When you start searching for a home loan, you’ll see that most lenders are searching for “triple threat” applicants. No, I’m not talking about people who can act, sing, and dance well. I’m talking about a borrower’s triple threat—someone who has an excellent credit rating, a large down payment, and a steady job that gives Read More »
When many home buyers start looking into home loans, their primary concern isn’t making monthly mortgage payments. After all, if you choose a modest home, your mortgage payments might be equal to (or even less than!) what you’d been paying in rent each month. No, often the biggest concern for home buyers is the down Read More »
Self employment can be liberating or terrifying, depending on the day. The joys of being your own boss and pursuing your dream come along with the struggle to maintain a stable income and the risk of failure. Plus, without the fixed salary that comes along with traditional employment, it can be difficult for self employed homebuyers to Read More »
Whether you’re making mortgage payments or paying rent, housing is probably a significant portion of your budget. Have you ever dreamt about what it would be like to finally own your home? With your loan paid off, your housing costs will plummet and you will be able to spend that extra money any way that you Read More »
Drowning is a scary, scary thing. When your mortgage is underwater (which means you owe more than your property is worth), you need to stop and consider your options carefully. Finding underwater mortgage help is a difficult process and there aren’t any certain, easy answers. Some might say you should continue paying, hoping the market Read More »
The Federal Housing Finance Agency (FHFA) recently announced a new, streamlined home loan modification program to help home owners who are behind in their payments or own a home with a mortgage that is under water.
The purpose of the recently announced program continues to focus on helping troubled borrowers avoid foreclosure and stay in their homes.
You may be wondering what PMI is and how you know when you need to purchase it.
Below is the short version of what you need to know.
Many people don’t have a clear understanding of the purpose of short sales or how they actually work.
Struggling homeowners have something big to worry about in the days ahead. The Mortgage Debt Forgiveness Act passed by Congress in 2007 is set to expire soon. Its expiration would spell the end of a tax break that has been keeping troubled homeowners from paying thousands of dollars to the IRS because of forgiven mortgage Read More »
Continuing an almost four-year trend, aggregate consumer debt levels have recently been reported to record their lowest since 2006. Mortgage debt, the largest component of aggregate consumer debt, decreased by 1.5% from the previous quarter, and the lowest tally since 2006. This drop comes amidst a cumulative increase in mortgage originations, where hundreds of billions Read More »