Mortgage Articles

Finance » Mortgage | By Peter Johnson @ Monday, 25th August 2008 @ 2:35 AM

There are many things you can do for avoiding foreclosure. These things include not ignoring the problem, contacting the lender, responding to mail from the lender, prioritizing, contacting a HUD approved counselor, and be smart. The most important thing to avoiding foreclosure is not to ignore the problem. You should not ignore your lender. You should answer the phone when they call you and you should respond to all mail you receive. Let the lender know you are doing everything you can. ... more...

Finance » Mortgage | By Chris Esposito @ Sunday, 24th August 2008 @ 12:55 AM

With all of the recent changes in the mortgage industry, it can be tough to keep up with the different requirements for the different loan programs available. Owner builder construction loans are probably as complex as residential mortgages can get. But, there are some simple rules about your credit scores that can make understanding the owner builder guidelines a little easier. The first rule of thumb for an owner builder construction loan is that you will want to have a credit score of ... more...

Finance » Mortgage | By Joe Boyd @ Thursday, 21st August 2008 @ 10:10 PM

A lot of people who happen to have bad credit make the mistaken assumption that their less than spotless credit history will keep them from being able to buy their own home. They think that no mortgage provider could possibly ever trust them with a mortgage. While things once were indeed this way, the rules have changed a bit in recent years. Instead of just passing by people with bad credit, banks and mortgage lenders have instead developed bad credit mortgage loans - ideal for those who have h... more...

Finance » Mortgage | By Anna Stenning @ Thursday, 21st August 2008 @ 1:21 PM

If ever there was a time to buy a house for the first time now would be a good time. However, with the prospects of a price crash looming ahead, it may well be more possible for first-timers to finally find their feet on the property ladder. Many people will know that to buy a house now is to be financially stable and preferably with a substantial amount of deposit up front. Taking the 100 percent mortgage rate route is a risky step therefore people will need to find a way to save for a deposit.... more...

Finance » Mortgage | By Chris Esposito @ Thursday, 21st August 2008 @ 7:26 AM

If an owner builder understands the differences between his construction loan and other, simpler types of mortgage financing, then he will be much better prepared when starting his planning and financing. Owner builder construction loans are a more complicated process than a standard mortgage to purchase or refinance a home. Therefore, they will require a longer preparation and underwriting time. If an owner builder does not account for some extra time required in his financing and plann... more...

Finance » Mortgage | By Juhani Tontti @ Wednesday, 20th August 2008 @ 8:42 PM

Circumstances in the economy affect strongly over mortgage refinance rates, especially at this very moment and this fact can open new chances to refinance mortgage rates and to earn money. It is funny, but it is not necessary to suffer from the big monthly mortgage payments. By finding lower mortgage refinance rates you can get a big relief and relieve money from your home equity every month. 1.Your Interest Rate Can Be Lower. This is the main reason for new mortgage refinan... more...

Finance » Mortgage | By Ki Gray @ Wednesday, 20th August 2008 @ 5:20 PM

For the second week in a row 30 year mortgage rates held steady at 6.52. 15 year mortgages last week moved from 6.07 to 6.1. The week they returned to 6.07. So basically the fixed rates are holding steady. 5 Year Arms fell from 6.05 to 6.02 and 1 Year Arms fell from 5.22 to 5.18. So they didn't move that much. But what is interesting is the overall trend. This week marks the 3rd week in a row that both 5 and 1 year arms have fallen. The 1 year arm has fallen from 5.49 to 5.18. This... more...

Finance » Mortgage | By Peter Johnson @ Wednesday, 20th August 2008 @ 4:37 AM

There are good and bad things that come with the deed in lieu of foreclosure. If you are unable to make the monthly mortgage payments on your home anymore you might consider this as your option. There are pros and cons to this which might help you make your decision. Pros / Positives The biggest positive of the deed in lieu of foreclosure is that your credit doesn't suffer as much as it would if it displayed a foreclosure. A foreclosure looks really bad on your credit and it c... more...

Finance » Mortgage | By Art Gib @ Tuesday, 19th August 2008 @ 10:21 PM

Once you have found the real estate that you want to purchase in Orem, Utah, you will have to decide on what kind of mortgage you are going to get. There are certain factors that you must take into consideration when deciding on a mortgage and it is not a decision that should ever be taken lightly. Interest rates and down payment amounts differ from mortgage to mortgage, so you must take all of that into consideration when financing your new property in Orem, Utah. Adjustable Rate... more...

Finance » Mortgage | By Peter Baptiste @ Tuesday, 19th August 2008 @ 6:33 AM

Are you about to lose your home, go through foreclosure, and destroy your credit? If so you're not alone. Countless families across the country today are dealing with the very same problem today. Consider one family's story - the LaVan family. They had a beautiful two story home in a great neighborhood and things were going great. However, first Ted LaVan lost his job, which started them in a spiral downwards. Then the economy grew worse, interested rates skyrocketed, gas price... more...

Finance » Mortgage | By Rayven Perkins @ Tuesday, 19th August 2008 @ 1:55 AM

When it comes to financing or re-financing a home, families with stay-at-home moms may have difficulty based on the fact that one spouse has little or no visible income. This leads some financiers to try and swing loans or re-finances that are easier to approve initially, but may be detrimental to the homebuyer in the long run. An adjustable rate mortgage, or ARM, is commonly offered when interest rates are low, and the finance company is betting on the fact that the housing market... more...

Finance » Mortgage | By Peter Johnson @ Monday, 18th August 2008 @ 2:04 AM

If you want to stop foreclosure now there are many things you can request to the bank or lender if you want to keep your home. The things you can do include a reinstatement plan, repayment plan, loan modification, loan refinance, loan forbearance, and more. If you really want to keep your home you should consider these things. 1 - Reinstatement Plan A reinstatement plan includes the late fees, the amount of money past due, and attorney costs if there are any. This is the amount of ... more...

Finance » Mortgage | By Michael Branson @ Sunday, 17th August 2008 @ 11:29 PM

On 7/30/2008 President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Mae and Freddie Mac. The wires are burning up with stories from Bloomberg, Reuters, Associated Press, and every other news agency on the signing of the Bill and while each article is coveri... more...

Finance » Mortgage | By Michael Branson @ Sunday, 17th August 2008 @ 11:28 PM

On July 5th 2008, Robert Powell of the Wall Street Journal online posted an article which quotes the Chief Executive of The Financial Industry Regulatory Authority (FINRA), Mary Schapiro, entitled Three Warnings for Hard Times: Beware of Strategies That Put Nest Egg at Risk. I really must admit that when I first read the title I thought, Here we go again, another article by another journalist knocking reverse mortgages. As I started to read and I saw the quoted expert, and as an individu... more...

Finance » Mortgage | By Allen Wright @ Saturday, 16th August 2008 @ 5:16 PM

There are new federal regulations on mortgage lenders coming out way soon. Recently, President Bush signed a bill into law at the end of July that encourages state regulatory commissions to register all residential loan originators, and creates a national database of lenders that tracks fraudulent activity from state to state. This will keep lenders that have been shit down in one state from moving across the state line and opening up shop to commit the same crime again. This is currently a f... more...

Finance » Mortgage | By Peter Baptiste @ Thursday, 14th August 2008 @ 8:20 PM

Hundreds of thousands of Americans have either been foreclosed on, or are facing foreclosures. Neither the banks, nor the homeowners want this to happen. Banks don't want it to happen because they're forced to write down foreclosures, which runs the risk of the bank failing. Homeowners don't want to lose their homes. The root cause of most foreclosures is bad lending practice at the start of the lending process, it used to be that home buyers had to show 30% of the list val... more...

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...