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Dirt-Cheap Loans on New Homes

macfarlane06 — Fri, 22 May 2009 21:29:27 GMT

Loans Mortgages Home Equity Loan Fri, 22 May 2009 21:29:27 GMT 496033 macfarlane06 2009-05-22T21:29:27Z

Dirt-Cheap Loans on New Homes

posted: 42 DAYS 5 HOURS AGO

filed under: Loans, Mortgages, Home Equity Loan

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Would you buy a brand-new home if you could lock in an interest rate of, say, 3.63 percent on a 30-year mortgage? Homebuilders who've offered to "buy down" buyers' interest rates hope your answer will be yes.

Interest-rate buy-downs aren't new. In fact, builders, private home sellers and buyers have long been able to pay an extra fee to buy down the interest rate on a home loan. The extra fee, payable upfront, is priced in "points," and each point is equal to 1 percent of the loan amount. For each point (or partial point) that's paid, the interest rate on the loan is reduced by a set amount that's determined by the lender. Homebuilders that offer the incentive pay the extra points on the borrower's behalf as an inducement for him or her to buy a home.

A buy-down may help some new-home buyers qualify for a loan because the lower monthly payment improves the borrower's debt-to-income ratio, says Dan Klinger. Click here to read the full article and see how buy-downs may help you too.

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Want a Cheaper Loan? Join a Credit Union

macfarlane06 — Tue, 21 Apr 2009 16:33:39 GMT

Want a Cheaper Loan? Join a Credit Union

posted: 73 DAYS 10 HOURS AGO

filed under: Auto Loan, Banking, Credit, Cut Costs, Get Deals, Home Equity Loan, Loans, Mortgages, Personal Loans, Recession, Refinancing

Looking to score a mortgage or a car loan? That used to be easy, but the credit crunch has made banks a little tight-fisted. If your bank shakes its head when you ask for financing, maybe it's time for you to join a credit union.

During the subprime boom, these cooperative financial institutions invested far more conservatively than most banks, and today they're reaping the rewards of avoiding a bust. That's good news for consumers who belong to credit unions, where the average interest rate for used cars is far lower than it is at banks. Carmakers are even offering discounts on new-car loans through some participating credit unions. And many credit-union members enjoy lower rates on 30-year mortgages and home-equity loans.

So can you take advantage of credit-union benefits? Read on to find out.

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Credit Unions and Cheap Loans

At a credit union located within a Phildelphia Baptist church, one member -- the pastor -- opens an account. Credit unions in recent years tended to choose conservative investments over the high-risk strategies favored by banks, and today, many offer loans more freely and at lower interest rates.

Douglas M. Bovitt, AP

Inventory at a Chrysler-Jeep dealership outside Chicago in 2008. Troubled automakers Chrysler and General Motors have offered discounts of up to $1,500 to customers financing new-car purchases through credit unions.

Scott Olson, Getty Images

A Chicago used-car lot. Interest rates for used-car loans financed through credit unions recently averaged 6.65%, compared with 7.45% for loans financed through banks.

Scott Olson, Getty Images

An upscale townhouse-condominium under construction in March 2009 in Fairfax, Virginia, was a rare glimmer of life in a regional downturn on new-home construction. Interest rates on 30-year mortgages secured through credit unions in early 2009 averaged 5% -- half a percentage point lower than rates at banks.

Paul J. Richards, AFP / Getty Images

A FannieMae ad at the Mortgage Banker's Association Conference and Expo in San Francisco in October 2008. In early 2009, credit unions were financing home equity credit lines at an average interest rate of just 4%, compared with 5.7% at banks.

Justin Sullivan, Getty Images

MagnetBank in Utah was seized by the Federal Deposit Insurance Corp. in late January 2009. As banks continue to suffer years of risky investments, credit unions are emerging for consumers as safer, more stable institutions.

Douglas C. Pizac, AP

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Mortgage Fees Jump to Record Highs

bethpinsker — Wed, 25 Mar 2009 16:57:40 GMT

Mortgage Fees Jump to Record Highs

posted: 100 DAYS 10 HOURS AGO

filed under: Home Equity Loan, Home Insurance, Loans, Mortgages, Recession, Refinancing

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Interest rates are at record lows, which makes this a pretty fantastic time to refinance. But there's just one problem...find out what it's going to cost you to re-do your loan.

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Short Sales Can Kill Your Credit Report

toddpruzan — Wed, 11 Mar 2009 21:05:00 GMT

Short Sales Can Kill Your Credit Report

posted: 114 DAYS 6 HOURS AGO

filed under: Credit, Credit Reports, Credit Score, Home Equity Loan, Mortgages

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You might think that getting out of a mortgage you can't afford is your top priority, but if you are in this situation, don't forget to consider what sellling your house for less than it is worth will do for your credit score.

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Meet Our Ideal of a Real Estate Agent

Thu, 05 Mar 2009 17:33:15 GMT

Meet Our Ideal of a Real Estate Agent

posted: 120 DAYS 9 HOURS AGO

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Our blogger comes across an agent on TV who might just be the ideal seller and gets his tips on what to look for in your own real estate agent.

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Renting Makes Less and Less Sense

latiflewis05 — Thu, 26 Feb 2009 11:52:41 GMT

Renting Makes Less and Less Sense

posted: 127 DAYS 15 HOURS AGO

filed under: Home Equity Loan, Mortgages, Recession, Refinancing

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The calculus for deciding whether you should rent or own is shifting heavily in favor of owning thanks to falling prices and low interest rates. So if you're still shelling out to a landlord each month, you may want to take a second look at these numbers and rethink your living situation.

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Survey: Homes Depreciated

andreachalupa — Tue, 24 Feb 2009 18:05:27 GMT

Survey: Homes Depreciated

posted: 129 DAYS 9 HOURS AGO

filed under: Banking, Debt, Home Equity Loan, Home Insurance, Mortgages, Recession, Refinancing, Retirement, Savings Account

NEW YORK (Reuters) - A record number of U.S. homeowners thought their homes had depreciated in value in February, according to a Reuters/University of Michigan survey published on Friday.

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Repair Business Thrives in Downturn

Mon, 23 Feb 2009 22:00:23 GMT

Repair Business Thrives in Downturn

posted: 130 DAYS 5 HOURS AGO

TUCSON, Arizona (Reuters) - On a gritty corner in Tucson, Arizona, used tire store owner Andy Alexander says business is fine despite the economic downturn -- and partly because of it.

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Family May Lose Cave to Foreclosure

bethpinsker — Mon, 23 Feb 2009 21:50:53 GMT

Family May Lose Cave to Foreclosure

posted: 130 DAYS 5 HOURS AGO

filed under: Beat Debt, Home Equity Loan, Home Insurance, Loans, Mortgages, Recession

A Missouri family bought a cave a few years ago, built a house within it, and now is facing foreclosure. The property is up for bidding on eBay. What would your bid be?

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How I Almost Lost My House

andreachalupa — Fri, 13 Feb 2009 21:34:05 GMT

How I Almost Lost My House

posted: 140 DAYS 5 HOURS AGO

filed under: Banking, Credit, Debt, Home Equity Loan, Home Insurance, Insurance, Mortgages, Recession, Refinancing

The banks are halting foreclosures, and some people across the country are sighing with relief. I know how they feel. Back in 2007, I was one of them.

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Foreclosure Stories

Desperate Measures: In late October, June Reyno chained herself to her Mira Mesa, Calif., house to try to stop a bank from taking it. "I'm not going to walk away from this home quietly," she said. Her family was unable to keep up with mortgage payments after refinancing the home and facing money problems.

CNN

"We are very proud of this home, and we are not going to allow the bank to just take it away from us," Reyno told KFMB in San Diego. "This was going to be our home until we died," she said. Watch the video from CNN.

CNN

Foreclosure Angel: Tracy Orr, left, and Marilyn Mock embrace after Mock bought back Orr's home at a foreclosure auction in Dallas on Oct. 25. Mock had never met Orr before but decided to come to her aid after seeing her in tears at the auction.

WFAA-TV in Dallas, TX

Orr, here at the auction, told WFAA-TV in Dallas-Fort Worth that she went to the sale to say goodbye to her home. "It means so much to all of us," Orr said. "It's not just a house."

WFAA-TV in Dallas, TX

Mock started bidding on the home, above, even though she had never even seen a picture of it. She ended up getting the property for less than $30,000. "I just kept asking [Orr], 'Is it worth it?' She said yes," Mock recalled.

WFAA-TV in Dallas, TX

Mock said she will meet with Orr soon to work out the details of the purchase. Why would she go to such lengths for a total stranger? "People need to help each other and that's all there is to it," Mock said.

WFAA-TV in Dallas, TX

Prospective buyers listen to bidding at the auction. Nationwide, more than 2,700 people lost their homes to foreclosure each day from July through September. Watch the video from CNN.

WFAA-TV in Dallas, TX

Halting Evictions: Cook County Sheriff Tom Dart of Illinois told reporters Oct. 8 that his deputies would stop evicting people from foreclosed properties. Why? He said tenants who had paid their rent are suffering because of property owners who are delinquent on their mortgages.

CNN

Authorities said the owner of this building in Albany Park, Ill., took the rent money from tenants and fled the country without paying the mortgage.

CNN

These families had faced eviction before authorities stepped in. "I don't think this is fair because we don't know what happened," said one woman. "We were paying rent every month." Watch the video from CNN.

CNN

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