For many home owners the past year has kept them awake at nights wondering about their future in their current homes. Home owners with underwater mortgages are in a tough place these days; with a long climb back out of the recession and more economic uncertainty likely in the near future, it is hard to know at which point you are better off holding on to a home that is worth far more than you owe on it and at which point you’re...more
Reverse mortgages have become a popular lending option for seniors who are looking to increase their level of financial freedom. As with all loan products, though, it can sometimes be difficult to find a reverse mortgage lender that you feel that you can trust to give you a good deal and not weigh you down with hidden fees and other costs. Finding a reputable reverse mortgage lender can take some time, but the time that you spend looking for...more
Homeowners all across the country can now refinance their mortgage using the Federal Governments Economic Stimulus Act. This stimulus plan will help many people qualify for a mortgage refinance even if they have bad credit, financial hardships, or have seen their home lose value. Here is what homeowners need to know about refinancing a mortgage with Obamas economic stimulus plan. Millions of homeowners can now refinance into a lower interest rate, and a lower monthly mortgage payment. Other options for homeowners include the chance to extend the mortgages length, shorten the length, or can even get cash back from refinancing to use for whatever they want. Many options are now available for home loans that were typically only available with smaller loan types including: -Better, lower, interest rates that will reduce monthly home loan payments. -Easy to qualify for mortgage refinancing or modification options. Even for homeowners with financial hardships or other related problems. -There will be no closing costs or fees for many mortgages that have a prepayment clause. Homeowners should take action now and use this mortgage refinancing stimulus plan for...more
Can I get a mortgage to purchase a home?Subject to qualification, yes. In fact, even purchasers with 5% down may qualify to buy a home and make improvements to it. For high-ratio financing, both Canada Mortgage and Housing Corporation and GE Capital, insured mortgages are available to cover the purchase price of a home as well as an amount to pay...more
The number of foreclosed homes in Minnesota skyrocketed between 2005 and 2009. The economic downturn caused many layoffs and business closures. Business shutdowns and downsizes caused many people to suffer foreclosure.Fortunately the economy is beginning to see the light at the end of the tunnel. People who have previously lost their home are...more
Mortgage refinancing options now exist for nearly every homeowner who is struggling to make their monthly mortgage payments. This is all because of a $75 billion stimulus program from President Obama called the “Making Home Affordable” plan. This housing stimulus plan enables millions of people to easily get approved for a mortgage refinancing or modification that will lower their monthly home loan payments, save money, or prevent their home from being lost. Here is how this plan works. This plan is designed to help homeowners regain some of their financial security, save money, and save homes from being lost to foreclosure or mortgage default. Never before has the Government gotten this involved in helping homeowners. The new mortgage refinancing and modification stimulus plan is funded by over $75 billion in Government money that keeps interest rates low, and allows millions of people to get help refinancing or modifying a home loan. The benefits of this stimulus program are huge and the key to how homeowners will get help. Some of the biggest benefits include: -Low 2% mortgage interest rates for homeowners, who are barely able, or unable to, pay their...more
So are sub 5.0 rates gone forever? The short answer is probably yes. While rates might briefly fall below 5 in the next month for the most part the era of sub 5.0 rates is over. Mortgage rates rose for the third straight week. The thirty year...more
What is a reverse mortgage? To put it simply, it is an opportunity for a senior to get cash money and to avoid the monthly payments. The reverse mortgage will be taken against the equity of your home, which you have paid through the years.1. The Main...more
The home equity conversion mortgage, HECM, is a mortgage loan, with which a home owner can convert a part of the home equity into cash money. There is no monthly back payments, but the capital, interests and other costs will be paid back, when the...more
The reverse mortgages are home equity loans, which are getting very popular among senior Americans. That is a sign about the increasing need to make some extra money for daily living. It tells also about the changed attitudes among senior people....more
If waiting for salary is becoming tough and requirement of money is instant than pounds till payday loans are what you need. Pounds till payday loans are quick finances to support you in the dire situation and make you relax till your next...more
Business owners are often faced with the quandary of lack of finance and find themselves in a labyrinth from which they cant get out unless they arrange for the required sum of money. Banks, private lenders and other financial institutes seem to turn...more