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Mortgage and Loan Tips

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Private Lenders: Save your home?

Private Lenders 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.

What You Need to Know About Private Lenders

There are a few things about private lending you will need to know. First, those who specialize in private loans do not care about your credit score, but they do care about your equity.Read the rest...



How to Buy a House at Auction

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.  Read the rest...



Foreclosure: Should you walk away from your home?

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. 

Seeing so many people decide to let the bank take their homes makes the prospect look more appealing to those who would otherwise never consider defaulting on a debt obligation. So at what point should you think about walking away? Read the rest...



Car Financing: Tips that WILL save you money

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.

Unfortunately, financing the car is where most buyers end up squandering their savings on the sales price. Higher-interest loans and expensive extended warranties are where dealers make the most money.

In fact, more than a quarter of a dealer’s profit is made by the finance and insurance office. On average, $947 is made off of dealer financing and another $795 is made via an extended warranty...Read the rest...



Mortgage Options You Can Afford to Pay Off


Imagine having your mortgage paid off and having no monthly house payments. That money could be redirected into other financial endeavors, like university fund for the children or family holidays. Paying off your mortgage and saving on interest is one way to do it.Read the rest...



Mortgage Refinance: Play the HARP while it lasts

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.

Beginning December 11, 2009, Fannie Mae will no longer buy a loan with a credit score of less than 620, so lenders are no not likely to underwrite them. The company also plans to increase fees and raise lending criteria, making it more difficult than ever to finance, or refinance, a home purchase.

 Read the rest...



How to Find Your Home Loan Online and Save Money

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.Read the rest...



What is an 80-10-10 mortgage loan?

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).

Most banks and lenders insist that a home buyer pay for private mortgage insurance if they do not have a down payment of at least  20% of the home's appraised value.  Of course,  If you can afford 20% down, you will not need PMI.  If you don't, however, have 20% to put down, the 80-10-10 is an approach that still allows you to avoid the PMI payment.

So, what is an 80-10-10 mortgage? ...Read the rest...



Fantastic Video on the Credit Crisis from Jonathan Jarvis

Found this fantastic video from Jonathan Jarvis of crisisofcredit.com. Explains, in very simple terms, how the greed of Wall Street raided the pockets of Main Street. Jonathan is a graduate student, and is having a bit of trouble with his bandwidth bill.  So, if you like the video, consider visiting his site and making a donation or buying a t-shirt. Read the rest...



How to avoid paying PMI ( Private Mortgage Insurance )

Private mortgage insurance is usually required by your lender if your mortgage amount totals more than 80 percent of the fair market value (FMV) of your home.

imagebrowser imageThe 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.Read the rest...

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