Archive for the 'Mortgages' Category
Mortgage applications drop as interest rates rise
The short-term drop in mortgage interest rates just before the emergency Fed rate cut in January of .075% and before its 0.5% cut at the regularly scheduled FOMC assembly at the end of January started a mortgage refinance party. But that party ended pretty quickly considering mortgage interest rates…
Estimating subprime write-downs and the ‘cookie jar’ accounting problem
Another write-down related to subprime loans is coming from UBS AG (NYSE: UBS), that day to the tune of $10 billion. Combined with write-downs in the third quarter, the company will have a total of $12.6 billion in write-downs related to subprime issues that year.
Those write-offs will likely put…
Alan Greenspan says US housing will get worse
Overnight in London, Alan Greenspan made another stop on his book tour and was good ample to tell Reuters that the US housing market had much further to fall “All that I conclude is that the process of stock adjustment has just started and we have a faraway way to go before residential housing a…
Applying for a Home Loan
Applying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of the process ahead of time, however, it will go much more smoothly.
Home loan applications tend to be very lon…
Mortgage Debt Elimination
The prospect of mortgage debt elimination is something that many Americans are dealing with today. If you are concerned about your current debt situation, constantly trying to eliminate debt from your life, you are not alone.
In fact, over half of all American households have trouble meeting thei…
Mortgage Debt Elimination in 5 to 7 years!
Mortgage Debt Elimination shows that most home loan debts will be secured. Secured debts usually are tied to an asset, like your house for a mortgage. If you stop making payments, lenders can foreclose on your house.
Unsecured debts are not tied to any asset, and include most credit card debt, bi…
Mortgage Questions to Ask Your Lender
Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions.
Are both fixed-rate and adjustable mortgage loans available? What is the interest rate?
How long can I “lock-in” the financing at the current interest rate…
How to Avoid Paying Mortgage Insurance
In today’s world, a borrower should not be paying mortgage insurance (PMI) on their home mortgage with a few exceptions such as an FHA loan. Mortgage Insurance is a thing of the past.
Let’s first explain what mortgage insurance is. A lender requires a borrower to pay mortgage insurance if the loa…
Quitclaim Deed: Document transferring property-interest
Quitclaim deed is a legal document that helps to transfer your share of interest in the property (house, land, mobile domestic, etc) to another individual. The person giving absent the interest is the grantor while the one who accepts it is the grantee. While the interest is transferred, no warranty…
Are credit card companies preying on subprime borrowers?
The Boston Globe reports that credit card companies have been targeting subprime mortgage holders.
The evidence is stunning. Direct mail credit card offers to subprime customers in the US jumped 41% during 2007’s first half, compared with the first half in 2006. By contrast, direct mail off…
Reverse Mortgage: The Financial Aid for Seniors
If you’re senior person looking to cash in your domestic fairness and use it to your advantage, a reverse mortgage can help. With a reverse mortgage, you can convert your domestic fairness into a regular flow of tax-free income thereby receiving a monthly paycheck at regular intervals. As such these…
What are Grace Periods?
When you begin looking for the credit card that will fit you needs there are several things that you will want to look into. Included in this list are issues such as the annual percentage rate (APR), cash advance rates and fees, annual fees for using the card, and the grace period that the company o…
Choosing a Fixed or ARM Option
One of the most important decisions a homeowner will have to make when deciding to re-finance their home is whether they want to refinance with a fixed mortgage, an adjustable rate mortgage (ARM) or a hybrid loan which combines the two options. The names are pretty much self explanatory but basicall…
Choosing a Lender
Choosing a lender is a very important part of the process of re-financing a home. Understanding the different re-financing options and knowing how each of these options work is very important but none of this matters at all if the homeowner is unable to find a lender who is willing to offer them the…
