The current financial crisis, brought on by the collapse of the housing market has more and more people looking for solutions to their property when they are upside down. An upside down property is one in which the debt on the property is greater than the value. Today, millions of homeowner are now upside-down on [...]
It’s been a few years now that the real estate crisis just keeps sliding downward, but have we learned anything from it? We are supposed to learn from our mistakes and consciously try not to make them again, right? Well, there are those who have not, but there are also people who are learning not [...]
Mortgage holders are really struggling in today’s economy. This leaves the door wide open for mortgage re-financers to come in and take everything you have if you are not careful. It’s easy to get sucked into a scam when you are wanting to lower your mortgage payments in order to save your home from foreclosure. [...]
Good news for the real estate markets. New building permits are on the rise and will be a boost for the markets next year. New construction coupled with low mortgage rates will help the struggling real estate industry tremendously. Just when it seems that things could not get any worse, a light can be seen [...]
Reverse mortgages are still an option for those that are 62 years old and older to be able to keep their home instead of having to sell it. The Federal Housing Administration is keeping the reverse mortgage option alive even after Wells Fargo and Bank of America have bowed out of that line of mortgages. [...]
Certainly, it is a well known fact by now that the economy struck many homeowners hard in the last year or so. There are now an overabundance of foreclosed property in the Washington, DC area as well as other parts of the United States. The lenders don’t want to and can’t keep these homes on [...]
There were an estimated 1 million homes that were foreclosed on in 2010. The numbers are forecasted to be even worse for 2011 although those numbers won’t be released until 2012. Because of this, a little known type of mortgage is once again gaining in popularity. That is the assumable mortgage. Assumable loans have been [...]
Many homes are available for sale in the Washington DC, Maryland area due to the housing crisis. Trying to obtain a loan to purchase a new home is a little more strict than it used to be but it’s still certainly possible. The first step in the process is getting pre-approved. This means the lender [...]
Buying a new home is exciting and scary at the same time. It is a big responsibility. By considering ways to protect your investment, you will have peace of mind in knowing that your home is protected. Mortgage protection insurance is a perfect way to protect your home in the event something drastic happens to [...]
If you listen to some commentators, the sky has fallen in on home loans and only those with AAA credit scores, good incomes, and oodles of cash as a down payment can find mortgages. At the moment, that is far from the truth. In fact, many people on low incomes are able to obtain mortgages. [...]
If you are looking for a home to buy, be careful about how you shop for a mortgage; it could cost you money. One of the most important assets you can take into a mortgage application is your credit score. Having a credit score over 700 is ideal while having over 740 is even better. [...]
If you intend to finance a home purchase by way of a mortgage, you will need to start looking at your credit worthiness months before you start looking for a home. If you don’t have the right credit history, then you could be in for a disappointing time when you do want to buy that [...]
One of the interesting trends of late is the offer by both real estate agents and sellers to pay closing costs. Real estate agents generally offer a cash back option, however, this is no different to paying closing costs. The sting for buyers is that these offers are generally tied to buying the home at [...]
There are tens of thousands of Americans who are staring a foreclosure down and while the prospect of losing one’s home is not a happy one, it doesn’t have to be all bad. There are several things you can do that may prevent a foreclosure and if they fail there are several other steps you [...]
So, you have found your dream home, made an offer that has been accepted, and even pre-arranged your financing. All that’s left is to conclude the contingencies and to get together on settlement day. It’s all exciting, especially for first home buyers. That excitement could result in an end to your home buying dream – [...]
There was quite a stink during 2010 surrounding the decision by many lenders to deny home loans to couples where one (or both) partners were on maternity or paternity leave. The Department of Housing and Urban Development (HUD) took umbrage at these decisions and investigated several mortgage firms and mortgage insurance providers. The end result [...]
We are living in strange times when it comes to finances, particularly personal finances. Mortgage lenders are tightening screws on borrowers, making it harder and harder each day to get a mortgage approval. What is strange is that those with poor credit scores are still able to gain mortgage approval if they are prepared to [...]
Home buyers should be keeping their eyes on the ebb and flow of interest rates for a number of reasons. Lower interest rates, especially if they continue to trend down, creates a small increase in home sales as buyers step in to take advantage of the lower rates. At this time last year the 30 [...]
If you are counting on a government-backed mortgage this month then be prepared for a long wait. If the forecast shutdown of government services comes to fruition at midnight tonight, then there won’t be any government-backed loans – in fact, come to think of it, there won’t be any government-backed anything. Of course, wise heads [...]
If you’re in a situation where your monthly mortgage payments are putting stress on your finances, you have a number of choices. The most obvious is to sell your home and to buy into a cheaper property. However, that isn’t a practical solution for most people. You could try to refinance your home, however, you [...]
The fallout from the recent financial crisis is yet to reach its full potential, however, the signs are there on the horizon and for those on moderate and low incomes, the news is not good. With Congress making moves to remove Fannie May and Freddie Mac away from mortgage risk, other lenders will have to [...]
Interest rates have continued a slowly spiral downward in recent weeks, however, most analysts have predicted that, come this time next year, interest rates will be higher. Thirty year fixed rate mortgages are down to 4.76%, however, predictions are that these interest rates will climb to around the 6% mark by the fourth quarter of [...]
One area of real estate that has been popular in recent years is the the court step sale of a property that has been foreclosed upon. From the lender’s perspective, getting a reasonable return quickly is much better than holding the property for long periods of time, especially if the return is not much higher [...]
If you have a mortgage on your home and you’re planning to sell, then plan to closely examine your mortgage contract first. You’ll be surprised at what you may find hidden. Doug Francis (on his blog) has an interesting take on FHA mortgages and some of the fine print attached to them – and it [...]
Buying real estate through ‘short sales’ has become popular in some areas. The term ‘short sale’ refers to the fact that sales will proceed even though the agreed price is below the current value of the mortgage. The perception is that a ‘short sale’ is a sale that is below the current market value of [...]
If you are considering buying a home in the next month or two, and your plans include an FHA loan, then you may want to act sooner rather than later. Insurance rates on FHA loans approved after April 18 will attract higher premiums, and while the rate rise is only marginal at .25%, the effect [...]
You have to be careful when reading articles that suggest you ‘buy now’. Do you take a second look at who is offering the advice because sometimes it is vested interest at work. Not vested interest in a direct sort of way, as in hoping you will buy from them, but vested interest in a [...]
Mortgages in Virginia may well become a little harder for those who are on the borderline for mortgage qualification. The Virginia Legislature is about to start considerations on several bills designed to restrict some of the freedoms that lenders have experienced in the past. While ‘robo signing’ has been discussed a lot in the press, [...]
Many mortgages today are being resold in the secondary markets. The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Mortgages that conform to Fannie Mae’s standards may carry lower interest rates or smaller down payments. To qualify, the mortgage borrower needs to meet [...]
Trends come and trends go. But, what do mortgage shoppers need to know about rates as they look into the future? It’s impossible to pinpoint a single factor that causes mortgage rates to move up or down. Still, mortgage experts often have observed that fixed-rate mortgage rates typically follow the direction of long-term Treasury rates. [...]
