f you’re hoping to become a homeowner this year, you still have to brace yourself for a lengthy process – not least confusing of which is securing a mortgage loan. Here are five tips to get you started.
April 1st may be “All Fools Day” but the federal government isn’t joking about the new mortgage broker compensation rule that takes effect on the same day. This new rule from the Federal Reserve will dramatically change the role mortgage brokers play in the home buying process.
About half a million Americans aged 62 or older hold a reverse annuity mortgage today, according to the U.S. Department of Housing and Urban Development (HUD). As more Americans move into this age group, the volume will increase as well. But exactly what is a reverse mortgage and how does it work?
Whether it’s a mortgage, a student loan, a car loan — or the good (bad) old credit card debt, most Americans at some point in their lives borrow. And when that time comes for you, it pays off — literally — to understand how much that debt truly costs you. That means you shouldn’t just look at your monthly payment or the original amount you’ve borrowed.
Short sales are a relatively new phenomenon and because of this there’s an incredible amount of misinformation about the impact to your credit. Some people are even going so far as to say that a short sale is neutral to your credit, which is incorrect.
I’d like to share our latest refi experience: a story in which two homeowners with perfect credit, payment history and a property that, miraculously, had retained its value through the housing bust, were almost unable to refinance due to a string of clerical errors and delays at the bank.
The ups and (mostly) downs of the housing market, combined with tax incentives have left many wondering whether or not now might be a good time to finally buy that dream home. Average interest rates on thirty year mortgage loans have plummeted once more, falling a full percentage point below the lowest rate at any time last year.
With recent government regulations in place, the Reverse Mortgage is a financial instrument set to explode with the wave of retiring baby boomers. These mortgages not only affect the borrower, but their heirs as well, so it’s important to understand the ins and outs of process and product. The Reverse Mortgage can be a lifesaver for some, but is not for everyone. This factsheet will show you how it works.
Photo: kid_proquo If you’re a first-time home buyer you might be interested to know that Dan Marino’s 10-bedroom, 12-bathroom mansion in Weston, Florida, is up for sale for $13.5 million. Marino originally listed the home in 2006 for $15.9 million,...
Despite the struggle, most responsible homeowners don’t think twice about whether they should make the mortgage payment each month. You’ve worked like crazy to stay on top of bills for years. You may have already fought your way back from bad credit and don’t want to let your credit score sink again. Whether you choose to fight and stay in your home for the long-haul, or you have given it your all and just can’t bear the crushing weight anymore, it’s important to know that there are better options than simply abandoning your home before you are late on the payments.