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Buying a Home Without a FICO Score

Mon, 21 Sep 2009 14:57:56 GMT

Buying a Home Without a FICO Score

posted: 63 DAYS 21 HOURS AGO

Nearly every personal finance guru in America will tell you that it's important to build and maintain a high FICO score -- and that good credit is a sign of financial prudence and responsibility. Lenders will reward you for that responsibility with a lower interest rate loan.

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The Smart Way to Lend Money to Family and Friends? Don't Do It!

Mon, 14 Sep 2009 16:13:38 GMT

The Smart Way to Lend Money to Family and Friends? Don't Do It!

posted: 70 DAYS 19 HOURS AGO

filed under: Recession, Refinancing, Savings Account

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Linda Stern of Money has a list of tips on how to lend money to family while avoiding all the headaches that come with it. The ideas are good if you're committed to lending money to relatives (or friends), but I have a better tip: Never lend money to family or friends. Really. It's just not a good idea.

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Get Out of Debt the Casey Serin Way

Wed, 02 Sep 2009 18:14:31 GMT

Get Out of Debt the Casey Serin Way

posted: 82 DAYS 17 HOURS AGO

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Casey Serin, an infamous online entrepreneur we previously profiled at Walletpop, has come a long way on the dark road of how to get out of debt -- and he still owes $190,000. That's the amount left over after his crazy year of failing to "flip" houses in Sacramento, succumbing to foreclosures and divorce.

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A Newsman and His Housing Crisis

Tue, 26 May 2009 15:34:56 GMT

A Newsman and His Housing Crisis

posted: 181 DAYS 20 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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'Times Magazine' on Credit, Foreclosure

Fri, 15 May 2009 19:26:38 GMT

'Times Magazine' on Credit, Foreclosure

posted: 192 DAYS 16 HOURS AGO

filed under: Banking, Checking Account, Credit, Credit Cards, Credit Reports, Credit Score, Debt, Fraud, Mortgages, Recession, Refinancing

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On Sunday, The New York Times Magazine will publish its Money Issue, featuring at least two stories virtually guaranteed to spoil your brunch: reporter Edmund L. Andrews's personal tale of his own harrowing misadventures in the subprime-mortgage crisis, and Charles Duhigg's study of what the credit-card companies are doing to track your every move (and figure out whether you've been naughty or nice). Read on.

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Refinance, If You Can

Tue, 12 May 2009 20:56:00 GMT

Refinance, If You Can

posted: 195 DAYS 15 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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Countrywide By Any Other Name Is Still...

Wed, 29 Apr 2009 19:59:33 GMT

Countrywide By Any Other Name Is Still...

posted: 208 DAYS 16 HOURS AGO

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The ailing Countrywide, rescued by Bank of America, is now to be known as Bank of America Home Loans. But is that really any better in terms of branding, as BofA doesn't have the best reputation now either. What would you call it?

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Option ARM Loans Turn into Nightmares

Thu, 23 Apr 2009 16:42:19 GMT

Option ARM Loans Turn into Nightmares

posted: 214 DAYS 19 HOURS AGOcomments: 0

filed under: Banking, Credit, Debt, Mortgages, Recession, Refinancing

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Flexible loans for small business owners once allowed them to expand their businesses by borrowing against their homes. But with the real-estate market plummeting nationwide, these option adjustable-rate mortgages have become frightening -- they now threaten the owners with bankruptcy and foreclosure simultaneously. Read on for more about option ARMs.

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Credit Markets Improve -- But Don't Cheer

Tue, 07 Apr 2009 19:57:53 GMT

Credit Markets Improve -- But Don't Cheer

posted: 230 DAYS 16 HOURS AGO

filed under: Banking, Credit, Loans, Mortgages, Personal Loans, Recession, Refinancing, Student Loans

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While you might find it easier to get a mortgage or a big loan this spring than six months ago, the loosening of the credit markets has economists feeling more spooked than celebratory. Any brief leap is better than a brief tumble, but the bounce doesn't counter our exploding unemployment or heal our banks. As last week's stock-market rally starts to feel very ... last week, it's worth noting that a phenomenon like the credit-markets bounce is familiar enough to have its own macabre nickname, a nickname not beloved by cat-fanciers. Read on to find out more.

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Want a Cheaper Loan? Join a Credit Union

Tue, 21 Apr 2009 16:33:39 GMT

Want a Cheaper Loan? Join a Credit Union

posted: 216 DAYS 19 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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