Mortgage and Loan Tips
Refinance your mortgage, reduce your loan payments, and more...
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Refinance Rates
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If you are facing a credit crisis like many American homeowners, there is still a way for you to keep your home. If you cannot qualify for a traditional mortgage, you might be able to secure a mortgage through a private individual or a company specializing in private lending. 
With the glut of homes on the market, buying a house at auction seems a tempting way to find more affordable housing. Whatever you do, don’t pay anyone to find a house for you. During the housing boom, you may remember seeing services advertising to help you find auction homes for a fee, but even then, you could find auction homes on your own. Similar services are still around, but they generally provide more advanced property search options for serious investors. 
In this economy there are a huge number of homeowner’s who owe more on their homes than the houses are worth. It’s become so common that no one will looking down on you if you decide to walk away from your home. Still, that doesn’t make it right. 
Here’s the thing: Just deciding on the right car and haggling over the final sales price is exasperating enough, so by the time the deal is handed over to the finance department, the buyer is at the weakest point of negotiation. 
Mark Twain once wrote, “A banker is a fellow who lends you his umbrella when the sun is shining, and wants it back the minute it begins to rain.” In terms of a modern day interpretation, if you’ve been thinking of refinancing your mortgage, you might want to step it up because rain is in the forecast. 
Everyone wants to own their own home these days, and that has not changed. The ease with which you can buy that home, however, has definitely changed. Home loans are still available, but you will need to be careful as you go through the process of finding the right mortgage for your needs. Here are some tips about how to get a good deal with a home loan - one that you can live with.
Actually, an 80-10-10 mortage is a little bit of a misnomer, because it's not really a mortgage, but rather two mortgages put together in a way that allows a buyer to avoid paying the monthly cost of Private Mortgage Insurance (PMI).
The simplest solution is to pay 20% down, right? Well, it is a simple answer, but often an unreasonable one for the average homebuyer. However, there other options available to you. One common option is an "80-10-10" loan, available from some lenders. Lenders are open to this because they don't profit much from the PMI payment, they only use the dollars to protect themselves from the risk of you defaulting.
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