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Tag: mortgage

Will Student Loans Ruin The Real Estate Recovery?

Will Student Loans Ruin The Real Estate Recovery?

Student debts have grown like crazy during the past few years and yet there’s no evidence that recent graduates are any brighter, more accomplished or better able to get a job than past collegians. However, what’s patently true is that student debt is piling up and the result plainly impacts mortgage applications. At the start […]

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Fast Refinancing After A Short Sale — Here’s How

Fast Refinancing After A Short Sale — Here’s How

Question: We did a short sale on our home in May 2012. We then bought a house with cash in Oct 2012. Can we get a fast refinancing on our current home? Answer: A short-sale is a situation where a home has been sold for less than the mortgage debt, meaning the lender has taken […]

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How Buffers Limit Your Mortgage Borrowing

How Buffers Limit Your Mortgage Borrowing

Question: We have recently tried to qualify for a mortgage. We know that the new rules allow us to devote as much as 43 percent of our income to housing costs and monthly debts. However, the lender says if our monthly debts exceed 41 percent of our income that it will not give us a […]

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Will Lenders Accept Partial Mortgage Payments?

Will Lenders Accept Partial Mortgage Payments?

Question: Can you tell me why it’s okay for mortgage companies to reject partial payments when a borrower is behind? It seems to me that it’s bad business and not too good for the economy. Answer: Many mortgage servicers — but not all — are reluctant to accept partial mortgage payments from delinquent borrowers because they […]

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Will Your Children Own A Home?

Will Your Children Own A Home?

Long ago, when I was a child, no material possession was more important than a home. Whether the house was large or small ownership was a way to say that you had a stake in the American system, that you had full citizenship. The symbolism of ownership was enormous. Many people came to America precisely […]

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Why The Mortgage APR Is Too Low
By September 29, 2014 1 Comments Read More →

Why The Mortgage APR Is Too Low

The mortgage APR is generally higher than the nominal interest rate but is it high enough? The answer is “no” and here’s why: One way to look at the APR — the annual percentage rate — is to have an interest level of 4.2 percent and points and fees of $5,000. In this situation — […]

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Real Estate: Why Paperwork Should Be Paper

Real Estate: Why Paperwork Should Be Paper

Millions of settlements will take place this year and a growing number of them will involve the use of electronic documentation, a development which will be cheered by those who hope to speed the closing process and save a few trees while we’re at it. Unfortunately, and I don’t mean to dash anyone’s hopes, the […]

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Mortgage Forgiveness Debt Relief Stuck On Capitol Hill

Mortgage Forgiveness Debt Relief Stuck On Capitol Hill

If you’re wondering why the impact of the foreclosure crisis lingers on you might want to consider what’s happening on Capitol Hill. In 2007, in a fit of common sense, Congress passed the Mortgage Forgiveness Debt Relief Act. This was an important piece of legislation because it corrected an obvious wrong. Let me explain: Traditionally, […]

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Real Estate: How Down Payment Gifts Really Work

Real Estate: How Down Payment Gifts Really Work

If coming up with a down payment on your own is a bit of a stretch, you may be able to buy a home using gift funds for the down payment. Gifts can be perfectly acceptable under the lending guidelines for most types of mortgage financing available today, but it’s super important that they are […]

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Zombie Foreclosures Fill US Neighborhoods

Zombie Foreclosures Fill US Neighborhoods

Zombie foreclosures and vampire real estate are clogging America’s neighborhoods. Look around and you can see such homes just about everywhere. According to RealtyTrac, there were 152,033 zombie foreclosures lurking in cities and suburbs as of the first quarter of 2014. Zombie foreclosures are properties which are in the foreclosure process but not yet foreclosed. […]

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