What is a Fixed Rate Mortgage
A fixed rate mortgage is a loan that you would use to buy or refinance a home and it has the same interest rate from the time that the loan is originated until it is paid off. This is not a guarantee that your payment will stay the same throughout the length of the amortization period, but it is definitely not going to change drastically as it would if the loan had an adjustable rate or required balloon payments. A fixed rate mortgage is also sometimes known as a traditional home loan, … Read More
Homeowners Need Credit Monitoring
Image via Wikipedia As a homeowner you probably think you are the last person that needs to monitor your credit. You have a mortgage, which probably means you have pretty good credit. Why would you monitor your credit? The reasons you need credit monitoring might surprise. The mistakes you find when you check up on your credit report might even surprise you more. 1. Credit Scores are Critical Safety Net in Down Economy First and foremost, we are in a bad economy. That means your … Read More
Simple Checklist for a Better Credit Score
Most people don't think about their credit score until they are looking to purchase a home or have applied for credit and are not happy with the interest rate they are quoted. Don't let this be you. While it may seem trivial, checking your credit report regularly is very important. This is not just to check for possible identity theft, but to make sure the information is accurate. It is very common to have closed accounts show as open, which in turn increases your revolving credit and can lower … Read More
Deeper Look at Unemployment
The Economic Policy Institute does a deep-dive on the long-term unemployment picture (hat tip: Naked Capitalism). There are some significant pearls of economic consideration in this analysis, especially as it applies to long-term employment. Here is one that I think is particular enlightening regarding the unemployment deficit we need to recover from: "Furthermore, while the labor market has shed 6.7 million jobs since the start of the recession, it is important to keep in mind that in those … Read More
5 Reasons Why Home Prices Could Have Hit Bottom
5 Reasons Why Home Prices May Have Hit Bottom Over the past three years across the country, we have witnessed historic drops in housing market. Property values in Florida, Michigan, Arizona, and California have plummeted. Foreclosures and mortgage delinquencies have skyrocketed while interest rates are now at all time lows. Many analysts believe the home prices have bottomed out and great deals are there for the taking. Despite some critics, a growing number of market watchers see signs … Read More
Mortgage Basics
Managing Your Finances
Once you have taken a out a mortgage, you will need to make sure that you are managing your finances effectively in order to make your repayments on time. If you have recently taken out a new mortgage, here are a few top tips for keeping on top of your finances. The first thing you will want to … [Read More...]
How to Buy a Short Sale Home
The best way for home buying these days is thought to be a short sale because of the great deals that can be obtained. But many people don't understand what the concept of this type of purchase actually means. This process begins when the value on a property significantly declines -- typically … [Read More...]
What is a 5-Year ARM Mortgage
For the past few years, one of the most popular mortgage options has been adjustable rate mortgages (ARM), which are characterized by an initial fixed rate option followed by an adjustable interest rate for the rest of the mortgage. Of all the ARM options to choose from, one of the more common ones … [Read More...]
Government Action
8 Companies Banned from Marketing Loan Modification Services
Image via Wikipedia The Federal Trade Commission (FTC) issued a ban on eight … [Read More...]
Debt Relief Marketers Ordered to Pay $1.5 Million by FTC
Image via Wikipedia Marketers peddling a “Rapid Debt Reduction” program … [Read More...]
FTC Warns (Free) Credit Report Websites
The Federal Trade Commission has issued warnings to 18 websites offering "free" … [Read More...]
Federal Reserve Growing Fat on Mortgage Bonds
Image via Wikipedia Mortgage-backed securities took the US economy to the … [Read More...]
AIG Could Give US Stake in Mortgage Bonds to Repay Bailout
Image via Wikipedia An early morning report from Bloomberg Businessweek says … [Read More...]
Historical Mortgage Rates
Wall Street
Wall Street Debt Investors’ Confidence Renewed?
Image via Wikipedia Corporate bonds, bets on the repayment of corporate debt, … [Read More...]
Roubini Still Predicting Rough Road Ahead for Stock Market and Banks
Image by Getty Images via Daylife Roubini, professor at NYU’s Stern School … [Read More...]
The Quants Killed Wall Street
Image via Wikipedia Great article by Felix Salmon in Wired--Recipe for … [Read More...]
TARP Reversal, Mortgage Servicers on Hot Seat, China Rapidly Slowing
TARP Reversal, Paulson ADHD? Paulson leads his dramatic redirection of the … [Read More...]
Obama Reviewed, China, TARP Update, Bank of England, Wal-Mart Indicator
Obama Election Reviewed Everyone is jumping in with there review and assessment … [Read More...]
