May 14, 2007
- Home-Equity Borrowing Stalls
Home-Equity Borrowing Stalls
A cooling housing market and higher interest rates have made homeowners more reluctant to tap the equity they may have built up in their residences. The amount borrowers owe on their home-equity lines of credit has slipped in the past six months, to $561 billion at the end of March, the first such [...]
May 13, 2007
- Delinquent Borrowers May Get a Tax Surprise
Delinquent Borrowers May Get a Tax Surprise
For homeowners seriously delinquent on their mortgages and hoping for some relief, the IRS has bad news: If your lender agrees to modify your loan and forgive any part of your debt, you could owe federal income taxes on the amount forgiven.
When personal debts are canceled by a creditor, [...]
May 12, 2007
- How to Avoid Mortgage Fraud
How to Avoid Mortgage Fraud
1. Watch out for "no money down/cash back at closing" offers.
2. Investigate the sales history of the house. Several sales during a short period of time might cause a rise in the house's value. Ask your own real estate agent to provide you with a comparable market analysis (CMA), or have [...]
April 18, 2007
- 5 Mortgage Mistakes
5 Mortgage Mistakes
Before applying for a mortgage, get your credit in shape. Any of these five moves could sabotage your mortgage approval:
1. Ignoring your credit reports
The key to getting the best mortgage rate is good credit. A 2004 study by the U.S. PIRG, the federation of state Public Interest Research Groups, found that one in [...]
April 16, 2007
- Ways to Avoid Mortgage Trouble
Ways to Avoid Mortgage Trouble
Here are some ways to keep from getting into trouble with your mortgage:
1. Keep a close eye on your mortgage and your finances. Be sure you know when your bills are due so you can pay them on time.
2. If you find you're having trouble making your payments, don't be embarrassed [...]
March 30, 2007
- How to Fend Off a Foreclosure
How to Fend Off a Foreclosure
Homeowners behind in their mortgage payments can get help from lenders eager to get bad loans off the books.
As the sub-prime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn't have to happen.
Indeed, lenders have said repeatedly [...]
March 27, 2007
- Spring Mortgage Guide
Spring Mortgage Guide
Spring time is upon us now. That means homebuyers are awakening from their winter slumber.
As home buying season nears, here's how to navigate the changing mortgage market.
Are there any questions you have about the mortgage market? Leave us a comment or question below and we'll be sure to get back to you with answers.
March 21, 2007
- Late Mortgage Payments Reach High
Late Mortgage Payments Reach High
Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments.
The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released recently, reported [...]
March 16, 2007
- Buying a Home - Things You Should Consider
Buying a Home - Things You Should Consider
The national average for how long people live in their homes is approximately seven to nine years. Reasons for leaving a home can vary widely, but if you purchase a home and decide to move after only a short time, you may end up paying money in order [...]
March 15, 2007
- Short Sale As a Solution to a Mortgage Debt
Short Sale As a Solution to a Mortgage Debt
In a declining housing market, the value of a home sometimes falls below what is owed on it. When you can no longer pay the amount owed, you have several options. You can try to hand over your deed to your first mortgage holder. But they might [...]
March 4, 2007
- Deducting PMI When You File Your Taxes
Deducting PMI When You File Your Taxes
Private mortgage insurance (PMI) can be a very expensive cost associated with paying your mortgage. And though you could deduct mortgage interest from your taxes, until Congress approved the Tax Relief and Health Care Act of 2006, you could not deduct PMI.
When you don't have enough money for a [...]
March 2, 2007
- Homeowners - Beware of This Scam
Homeowners - Beware of This Scam
You could be victimized by a scam where someone tries to lure you into applying for a loan secured by your home.
The Federal Reserve put out that warning recently in response to questions and complaints from people about direct-mail solicitation scams that describe a "Community Reinvestment Act Program" that entitles [...]
February 26, 2007
- Homebuying Tip: Buy or Sell - Which Comes First?
Homebuying Tip: Buy or Sell - Which Comes First?
In our continuing effort to help you be as informed and knowledgable as possible about the home buying process, we offer this important advice.
Buy or Sell… Which Comes First?
If you're looking to move up or down in the real estate market, this is a major concern. Do [...]
February 25, 2007
- Mortgage Defaults: Latest Woe for Housing
Mortgage Defaults: Latest Woe for Housing
Just as the struggling real estate market seems to be stabilizing, a fresh problem is brewing far from real estate offices or home construction sites: a jump in defaults by higher-risk borrowers.
News of rising default rates by buyers with less than stellar credit could put a crimp in financing for [...]
February 24, 2007
- Homebuying Tip: Get Pre-Approved
Homebuying Tip: Get Pre-Approved
In our continuing effort to help you be as informed and knowledgable as possible about the home buying process, we offer this important advice.
Get Pre-Approved.
Do you already know how much home you can afford? There is nothing more frustrating than spending a lot of time looking for a home, finding the perfect [...]
February 17, 2007
- Say "No" to Mortgage Life Insurance
Say "No" to Mortgage Life Insurance
Mortgage insurance is designed to repay your mortgage in the event of your death, disability or some incapacitating disease. But the cost of this type of policy can be three to five times as much as comparable term-life insurance, according to Consumer Reports.
Plus, the value of this insurance actually declines [...]
February 10, 2007
- 10 Ways to Come Up With a Down Payment
10 Ways to Come Up With a Down Payment
You've found the perfect house. Interest rates are still low. There's just one thing standing between you and your dream home: a down payment.
Don't abandon your homeownership quest just yet. There are few ways to come up with the cash for your new castle:
Use special programs. [...]
January 26, 2007
- Scammers Target Homeowners As Foreclosures Increase
Scammers Target Homeowners As Foreclosures Increase
As the number of foreclosures rises, homeowners unable to make their mortgage payments are facing another growing threat: "foreclosure rescue" scams.
State and federal authorities say they are investigating an increasing number of homeowner complaints about fraud and deception by companies that engage in lending to financially distressed borrowers seeking [...]
January 9, 2007
- Borrowers Purchase Too Many Points
Borrowers Purchase Too Many Points
A new report claims that borrowers tend to purchase too many points when selecting a mortgage — and in the process end up paying more than they would have with no points and a higher interest rate.
The study considered 3,785 individual mortgages originated from 1996 to 2003, looking at the points [...]
January 7, 2007
- Avoid Mortgage Traps
Avoid Mortgage Traps
If you're in the market for a mortgage, you'd do well to arm yourself with some knowledge before you go knocking on lenders' doors. I'll soon point you to where you can learn a lot in short order, but first, here are a few mortgage traps to be wary of:Overcharging
When you get [...]
