Fewer people are getting under water on the bank loans on their homes. Underwater is when a person ends up owing more to the mortgage company than the home is worth. However, part of it is thanks to the number of foreclosures. Fewer bank loans are getting underwater The number of people under water on
What exactly is a HELOC? HELOC stands for Home Equity Line of Credit. It’s a credit line offered by a bank with the borrower’s property equity serving as collateral for the loan. The equity is the difference between the market value of the property and the amount still owed on mortgages or other encumbrances. For
Foreclosures dropped in the U.S. at a record pace in November. But these days a positive housing market news item has a dark foreclosure shadow lurking behind it. Foreclosures dropped because of robo-signing moratoriums, similar to a recent drop in underwater mortgages due to increasing foreclosures. What the foreclosure drop means Foreclosure notices in the
Failed ATMs Once upon a time, your home’s equity was the equivalent of an ATM machine. You could walk into any bank and get started to borrow money against the equity of your home. Banks were also flashy in their advertisements, asking people to borrow on their home equity for any reason under the sun.
You don’t need a stellar credit score and a large down payment to buy a house. By gaining some knowledge about how mortgage lending works, you can make decisions and take actions that result in a good deal. Here are some basic guidelines on how to get the house you want at a price you
The mortgage industry is going through a volatile period, and the product known as jumbo loans is about to become harder to come by. Jumbo loans are mortgages for large amounts, usually $700,000 or more, and fewer banks may wind up willing to lend them. Smaller mortgages may also get harder to approve. Mortgage underwriting
Interest rates on mortgages have fallen recently, meaning mortgages can be very low cost loans for people who can qualify for the financing. Rates for 30-year fixed, 15-year fixed and five-year adjustable mortgages are beginning to slip again after housing data indicates growth has stalled in real estate. A double dip housing recession may be
Why get pre-approved? There’s never been a better time to buy a home than right now – real estate prices are at an all-time low and the government has sweetened the deal with new incentives for first-time homebuyers. But before you start attending open houses and planning how you’ll arrange the furniture in your new
Only $100 down for a HUD home? Have you seen any signs like that? I saw several and inquired asked my Realtor friend, who has been in the business for 25 years. These are the repossessed homes that banks no longer want to sit on. Banks are more than willing to work with you in
Mortgages today In the world of mortgages there is a lot to learn. If you are a first time home buyer and are in need of a loan, do some research to find out what types of loan products are out there for you. There are pros and cons to each type and there is
Home Loans With the world economy firmly entrenched in a reset mode, loans of all types are becoming more difficult to obtain. That is not to say that it is impossible. The fact of the matter is, financial institutions, banks, and credit unions will always make loans. It is the lifeblood of the financial industry.
Let’s keep it real You are overwhelmed with debt. You have eight credit cards that are all maxed out. Making the minimum payments is causing much financial stress, and you are not making any headway on getting out of debt. What can you do? Get help, get debt counseling, find someone who can help you
Foreclosures are everywhere! The residential foreclosure rate continues to rise. Because of the lenient lending policies that were so popular during the housing bubble, many home owners now find themselves in situations they never thought possible. Following recent losses, banks have created new credit policies that make it difficult for home owners to refinance their