mortgages

Considerations Before You Refinance

October 19, 2010

Theoretically it is a great time to refinance your home mortgage. Theoretically, got that? Interest rates are at record lows. Today, you can get an interest rate for as low as 3.75% on a 15-year note and 4.39% on a 30 year note. Those are pretty amazing rates. But with plummeting home values you may [...]

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Learn All About Mortgages Before Shopping For A House

October 15, 2010

The largest purchase that many of us will ever make is the purchase of our homes. And even though it is possible to pay cash for a home, most of us do not have that much cash available and therefore we must get a mortgage in order to buy a home. A mortgage is a [...]

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What Type Of Mortgage Should You Get For Your New Home?

October 14, 2010

Very few people are able to pay cash upfront for one of the largest purchases they will ever make. Most people will need to get a mortgage in order to purchase a home and that is one good reason why good credit can be so important. There are three categories of mortgages including conventional, FHA [...]

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Real Estate Recovery Being Held Hostage By Credit Scores

September 28, 2010

Nearly a third of all Americans are unable to secure a mortgage in these challenging times. According to the real estate website, Zillow, people with credit scores below 620 were unable to secure mortgage financing even when they had a solid source of income and offered a down payment of 15-25%. According to myFICO.com as [...]

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The State Of Housing

September 14, 2010

Not so good but possibly stabilizing. That is the verdict from Harvard’s Joint Center for Housing Studies 2010 report on the state of the American Housing Market. “The nation has not faced housing problems of this magnitude since the Great Depression.” Job losses and high unemployment of course, have contributed and also the significant decrease [...]

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Short Sales Becoming Anything But Short

September 1, 2010

Rumor has it that in the area where I live, a smaller community that just came about around 2006, every single home sale is either a short sale or a foreclosure. And the truth is that not “every” home sale has to be a short sale or a foreclosure, there are those few people who [...]

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Sales Of Previously Occupied Homes Lowest In 15 Years

August 24, 2010

July 2010 statistics on home sales or previously owned homes fell by more than 27 percent to a seasonally adjusted 3.83 million, the National Association of Realtors reported on Tuesday. This represented the largest monthly drop on record, dating back to 1968 and it also included every region of the country. This followed the expiration [...]

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Changes In FHA Mortgages

August 20, 2010

Traditionally there have been 3 types of mortgage loans, Conventional, VA and FHA. Unless you were a veteran, in which case, the VA loan would apply, traditionally FHA loans were easier to come by, had lower down payments and closing costs and were more accessible to all people. But now with all of the defaults [...]

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Merged Or Separate?

August 17, 2010

Seem to recall hearing some advice from the eminent TV doctor, Dr. Phil, for married couples to keep their finances separate. Okay. But what about the shared goals? Buying a house? Buying a car? Making babies? Well, yes, that may be a different subject altogether but if you think those babies are completely priceless, call [...]

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Underwater But Not Late?

August 16, 2010

FHA is launching a new refinance program next month that will target homeowners who are “underwater” on their mortgages (meaning they owe more than the house is worth on the open market) but have yet to miss a monthly payment. Dubbed the Federal Housing Authority Short Refinance option the program is aimed at helping out [...]

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