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The Inside Story on Home Loan Modifications

Thu, 02 Jul 2009 14:51:07 GMT

The Inside Story on Home Loan Modifications

posted: 13 HOURS 24 MINUTES AGO

WalletPop's Lan Nguyen chats with Andy Firoved, CEO of Homeowner Toolbox, about what you need to know about landing that home loan modification. Listen in here.

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Government to Pay off Student Loans?

Thu, 02 Jul 2009 14:44:28 GMT

Government to Pay off Student Loans?

posted: 13 HOURS 31 MINUTES AGO

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With student lending volume growing at an unprecedented clip, many families are taking some comfort in the numerous repayment assistance programs that can come as a perk with some jobs -- most of which require government work.

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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: 72 DAYS 11 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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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: 41 DAYS 6 HOURS AGO

filed under: Loans, Mortgages, Home Equity Loan

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Corbis

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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Pressured Into Buying a House?

bethpinsker — Tue, 30 Jun 2009 23:41:00 GMT

Pressured Into Buying a House?

posted: 2 DAYS 4 HOURS AGO

filed under: Loans

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It's time to buy a home! That's what I hear several times a week from friends, co-workers and commercials. Feeling pressured? Read this renters story.

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Small Businesses Borrow From Clients

bethpinsker — Tue, 30 Jun 2009 23:41:47 GMT

Small Businesses Borrow From Clients

posted: 2 DAYS 4 HOURS AGO

filed under: Loans

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It's a tough time for many businesses to get loans, especially small businesses that don't have the same assets that larger businesses can use as collateral. More business owners looking for alternate funding. The latest target - customers. Find out more

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Carnival of Money: Roadmap to Money Health

Tue, 26 May 2009 19:17:57 GMT

Carnival of Money: Roadmap to Money Health

posted: 37 DAYS 8 HOURS AGO

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Are you in a money rut? Or do you miss shopping and need help sticking to your resolution to save? Walletpop has rounded-up a some of the best money-advice blogs out there. Consider this your roadmap to money health.

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A Newsman and His Housing Crisis

toddpruzan — Tue, 26 May 2009 15:34:56 GMT

A Newsman and His Housing Crisis

posted: 37 DAYS 12 HOURS AGO

filed under: Banking, Credit, Credit Cards, Debt, Fraud, Loans, Mortgages, Recession, Refinancing, Retirement

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Edmund Andrews wasn't just reporting on the unfolding subprime-mortgage crisis -- he was also living it. The New York Times's economics writer and the author of the forthcoming Busted: Life Inside the Great Mortgage Meltdown talks to us about how and why he got tripped up by a deal that was too good to be true.

"I have no one to blame but myself for my woes," Andrews tells us. "But it is too easy to snarl in contempt at homeowners who got in over their heads in the housing bubble. I've seen too many people who really were duped by the system, and I've learned too much about how corrupt the system itself had become."

Read on for more of our exclusive interview.

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Obama to Hold Credit-Card Town Hall

toddpruzan — Tue, 19 May 2009 14:38:14 GMT

Obama to Hold Credit-Card Town Hall

posted: 44 DAYS 13 HOURS AGOcomments: 0

filed under: Banking, Credit, Credit Cards, Debt, Fraud, Loans, Recession

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AFP / Getty Images

President Obama will discuss the credit-card crisis in a town-hall meeting in New Mexico on Thursday, where he will push for Congressional passage of credit-card reform measures so he can sign it into law by Memorial Day. Americans must be responsible, Obama says, "but they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees." Read on to learn more.

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Refinance, If You Can

toddpruzan — Tue, 12 May 2009 20:56:00 GMT

Refinance, If You Can

posted: 51 DAYS 7 HOURS AGOcomments: 0

filed under: Banking, Credit, Credit Reports, Credit Score, Debt, Loans, Mortgages, Personal Loans, Recession, Refinancing

The good news: mortgage rates are going to stay for a while near 5%, the lowest they've been in our lifetimes. The bad news: Unlike a couple of years ago, merely having a pulse is no longer enough to get a mortgage refinanced. Demand is high, standards are tougher, and approvals are relatively scarce. Read on to learn what you should know before you refinance.

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