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What Will Happen When Mortgage Rates Spike?

Wed, 19 Aug 2009 16:33:25 GMT

What Will Happen When Mortgage Rates Spike?

posted: 96 DAYS 18 HOURS AGOcomments: 0

Last week, the Federal Reserve announced that it would be winding down its $1.25 trillion effort to purchase mortgage-backed securities later this year -- ending a program that has been instrumental in driving mortgage rates to record lows, which helps make homes more affordable with lower monthly payments. What does this mean for you?

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The 2 Mortgage Guys: How to Use Gift Money

Fri, 14 Aug 2009 16:47:12 GMT

The 2 Mortgage Guys: How to Use Gift Money

posted: 101 DAYS 17 HOURS AGO

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On this week's "Show & Tell with The 2 Mortgage Guys," we're talking about gift money. Are you thinking about buying a home? Have you saved up for a down payment? We'll explain how using gift money could put you in a position to buy a home without the need for a huge savings account.

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A Mortgage Modification Will Crush Your Credit Score

Tue, 21 Jul 2009 16:03:47 GMT

A Mortgage Modification Will Crush Your Credit Score

posted: 125 DAYS 18 HOURS AGO

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President Obama's Making Home Affordable mortgage modification plan is getting quite a bit of press lately, most of it focusing on how it can help borrowers who are having trouble with their payments. But here's one downside to having your mortgage modified:

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First-Time Buyer Tax Credit Can Be Used as a Down Payment

Thu, 09 Jul 2009 15:27:33 GMT

First-Time Buyer Tax Credit Can Be Used as a Down Payment

posted: 137 DAYS 19 HOURS AGO

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The Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Here's what this means:

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More Americans are Behind on their Mortgage Payments

Tue, 30 Jun 2009 15:58:32 GMT

More Americans are Behind on their Mortgage Payments

posted: 146 DAYS 18 HOURS AGO

filed under: Mortgages

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Now that one in eight people are behind on their mortgages, the "it's not so bad" crowd seems to have quieted down a bit. But here's the reason that we should relax:

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Houses at $299k Sell Better Than $301k

Tue, 30 Jun 2009 23:33:58 GMT

Houses at $299k Sell Better Than $301k

posted: 146 DAYS 11 HOURS AGO

filed under: Mortgages

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In a piece on selling your home in a hurry, Money Magazine staff reporter Beth Braverman offers some good tips -- but then there's this clunker...

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The Failure Of The Mortgage Modification System Threatens Housing

Wed, 27 May 2009 16:11:24 GMT

Mortgages Wed, 27 May 2009 16:11:24 GMT 500403 2009-05-27T16:11:24Z

The Failure Of The Mortgage Modification System Threatens Housing

posted: 180 DAYS 18 HOURS AGO

filed under: Mortgages

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The theory was simple and elegant. By offering homeowners who could not afford their monthly mortgage costs lower monthly payments, people could be able to stay in their homes. That would lower the US default and foreclosure rate, in turn building a foundation under the housing market.

The programs are simple, but they appear to be a failure.

A report about to be issued by credit rating agency Fitch says that a large number of the people who get better terms for their monthly payments still walk away from their homes. According to The Wall Street Journal, "Fitch said a conservative projection was that between 65% and 75% of modified subprime loans will fall 60-days or more delinquent within 12 months of the loan change." That makes the problem so severe that any effort to turn home prices back in the right direction is likely to fail. Click forward to see what more this means for you.

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Dirt-Cheap Loans on New Homes

Fri, 22 May 2009 21:29:27 GMT

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

Dirt-Cheap Loans on New Homes

posted: 185 DAYS 13 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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Get Yours: Mortgage Modifications

Tue, 12 May 2009 21:45:43 GMT

Get Yours: Mortgage Modifications

posted: 195 DAYS 12 HOURS AGOcomments: 0

filed under: Mortgages

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NEW YORK (CNNMoney.com) -- Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income. Starting June 1, his monthly payment will fall to $725. "My mortgage company was helpful, eager to have me stay in my home," said Coleman, who first fell behind on his payments after losing his job.

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Refinance, If You Can

Tue, 12 May 2009 20:56:00 GMT

Refinance, If You Can

posted: 195 DAYS 13 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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