Mortgage and Loan Tips
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A recent NY Times article titled, "Housing Fades as a Means to Build Wealth, Analysts Say,” came out with gloomy statement: “…many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.” The article goes on to quote one silly economist as saying, “People shouldn’t look at a home as a way to make money because it won’t.”
In June 2010, Fannie Mae increased their efforts in spreading a public relations campaign that urged against strategic default and discussed the possible penalties of engaging in a strategic default. Fannie May, or the Federal National Mortgage Association, is a mortgage finance broker owned by the government that stated it would soon start taking legal action against debtors who had chosen to leave behind mortgages despite having the ability to pay them. Fannie Mae also indicated it would change the waiting period for borrowers who wished to receive a new loan after they had experienced a foreclosure from five years to seven years. This policy would affect all borrowers seeking new loans after foreclosures unless borrowers could show to their prospective lender that they had defaulted on their initial loans due to fiscal hardship. Borrowers would also have to had contacted their lenders and sought a workout.
According to a study by Smart Money and Redbook magazine, 70% of married couples argue about money. In fact, it’s the culprit in about 50% of the marriages that fail. This problem stems from the fact that in most relationships, there is a “spender” and a “saver.” Without proper communication, these two personalities can clash, leading to arguments, stress and unfortunately divorce. Most psychologists agree that having a financially healthy relationship begins before couples tie the knot, and the following tips and ideas can help couples get on and stay on the same page regarding money.
Here in the US, having a good credit history and credit score is very important. Lenders check your credit score before approving a loan for you. If you need an auto loan, a mortgage, your FICO score will be pulled from one of the three major credit bureaus. Some employers also do that! But is it a real disaster if you have no credit history and you want to take a loan? The answer is not really. Here is how things may work out.
These days, it’s hard to look at debt consolidation options without getting a heavy sales pitch. The industry as a whole is known for seedy offers that are a better deal for the debt consolidation companies than for the consumer. But when used wisely, debt consolidation helps people save money by reducing the cost of interest on borrowed money. The savings can help you put more money towards the debt and eventually pay it off more quickly than you otherwise could.
Unfortunately, foreclosures are continuing to plague the market. Today, home of borrowers who had secure, fixed rate 30-year mortgages are even in danger because of job loss and rising expenses. If you are having debt problems, and are at risk of home foreclosure, turn to the right kind of help. Unfortunately, there are a lot of places out there claiming they want to help you that aren't sincere.
Spring is almost over and if you haven't gotten your financial house in order yet, now is the time. Finances need spring cleaning too, whether you're cleaning up your debt, banking, retirement savings, or mortgage. While you're building your spring cleaning "to do" list, here are 11 ways to clean your financial house and fatten your wallet:
Borrowing money from relatives and friends can be an awkward situation but it may sometimes be necessary. Unfortunately, many times people end up on TV court shows after loaning their friends or family money because they fail to repay it or they do not repay it under the conditions agreed upon by both parties. If you are in a situation where you need to borrow from a friend or family member, here are some tips you can both use to make the situation as favorable as possible.
Peer-to-peer lending has shown itself to be a smart debt management technique in a time when credit is hard to come by. Credit card companies are raising rates and dropping consumer rewards, and the relatively inexpensive rates charged by social lenders can save consumers a bundle. Borrowers can consolidate high interest loans into one lower interest loan and take up to three years to pay back the debt. The sheer brilliance of this scheme, so well timed in this economy, got me to thinking about social lending as an investment. Is peer-to-peer lending a good investment?
A pay loan is a short-term loan that will be paid back on the next payday of a given individual. Borrowers generally must provide one of two ways to pay back the lender automatically, via a post dated check or an automatic debit from your bank account to be handled online. Finance charges on payday loans range from 15 to 30 percent. For every hundred dollars borrowed, that makes $50 to $30 dollars on top of the loan amount. That puts you on thin ice with financial resources already stretched to the breaking point.
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