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- Federal Reserve Rates Cut - In A Nutshell
- Home Sales Up in July
- Mortgage Rates Fall to Lowest Point Since May
- Six Reasons to Refinance
- Homeowners Caught In Mortgage Meltdown “Perfect Storm”
- Free Credit Report Scams - What to Watch For
- Must-Ask Questions for Your Mortgage Lender
- Option ARMs - Confusing Options
- Why Refinance Your Home Mortgage?
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Federal Reserve Rates Cut - In A Nutshell
Posted at 3:50 pm | Filed Under Uncategorized
The Federal Reserve’s rate-setting Open Market Committee cut the target for the federal funds rate half a percentage point, to 4.75 percent.
Economic growth was moderate during the first half of the year. But it’s harder for consumers and corporations to get credit now, and possibly intensifying the slowdown in home sales and the slide in […]
Home Sales Up in July
Posted at 10:01 am | Filed Under Uncategorized
Some good news…
Home Sales, Factory Orders Up in July
Friday August 24, 4:40 pm ET
By Jeannine Aversa, AP Economics Writer
Positive Commerce Department Reports Suggest Economy Was Stable Before Credit Crunch Worsened
WASHINGTON (AP) — New-home sales turned up and factory orders soared in July, suggesting the economy was on stable footing before a credit crunch took a […]
Mortgage Rates Fall to Lowest Point Since May
Posted at 11:57 am | Filed Under Uncategorized
WASHINGTON (AP) — Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent. That was down from 6.62 percent last week and was the lowest rate since the […]
Six Reasons to Refinance
Posted at 11:21 am | Filed Under Uncategorized
You want to save more
Reduce monthly payments by getting a lower mortgage rate or a longer loan term. In the second case, your monthly savings increase but you will be paying a larger amount of interest for the life of the loan.
You want to pay down your mortgage quickly
Shorten the length of your mortgage by […]
Homeowners Caught In Mortgage Meltdown “Perfect Storm”
Posted at 11:27 am | Filed Under Uncategorized
Credit Crunch Is Making It Tough To Get A Mortgage Or Refinance A Home
(CBS News) CHICAGO Carl Donovan is one of the millions of Americans caught up in the mortgage meltdown because they can’t borrow any more money.
“I don’t know how I’m going to get out of this,” he tells CBS News correspondent Cynthia Bowers. […]
Free Credit Report Scams - What to Watch For
Posted at 3:59 pm | Filed Under Uncategorized
What NOT to do:
Here Are Five Things You Should NOT Do to Obtain Your Free Credit Report:
Never follow an email link offering a free credit report.
Never utilize a search engine to find a free credit reporting company. (Imposters utilize website names that are extremely similar to the real companies.)
Never give a credit card number […]
Must-Ask Questions for Your Mortgage Lender
Posted at 6:52 pm | Filed Under Uncategorized
Elizabeth Weintraub, About.com’s Guide to Home Buying / Selling says:
Before you commit to a lender, ask these top 10 questions. If you don’t like the answers you receive, continue shopping for a loan until you find a mortgage broker / lender with whom you feel comfortable.
1. Which Type of Loan is Best?
Reputable lenders will find […]
Option ARMs - Confusing Options
Posted at 6:39 pm | Filed Under Uncategorized
An option adjustable-rate mortgage is a complex type of hybrid mortgage originally designed for a narrow segment of people: sophisticated borrowers with inconsistent incomes. But because an option ARM has such a low initial payment, it became popular during the housing boom, with about $250 billion in option ARMs issued during the past three years.
More […]
Why Refinance Your Home Mortgage?
Posted at 7:23 pm | Filed Under Uncategorized
Refinancing a home mortgage may help you to either get cash and lower your monthly payment. For most, homes are the single largest asset one owns; this makes mortgage payments the largest budget expense.
There are several ways to lower your monthly payment and put cash in your pocket even if you cannot qualify for a […]