All Posts Tagged With: "refinancing"
Why Foreclosure Prevention Is Not Enough
Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.”
The site, Know Your Options.com, has the usual bells and whistles for a [...]
How The VA Funding Fee Really Works
VA loans are built to minimize the financial impact on military members who qualify for the program. Credit and income requirements are generally more lenient than conventional loans and sellers are allowed to pay a sizable portion of closing costs and concessions. On top of that, the Veterans Administrations caps what veterans can pay in [...]
29Jun2010 | Chris Birk | 0 comments | Continued
FHA Mortgage Basics
It all started in the 1930s when the government began insuring home mortgages. This was a big deal because it meant that homes could be purchased with little down and with loans that lasted more than five years — the norm at the time.
Since the program began in 1934 the government has insured more than [...]
9Dec2009 | Peter G. Miller | 0 comments | Continued
Chase OKs 138,000 Trial Mortgage Modifications
In what may be the largest foreclosure relief effort reported to date, Chase says it has approved 138,000 trial mortgage modifications through the Making Home Affordable program. Chase absorbed Washington Mutual last year, a major source of option ARMs. In total, Chase services about 10.3 million loans.
“We have made terrific progress since April 6 in [...]
Are Low Mortgage Rates Over?
It’s been quite a week on the mortgage front. According to Freddie Mac, as of last week rates for fixed-rate, 30-year mortgages went from 4.91 percent to 5.29 percent, both with 0.7 points.
That’s a big jump for a seven-day period, but let’s have some context here: Last year at this time the same loan was [...]
Facing Foreclosure? How The Obama Plan Can Help
It was in February that the Obama Administration first announced it would create a mortgage relief program for millions of distressed borrowers. The details of the plan are now out, so it’s possible to see who can be helped — and who can’t.
To start, we’re talking about help from Fannie Mae and Freddie Mac. Between [...]
Will You Become A Foreclosure Statistic?
You have to figure that most owners who lose their homes in a foreclosure never thought it would happen to them. It always happens to someone else — you know, the people who get sick, laid off, have an accident, that sort of thing.
So you might think: Foreclosure. That will never happen to me. No [...]
How To Buy 200 Foreclosures A Year
For many people it’s not the best time to be in real estate. Markets have slowed or declined in most local areas and financing is tougher to get than a year ago. Chicago’s Joseph Varan is also cutting back — this year he expects to buy no more than 200 homes.
Varan is the president [...]
Real Estate Settlements: Public Cheated Out Of $10 Billion — Per Year!
It was in 2002 when HUD Secretary Mel Martinez told the world that consumers could save as much as $10 billion a year by making the settlement process more competitive. Martinez — now a Republican senator from Florida — offered a simple proposal: Instead of buyers and sellers purchasing settlement services one transaction at a [...]
19Sep2008 | Peter G. Miller | 1 comment | Continued
Mortgage Modification Secrets Uncovered
There’s something lenders don’t want to tell you, a little secret that can save homeowners thousands of dollars.
It works like this: Rates have fallen and you want to refinance a fixed-rate loan. You contact your lender and discover that because you’re a great and wonderful person and all your payments have been full and [...]
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