All Posts Tagged With: "equity"
Good To Be Rich, Millionaire Wealth To Double In Next Decade
Millionaires are going to do pretty well in the next decade. According to a report from the Deloitte Center for Financial Services, the total wealth of millionaire households in 25 major economies is likely to grow from $92 trillion in 2011 to $202 trillion in 2020. The fate of millionaires, of course, is a major [...]
16May2011 | Peter G. Miller | 0 comments | Continued
US home values fall $9 trillion since 2006, says Zillow
American real estate, a traditional bastion of household wealth for the middle class, has lost $9 trillion in equity since 2006 according to the real estate marketing site Zillow.com. Zillow reports that US homeowners lost $1 trillion in 2009 and it expects that losses will total $1.7 trillion in 2010. Specifically, Zillow estimates that values [...]
9Dec2010 | Peter G. Miller | 0 comments | Continued
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different. When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers [...]
25May2010 | Peter G. Miller | 0 comments | Continued
What’s a Hard Money Mortgage?
When we think of mortgages we usually think of long-term financing insured by the FHA, VA or with private mortgage insurance. If we have enough cash for a down payment of at least 20 percent then we don’t need mortgage insurance and can just get a conventional loan. However, there are situations where owners run [...]
12May2010 | Peter G. Miller | 0 comments | Continued
Reverse Home Mortgage
With unemployment rising and home values falling it may seem odd that reverse mortgages are so popular. In fact, a reverse mortgage can make a lot of sense for those who have acquired real estate equity over time and now have a a need for cash or income. If you’re at least age 62 and [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
How Does A Reverse Mortgage Work?
Everyone who finances real estate knows how a “forward” mortgage works so it seems logical that a “reverse” mortgage is just the opposite. That’s somewhat true, but not entirely. A reverse mortgage is a different kind of financial critter, one which requires a little background to understand. With a forward loan you apply for a [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
Reverse Mortgages Seniors
Some of the most common questions I get concern reverse mortgages — what are they and why are they for seniors? In basic terms, a reverse mortgage is a way to access the equity in your home, the worth built up over the years as you have paid down the original mortgage and as the [...]
21Sep2009 | Peter G. Miller | 0 comments | Continued
Mortgages: Can You Stop Line of Credit Freezes?
The Federal Reserve has published a new guide to home equity line of credit financing — and what you can do if your lender reduces or freezes your HELOC. To be polite, not a damn thing. The Board’s 5 Tips for Dealing with a Home Equity Line Freeze or Reduction first tells us the following: [...]
10Aug2009 | Peter G. Miller | 0 comments | Continued
The Untold Story Behind Fannie Mae & Freddie Mac
The government is out with new foreclosure prevention numbers from Fannie Mae and Freddie Mac. According to the Federal Housing Finance Agency (FHFA), the headline is that “FANNIE MAE AND FREDDIE MAC LOAN MODIFICATIONS UP BY MORE THAN 50 PERCENT IN FIRST QUARTER, MONTHLY PAYMENTS REDUCED FOR HOMEOWNERS.” We then learn that “Fannie Mae and [...]
24Jun2009 | Peter G. Miller | 1 comment | Continued
Can You Refinance Your Loan Under The Obama Mortgage Relief Plan?
The 2009 Obama foreclosure relief plan has two parts, first there is modification help for those who face foreclosure and, second, there is also a refinancing program for those with loans which are no longer affordable. Under the details of the plan we can see how the refinancing program works, who qualifies and who does [...]
8Mar2009 | Peter G. Miller | 0 comments | Continued
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