The Issues with purchasing a Home
Updated Oct. 9, 2013
A new survey from real estate listing service Trulia revealed that 59 percent of renters aspire to be homeowners, but there are six main issues holding them back.Let's take a closer look at what they are, and what you can do to overcome them.Saving Enough for a Down PaymentThis is the biggest obstacle for...

Shopping for a Mortgage without Hurting your FICO
Updated Oct. 9, 2013
Essentially, you have to determine: Are the fees and time it takes to refinance going to be worth it for the amount of money I will save? One thing is for sure, if you have the right situation you can greatly benefit from refinancing your home mortgage loan. The best way to figure out whether you, in particular, are in...

Should I refinance my home mortgage?
Updated Oct. 9, 2013
Essentially, you have to determine: Are the fees and time it takes to refinance going to be worth it for the amount of money I will save? One thing is for sure, if you have the right situation you can greatly benefit from refinancing your home mortgage loan. The best way to figure out whether you, in particular, are in...

"No Cost Refi"
Updated Oct. 9, 2013
You may have seen ads for the "no cost refi" loan lately, a mortgage program that promises no fees or out-of-pocket expenses when you refinance your existing mortgage.. While this type of offer is by no means a new concept, it's definitely a subject worth revisiting to ensure people understand what...

Why Choose a Mortgage Broker?
Updated Oct. 9, 2013
"Why use a mortgage broker?". If you're in the market for a new mortgage, whether it be a purchase money mortgage or a refinance, you may be wondering how to go about it all.. Assuming you've heard the phrase "mortgage broker" thrown around, you may also be curious why anyone would use a mortgage broker.....

Battle of the Rates 30 yr vs 10 yr
Updated Oct. 9, 2013
It's time for another mortgage match-up folks. Today, we'll look at 30-year vs. 10-year mortgages to see how they stack up.. Before we get started, it's important to note that there are two very different types of 10-year mortgages out there.. There are 10-year fixed mortgages, which have a mortgage...

Home much value do you have?
Updated Oct. 9, 2013
I was on Zillow the other day looking at real estate when it occurred to me that I never really touched upon the so-called "Zestimates" offered up by the real estate portal.. Most consumers have heard of them, but they've been largely written off by industry folk as "unreliable" and various other expletives.....

Now or Later?
Updated Oct. 9, 2013
With mortgage rates on long-term fixed-rate mortgages finally slipping into the 3% range, mind you just barely, more fence-sitters may be pondering this very question.From a mortgage rate perspective, it's a no-brainer. Now could be the best time to buy a house...EVER.Heck, homeownership is starting to...

Non Fixed 30 Year ?
Updated Oct. 9, 2013
Let's talk about mortgage marketing for a moment.I'd hate to call it deceptive, since that's a term used by the FTC and other government outfits to call out shady companies doing less than kosher things.So that may be a bit harsh.But I would define some of the mortgage advertising out there as...

More Homeowners Scuba Diving?
Updated Oct. 9, 2013
A new analysis from credit rating company Fitch Ratings revealed that a third of prime borrowers are currently underwater on their mortgages.. And after everything is said and done, the company expects roughly half of prime borrowers to end up in a negative equity position thanks to a further 10 percent decline...

Can low rates hurt home sales?
Updated Oct. 9, 2013
Last week, I argued that the super low mortgage rates could actually be contributing to strategic defaults.The general idea being the low rates today make it even less desirable to hold a "high-rate" mortgage from the past.The only positive from this assumption is that homeowners in this position may buy a new...

Underwater news?
Updated Oct. 9, 2013
The Federal Housing Finance Agency (FHFA) released details of a newly revamped Home Affordable Refinance Program (HARP) today, with the main feature being a lack of a loan-to-value (LTV) limit.Previously, the max LTV accepted under the program was 125 percent, meaning those in need of the most help were...

How to build Equity
Updated Oct. 9, 2013
These days, home equity is all the rage. During the housing boom, it was all about tapping into your home equity with a line of credit or a refinance.The whole using your house as an ATM scheme to make lavish purchases or even pay the bills.But nowadays, it's all about a lack of equity, negative equity,...

1,2,3 Scoops?
Updated Oct. 9, 2013
For those watching the housing market surge and quickly unravel over the past decade, a multi-dip housing market was obvious.After home prices surged to their apex in mid-2006, they stumbled badly until hitting their first official post-bubble bottom in 2009.Home prices were off 31 percent from the highs of...

7 Ways to hear No
Updated Oct. 9, 2013
With mortgage rates so low, just about everyone and their mother has at least inquired about refinancing.Unfortunately, a lot of current homeowners are finding that they don't qualify for one reason or another.That said, let's explore some common reasons why you may be denied that precious...

Cash in hand down?
Updated Oct. 9, 2013
The number of homeowners who refinanced with "cash out" continued to decline in the third quarter according to information released on Monday by Freddie Mac. Eighty-two percent of borrowers who refinanced their mortgages during the period either maintained about the same loan amount or lowered their...

Lowest beyond Low times
Updated Oct. 9, 2013
The ratio of mortgage payment to median family income is the lowest on record, according to a new report from Fiserv.. The company noted that purchase mortgage payments now account for just 13 percent of monthly median family income nationwide, which is the lowest figure since 1971, when data first started being...

Lower than 620?
Updated Oct. 9, 2013
The National Association of Realtors recently noted that home purchase contract failures have doubled, with 18 percent of NAR members reporting fallout in recent months.Put simply, a contract failure is a cancellation related to a declined mortgage application, a low appraised value, or other various...

Should you do it?
Updated Oct. 9, 2013
If you don't mind, let me beat a dead horse.Mortgage rates are at or near record lows and you could save a ton of money by refinancing.There. I won't say it again because I know how cliche and annoying it is to talk about how much money you can save by doing "X."The funny thing is I tell my family the same exact...

Feds Refi?
Updated Oct. 9, 2013
When deciding whether you should refinance your mortgage, you may look to your friends, family, and neighbors to see what they're doing and/or to get advice.After all, if they're refinancing, maybe there's something to it. But when it comes to financial advice, it doesn't get much better...