The majority of the unemployed that were looking for the Dodd-Frank Wall Street reform bill that passed in 2010 to help save their homes from foreclosure are heading straight for disappointment. According to the U.S. Housing and Urban Development Department (HUD), of the 100,000 applications received, only about 10,000 to 15,000 of the applicants actually Read more…
It is no secret that the housing lending market is not easy to maneuver at the moment. Even borrowers with credit scores of 720, that were once considered high, are now being turned down for all sorts of mortgages and loans. This is forcing more individuals to turn to alternative forms of borrowing. One of Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits a new low? While it’s tempting to lower your interest rate, the costs to do so can become prohibitive. The old rule of thumb used to be: refinance only if you can lower your rate Read more…
After the real estate meltdown of 2008, the lending industry has become much more conservative with its underwriting (approval) guidelines. Many borrowers don’t qualify for a loan to purchase a property for a variety of reasons: they don’t have sufficient verifiable income, they don’t have enough assets to make a standard, down payment, or their Read more…
Loan modifications have almost become commonplace when it comes to real estate finance. There are several reasons for this. People simply can’t afford their current mortgages, due in large part to the terms of their original home loans. Some loans were taken out with teaser rates as low as one percent, and after a few Read more…
We’ve all seen it happen to our close friends and relatives. They purchase a home, and you can feel their excitement; particularly first-time home buyers. But too often, in a tight credit market, where lenders are particularly hard-pressed to approve loans, first-time homebuyers are declined for a variety of reasons. In many cases it’s due Read more…
You put your heart and soul into a new home purchase. Buying a home is one of the most important transactions of your lifetime. In some cases it takes all of your resources, your hard-earned savings, and your retirement account. You’ve probably mentally moved into your new home months before it actually happens. You’ve decorated Read more…
One of the biggest purchases you will probably make it your life is your home. Your home may also be the biggest tax deduction you have. In order to save as much money as possible you should know the ins and outs of the tax deductions regarding the liens or mortgages you have on your Read more…
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become harder to qualify for a home loan. This is due to a variety of reasons including tighter approval guidelines, fewer finance options and harsher penalties for lenders that make loans that go into default. Approval Read more…
A deed of trust is a document that secures a promissory note, which is essentially a loan against real estate. When a person borrows on a property, they sign a promissory note which has all the details of the loan such as loan amount, interest rate, and payment schedule. A deed of trust is also Read more…