Millions of homeowners are suffering from the hardship and the housing market has also been affected by this economic crisis as the property value is falling very fast. Homeowners are unable to repay the heavy installment amount of the home mortgage loan either because they have lost their jobs or have to go through salary cuts in the recent past. All these things have left Continue reading
If you currently are a homeowner that has an adjustable rate mortgage, good credit and equity on your home you probably have nothing to worry about with the current housing market. However if you need an ARM mortgage refinance and you have less then perfect credit or have a home that dropped in value you may soon find yourself in a jam. Knowing how an ARM home loan Continue reading
What does this Rate Freeze Look Like – Who Qualifies?
A proposed 5 year rate freeze for sub-prime borrowers whose mortgage loans were originated between January 1, 2005, and July 31, 2007, with rates that are due to reset between January 1, 2008, and June or July of 2010.
What are the other requirements for this proposal?
Borrowers must be able to afford their existing rates and be current Continue reading
Before the housing market crisis of 2007, many people took advantage of the cheap adjustable-rate mortgages and eventually faced too high monthly installments, which they could not afford to pay. Currently, as the home loan rates are rising, these financing products are making a comeback. Their market share grew nearly 3 times from the winter of 2013 to the spring of 2014. It seems that Continue reading
In July of 2008, Congress passed the Hope for Homeowners Act as a way to provide mortgage relief. The Act is designed to help more than 400,000 homeowners avoid foreclosure, and will run from October 1, 2008 to September 2011.
What does the Hope for Homeowners Act do? The Act allows qualified homeowners to refinance their mortgages under 30-year fixed-rate loans. This covers up to 90% of the home’s Continue reading
The process of finding and purchasing a home takes time. Many people acquire their homes through borrowing from financial institutions. The best mortgage deals are available for those able to gather all of the relevant information. Getting a good mortgage deal is a process and not an event. One has to know where to look for information. You will also require the services of a financial expert or a mortgage Continue reading
There are acceptable reasons for a loan modification, and homeowners who hope to get their lender’s attention and cooperation need to understand exactly why some borrowers are approved while others are denied. A loan workout will only be offered to homeowners who can prove that they are eligible, and this includes documenting a legitimate financial hardship situation. Some borrowers simply do not relay their Continue reading
It is commonly assumed that the government is the bad guy. But a million happy homeowners who have received government home loans will disagree. The United States government is quite generous and accommodating when it comes to helping taxpayer purchase their homes. It is a pretty well kept secret that your good old Uncle Sam will either:
A) directly loan you money to make a down Continue reading
The Federal Housing Administration’s (FHA) primary means of offering insured mortgages for the purchase or refinance of single family properties (one to four units) which need major reconstruction is the 203K program. However, those who are need more common remodeling and improvements can take advantage o f a simplified program; the streamline 203K program. A loan can be obtained Continue reading
When it comes to mortgages, there are more than a few considerations that you have to make especially considering your capacity to make the payments and whether or not you will be able to obtain the loan at all. No doc mortgage loans might be the best option for you if you are hoping for a transaction that requires a lot less paper work. With this type of borrowing, you do not have to present documents Continue reading