finance » Mortgage | By Jennifer Stromsteen @ Thursday, 7th August 2008 @ 7:46 PM

Phil Gordon, the Mayor of Phoenix, Arizona states that the housing bailout legislation is a great start but falls short to stop the mortgage meltdown being experienced today. Today Mayor Gordon will meet in Washington, D.C with House Speaker Nancy Pelosi and other lawmakers to fight for additional funding for the first time home buyers. He states that the new housing bailout will help those with troubled mortgages but does not help the first time home buyers; something Mayor Gordon wants chang... more...

Finance » Mortgage | By Christina Costa @ Monday, 4th August 2008 @ 11:58 AM

There are many questions that can be asked about home mortgage refinance. Let's take a look at what could be considered the top three things people want to know. This is a big decision you will be making and you definitely don't want to make any mistakes. If you are looking to refinance your mortgage, this is when you are taking out a new mortgage to pay off your existing one. First of all, how can a home mortgage refinance loan help you? There are many different reasons... more...

Finance » Mortgage | By Chris Smith @ Monday, 4th August 2008 @ 5:47 AM

With interest rates at a 12-year high and lenders increasing their rates outside the Reserve Bank of Australia (RBA) cash rate cycle, many borrowers are understandably feeling wary. The cash rate is Australia's official interest rate and usually lenders only move mortgage rates in synch with it, but this hasn't been the case over last few months. Economists are divided as to what will happen over the next 12 months, though most appear to believe the cash rate will remain fairly ... more...

Finance » Mortgage | By Mark Matheson @ Monday, 4th August 2008 @ 4:37 AM

It appears to be a widely-held view that one of our biggest financial commitments in life, if not THE biggest, is the mortgage we take on to buy our home. And though it is vital for someone to take advice on such a major expense, why can you still be left feeling confused AFTER having sought mortgage advice? Well, before giving the very simple answer to this question, let's briefly consider what "advising" means and if that matches our everyday experience. According to... more...

Finance » Mortgage | By Victor Benoun @ Monday, 4th August 2008 @ 1:39 AM

Despite the negative press we are pounded with daily concerning the state of the housing market, and the difficulties in the banking system, it is actually a great time to purchase a home. Prices have not been this low in years, interest rates remain at historical lows, and buyers have tremendous bargaining power. Whether you are considering purchasing a house or refinancing an existing property, here are a few helpful hints to make your transaction as smooth as a summer day! 1. Get pr... more...

Finance » Mortgage | By Apurva Shree @ Saturday, 2nd August 2008 @ 7:02 PM

No body likes to have a bad credit history. You just land into it either without even realizing its harm or due to uncontrollable circumstances like sickness, accident or any other mishap. Does that mean you are now shunned from all the benefits available to a normal borrower and you will be now forced to pay high two digit interest rates only? Fortunately, the scenario is not so bad. You can still avail consolidation mortgage loan and save some cash. With this saved money, you can pay off your ... more...

Finance » Mortgage | By Apurva Shree @ Saturday, 2nd August 2008 @ 6:54 PM

Getting the best mortgage rate is the topmost factor on everyones mind while applying for a home loan. There are many lenders who are willing to give you good deals. There are also some who will seem to charge you less but have many hidden costs. You have to be careful when choosing your lender. It would help you if you gather enough information about mortgage loan in general. This would enable you to know what exactly to look for. Some Factors To Consider You should first know w... more...

Finance » Mortgage | By Chris Esposito @ Saturday, 2nd August 2008 @ 6:39 PM

People building a custom home, whether acting as an owner builder or hiring a licensed general contractor, often have to be reminded of one simple, vital point: look at the big picture. Owner builders, especially, have a chance to save tens of thousands of dollars being their own general contractor and managing the construction project themselves. In fact, avoiding the builder's markup is the true secret to saving. Owner builders who try to do everything by themselves or save a few p... more...

Finance » Mortgage | By Shaun Greer @ Thursday, 31st July 2008 @ 1:11 AM

In an effort to find more and more assistance with the current real estate problems, Freddie Mac and Fannie Mae are in talks with the Treasury, White House officials and the Federal Reserve. In essence, both Freddie Mac and Fannie Mae are looking for ways to give additional financing for the struggling mortgage companies whose financial problems and ammount of homes in foreclosure are one of the bigger issues in the real estate sector. What is one of the ways that Freddie Mac will help wi... more...

Finance » Mortgage | By Jaison Jacob @ Tuesday, 29th July 2008 @ 5:17 PM

PMI is just extra fees and has nothing to do with your principal or your interest. Taking on two mortgages is only about the money you borrow and there are no extra costs such as private mortgage insurance. PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. PMI is not additional homeowners' insurance. It is for the sole protection and benef... more...

Finance » Mortgage | By Chris Esposito @ Thursday, 24th July 2008 @ 6:45 PM

Owner builders save themselves a lot of money by managing the construction of their homes and cutting out the costs of a general contractor. However, for owner builders who have never built before, there is a very important lesson to learn about the owner builder loan timeline before getting too far into the planning process. Owner builders need to be realistic about their planning timeline and the construction loan timeline; or else they can cost themselves a lot of money and headaches. ... more...