Mortgage Loans

Changing Standards Mean Refinance Now

If you want a lower mortgage rate or a smaller monthly payment then it's usually time to think about refinancing but at this moment there's another reason to immediately consider replacement mortgages: The standards for real estate loans are changing

An Insider's Guide To Home Prices, Profits And Inflation

About 75 years ago my grandparents bought a home in what was then a distant and exotic part of New York. Family legend has it that they paid $8,000 for a brick row house in Brooklyn, a property I knew as a child and a home which today has a market va

10 Ways To Avoid Predatory Lenders

They're out there. It doesn't matter where you live, how much you make or whether you're a saint or a sinner, predatory lenders want your business in the worst way. Predatory loans come in two essential forms: First, mortgages designed from day on

10 Reasons To Find Your Mortgage Online

It used to be that there was one piece of sure-fire advice for anyone who needed a mortgage: Speak with at least three mortgage lenders before financing or refinancing a home. Today such advice is as useful as typewriter ribbons. The world has cha

Which ARM Index Is Best For You?

A vast number of adjustable-rate mortgages (ARMs) are available today. There are interest-only loans with adjustable rates, plain-old vanilla adjustables and option ARMs -- mortgages with adjustable rates and a series of monthly payment choices dur

What Do The 2007 Mortgage Loan Limits Mean For You?

The new loan limits for 2007 are out and -- ta da -- they're the same as 2006. But don't let such financial sameness fool you, loan limits are important and what you know about them could save you big dollars. In basic terms, for 2007 you can borr

Stated Income Loans: Five Things You Need To Know

If you're a borrower in good standing then the odds are overwhelming that you can get a mortgage without a lengthy look at how much you make. In fact, most lenders will simply take your word for whatever income you say you have. A large percentage

20 Questions: What Are The Secrets of Today's Loans?

Not too long ago the world of real estate finance was a fairly simple place. Most loans were so clear that borrowers without advanced degrees in finance could reasonably compare marketplace choices Those days are gone. Today simple mortgages su

Where's The Real Estate Market Headed in '07?

Trying to figure out where the real estate market will head is always a dubious process. Economists of every view and persuasion can provide entirely opposite explanations to prove that the market will move up, down or sideways. For instance....

Bad Credit Mortgages: The Inside Story

There's a lot of information concerning mortgages and most of it is directed toward borrowers with great credit. Alas, not everyone has the strong credit needed for super-fast loan applications or the lowest possible rates. Good and decent people

Are You Ready For New Loan Standards?

The world of lending is about to change. For most borrowers new loan standards will mean nothing other than a little more paperwork -- but for many the new standards will mean something else, a reduced ability to borrow. In some cases the impact will

Mortgage Relics: Are Seller Take-Backs For You?

With markets slowing in many areas it comes as little surprise that a growing number of owners are offering seller contributions to pay closing costs, bigger fees for brokers who bring in buyers and such things as riding mowers and even cars. Bu

How To Profit In A Slowing Market

Across the country local real estate markets have become sluggish and weak. In many areas, unit sales are down and prices are holding steady or not rising at all. None of this means the world is coming to an end, but slower sales suggest that long

How To Get An FHA Refund

For many years the huge FHA mortgage program paid insurance refunds to borrowers. While the refund program stopped in late 2004, there are still millions of older FHA loans out there where borrowers may be able to get back some of their insurance mon

How To Finance A $1 Million Home

Million-dollar homes seem to be increasingly common, a reality which raises a question: How do buyers finance such homes -- and how can you? For many buyers the answer does not involve upper-income tax brackets or a few choice words in the wills o

20 Questions: What Are The Secrets of Today's Loans?

Not too long ago the world of real estate finance was a fairly simple place. Most loans were so clear that borrowers without advanced degrees in finance could reasonably compare marketplace choices Those days are gone. Today simple mortgages su

Should You Refinance If Rates Are Rising?

When interest rates are falling the case for refinancing is clear and obvious. If you can save money each month without big cash costs to refinance then getting new a mortgage is a winner. But what about when rates are rising? In this situation t

Is The 50-Year Mortgage For You?

During the past few weeks several mortgage lenders have announced that they will now offer 50-year mortgages. This is a curious idea, but not as curious as it could be: At the height of the real estate boom in Japan some homes were financed with 100-

The Truth About 10 Credit Score Myths

Credit scores are enormously important to both borrowers and mortgage lenders. In the same way that doing better in work, sports or at school produces real benefits, the same is true with credit scores. With good credit you can borrow more and pay

How Much Should You Borrow?

There's little doubt that we're borrowing more and there's also little doubt that credit is one of the great conveniences of modern life. That said, like Goldilocks you want to borrow the amount that's just right -- and no more. So what's the rig

Homeowners Rejoice: Tax Breaks Are Here....

Let's be honest: April 15th is a day of reckoning, the moment when we find out what we really owe for taxes. In households nationwide wallets are drained and many who were rich on the 14th are greatly impoverished by the 16th. But for those with r

When Is The Right Time To Refinance?

One of the great mysteries of our time concerns the matter of when to refinance. It used to be that borrowers would refinance only when rates fell by 2 full percentage points, a standard which makes no sense in today's marketplace. Now you can re

Is It Time To Grab Your Home Equity?

If you bought a home in the past few years the odds are overwhelming that your equity increased. According to the National Association of Realtors, the value of a typical home grew by 12.6 percent last year. That means a house worth $184,100 at the e

A Mortgage Secret for First-Time Buyers: It Can Pay To Buy More

It's not easy to buy a first home, so here's a suggestion that may be surprising: Instead of buying one residence, buy several. What I'm suggesting has nothing to do with late night infomercials or books that promise fast and easy wealth from real es

FHA Loans Look Strong

We take long-term mortgages for granted today, but it wasn't always that way. Long ago it was likely that if you financed a home you borrowed money with a five-year term mortgage -- and even then you needed 50 percent down. When the five years was

The Perils of Plastic

Millions of credit card borrowers are about to face larger monthly payments, a change that represents both good news and bad for consumers. Under new guidelines suggested by the federal government, starting in January minimum monthly payments for

Has the "Bubble" Burst?

After watching home values soar during the past few years it looks as if real estate reality is finally about to set in. The home-pricing forecast for 2006 is mild and modest with higher prices projected for the year but not the double-digit increase

How to Get Your First Mortgage

When it comes to lifetime markers getting a first mortgage is a major event. With a mortgage you're magically transformed from occupant to owner and from tenant to titleholder. Applying for a mortgage used to be seen as a battle of sorts, a compe