Money Saving Tips: loan and mortgage - billeater.com

Payday Loans: Dangers and Alternatives

Guest Blogger — Wed, 01 Feb 2012 15:00:00 +0000

There are many reasons why people shouldn’t use payday loans, and yet people still use them every day. While some people think that a payday loan is their last or only option, I know that if they were to really consider the dangers of payday loans and the many alternatives they might have, then they would find another way to get by.

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Raise Your Credit Score—Lower Your Mortgage Interest Rate!

Jessica Bosari — Fri, 13 Jan 2012 15:52:02 +0000

So you are ready to buy a new home huh? Have you taken the time to check out your credit report? If your answer is no, then the very next thing you need to do is get a copy of your credit report to ensure it is completely accurate. Having incorrect or detrimental information on your credit report can cost you tens of thousands of dollars. The difference in interest paid on a $200,000 mortgage between a 4.5% and 5% 30 year fixed mortgage is $21198.15! Read the rest...

8 Easy Debt Reduction Tips

Guest Blogger — Fri, 04 Nov 2011 05:00:00 +0000

Many people have come to a time in their lives where debt is lingering. It may seem that there’s no way out of the vicious circle of accumulating debt, but this is not true. Debt trouble is a temporary situation that any person can get out if with the correct technique. The following tips are great for reducing or eliminating creditor bills.Read the rest...

How to Pay Off Student Loans

Guest Blogger — Tue, 25 Oct 2011 05:00:00 +0000

Are you buried in debt from student loans? You’re not alone. Student loan debt has now surpassed credit card debt as the top form of debt in the nation. If you’ve recently graduated from college or you are having trouble with student loans, here are some helpful tips.Read the rest...

Why Renting Can Be Better Than Buying

Guest Blogger — Mon, 24 Oct 2011 05:00:00 +0000

On several occasions, we are told that buying a home is better than renting. “For the same price you’re paying in rent, you could be paying the mortgage on a house you own,” they say! And it is true; if you are paying $1,000 to rent a house or apartment, you could be paying a mortgage on a home that you could later resell. However, below are other considerations to take into account that prove that renting may be a better option than buying.Read the rest...

Getting the Best Discount for a First Time Home Buyer

Tim Iandoli — Wed, 07 Sep 2011 05:00:00 +0000

This might be the best of times and worst of times for some in the current economic situation we American’s have found ourselves in. For some the economy has hit them hard. There have been record unemployment rates and subsequent home foreclosures.

On the flip side of things, ones man’s loss is another man’s gain. The ability to become a new home owner has never been better. The range of available homes is endless. You will be able you get the most for your dollar in a market where values have dropped.Read the rest...

Mortgage Rates Down, Payments Up

Mallory Hall — Fri, 26 Aug 2011 05:00:00 +0000

Mortgage rates have dropped to an almost all-time low, which is a major relief for current homeowners looking to refinance, as well as those who are shopping for a new home. The new low mortgage rates are mostly benefiting those who already own their homes, since almost two thirds of applications came from people hoping to refinance on their mortgage.Read the rest...

Flip Houses Successfully...Even in This Market

Mallory Hall — Thu, 18 Aug 2011 05:00:00 +0000

Over the last few years, house flipping has become a source of instant curiosity for many people. The process involves purchasing a home for a fraction of what it is worth, then fixing it up and selling it to make a profit. How does house-flipping work in this market? How can you make a profit and not lose everything you put into the house?Read the rest...

5 Reasons Why Renting a Property is Not a Waste of Money

Guest Blogger — Mon, 08 Aug 2011 15:52:52 +0000

I am sure that I am not the only one who regularly hears the sentiment that “renting is a waste of money.” It can certainly feel that way when a large proportion of your monthly wage is debited by your landlord or letting agent and you have nothing to show for this other than a roof over your head for the next four weeks (some would argue this a fair exchange!)

Considering how difficult it is to get onto the property ladder these days, attitudes towards leasing need to change since as the financial climate currently stands, only a small minority of us are likely to ever become home owners.

Here then, are five reasons to take happiness from the fact that you live in rented accommodation....Read the rest...

Scheduled Maintenance for Your Homeowner's Insurance

Jessica Bosari — Fri, 10 Jun 2011 12:24:06 +0000

Most people don't give their homeowner's insurance much thought after they sign the paperwork for their mortgage. It is important to understand that the purpose of homeowner's insurance is to protect you if anything unexpected ever happened to your home. If you never research the shifting insurance value of your home, you could end up underinsured when you need to file a claim. Several factors can lead to a home's value rising or falling over the years. The best way to avoid an unpleasant surprise is to keep track of your home's value over the long term. Schedule periodic research into the changing value of your home, and plan to make insurance adjustments based on new assessments.Read the rest...

Bankruptcy: What You Need to Know

Cheryl Johnson — Thu, 02 Jun 2011 05:00:00 +0000

Filing personal bankruptcy is becoming more common, especially in this tough economy. Some of the stigma associated with bankruptcy has disappeared over time. People use it to wipe out debts, stave off foreclosure or just start over. Still, while it’s nothing to be ashamed of if you feel it’s your best option, you need to be aware of the ramifications of filing. It affects your credit report for 7-10 years and can negatively impact interest rates on credit cards and loans and even insurance premiums. Bankruptcy can negatively influence prospective employers. It also usually won’t eliminate child support, most student loans or taxes owed.Read the rest...

Save Real Estate Commissions by Selling Your Home Yourself

Heather Hollingsworth — Mon, 30 May 2011 23:34:59 +0000

Many of the things that a licensed realtor handles during the sale of a home are things that you could do on your own and save a ton of money. The realtor's job is to market your home and help you prepare the home for sale. When your home receives an offer, the realtor will work with the potential buyers to negotiate all of the final details of the sale. If you put in some time and research, you can handle all of these tasks on your own without paying a realtor's high fees. The only area you may need professional help with might be the negotiations at the end of the process, but there are resources that are less expensive than hiring a realtor for the entire sales process.Read the rest...

Five Reasons Cheaper Interest Doesn't Mean a Cheaper Mortgage

Cheryl Johnson — Fri, 13 May 2011 05:00:00 +0000

Hovering around 4.9% on a 30-year fixed mortgage, interest rates are near historic lows. Currently good news for home buyers and the housing market, right? Yes, but it does not tell the whole story. After the housing market collapse in 2008, the Obama administration took the opportunity to draft legislation to rein in the mortgage industry and banking system. Last year Congress passed the Wall Street Reform and Consumer Protection Act, better known as the Dodd-Frank Act, in an effort to avert another housing disaster. Some of the new rules resulting from the legislation have recently gone into effect and may end up increasing the costs of buying a home.Read the rest...

When to Refinance Your RV, Motorcycle, or Boat

Guest Blogger — Wed, 04 May 2011 20:49:47 +0000

Back in 2002, vehicle loan rates hit historic lows, and many financial experts began urging motorcycle, RV and boat owners to consider refinancing while the time was ripe. Today, we’re in a very similar situation, where auto loan interest rates are at all-time lows, but are expected to begin climbing steadily in the next few years. Based on that analysis, it seems that now would be the best time to lock in those low interest rates with a motorcycle refinance, RV refinance or boat refinance. For many borrowers, this is true—read on to find out if you’re among them.Read the rest...

Three Professionals to Consult Before You Start that Home Improvement Project

Heather Hollingsworth — Tue, 19 Apr 2011 05:00:00 +0000

It is important to do some research before you begin a large home improvement project. Three specialists in particular can be the most useful for ensuring your construction project will be practical, affordable, and increase the value of your home. speaking to these professionals can make the difference between spending wisely or foolishly on your home.Read the rest...

Saving for College: Start Early and Diversify

Guest Blogger — Thu, 07 Apr 2011 01:37:43 +0000

Competition for entrance to the schools of your choice is tough and getting tougher every year. Paying for college is even more difficult, because grants, scholarships and loans are becoming tougher to obtain, as well. Almost every student has to pay at least some of the costs incurred in obtaining a higher education. The more you save before you enter college, the less you'll have to earn when you're also attending classes, studying, writing papers and developing a social life.Read the rest...

Roofing Repairs 101: Three Cost-Effective Solutions

Guest Blogger — Tue, 05 Apr 2011 23:32:04 +0000

Until someone figures out a way to repeal the law of gravity, roofs are always going to be high- priority items. And as we all know, high priority very often also means high maintenance. But with so many demands on our wallets these days, the last thing we want to think about is the prospect of shelling out big bucks for roof repairs. Yet we all know the day will come when our roof starts giving us not-so-gentle hints that it's about time to do something. Sometimes the clues take the form of moisture stains on our interior walls. Other times we may start seeing sunlight beams poking through the shingles. In extreme cases, a hurricane might cause some damage that makes our roof scream out for mercy. Very often, none of these things happen but instead we begin to notice a steady increase in our energy bills for no apparent reason.Read the rest...

Do You Really Need a House that Big?

Heather Hollingsworth — Mon, 04 Apr 2011 05:00:00 +0000

The trend in every housing market in the United States right now is toward bigger houses. Even the smaller homes are being built twice as large as they would have been just 30 years ago. All of that extra space can be nice if you have a big family, but it can be difficult and expensive to keep up with year round. Moving to a smaller house can save you money and decrease your carbon footprint.Read the rest...

Three Celebrity Endorsements that are Just Wrong

Jessica Bosari — Fri, 25 Mar 2011 05:00:00 +0000

Celebrity endorsements have been around forever. Advertisers use celebrities because they grab consumers' attention and give them a sense of trust, with a message coming from someone they admire. Wilford Brimley advertised diabetes supplies and Robert Wagner endorses reverse mortgages. Of course, some celebrity endorsements are harmless, while others are just plain wrong. Here is a look at the three most irritating celebrity endorsements I have seen.Read the rest...

Can’t Afford a Hybrid? Try These 4 Easy Ways to Boost Your MPG

Guest Blogger — Fri, 11 Mar 2011 20:26:10 +0000

Gas prices are on the rise again, which may have you envying your neighbor’s hybrid or plug-in electric car. But even if you’re late to the alternative fuel vehicle game, there are still ways to boost your miles per gallon and cut down on fuel costs without driving less or buying an expensive new car. Here are a few easy ones:Read the rest...

Experian Adding Rental History to Credit Reporting

Heather Hollingsworth — Fri, 18 Feb 2011 14:35:57 +0000

Experian, one of the leading credit reporting companies in the United States, has announced that it began adding apartment rental information to its credit reports in December of 2010. This marks the first time apartment rental information has ever been listed in a positive way in a major credit report. The company said that on average, consumers with positive apartment rental information improved their credit scores by at least one level once the information was added.Read the rest...

The Housing Market Then and Now

Heather Hollingsworth — Thu, 17 Feb 2011 14:25:06 +0000

The housing market is far from completing a full comeback from the dismal numbers of the last few years, but some indications are looking more and more positive. When placed side by side, it is easy to see the difference between the statistics during the heart of the recession and the statistics that are being reported today. The recovery continues to be slow, but it seems to be steadily building toward a healthier home market that could benefit both buyers and sellers in the not too distant future.Read the rest...

Housing Market Beginning to Thaw

Heather Hollingsworth — Thu, 10 Feb 2011 20:15:35 +0000

Recent reports are showing that the housing market might be starting to warm up again. Sales of previously occupied homes increased during December of 2010 and January of 2011, prompting some analysts to hope for a much needed improvement in the general housing market. Rising mortgage rates also bode well for the coming months. The only region of the country that did not see a significant rise in the number of signed housing contracts was the West. Although the majority of the sales are based on people taking advantage of lower prices on foreclosed homes, any boost in home sales is liable to help increase consumer confidence and help strengthen the market during the beginning of the year.Read the rest...

Senior Reverse Mortgage Crisis on the Horizon

Jessica Bosari — Fri, 28 Jan 2011 19:40:07 +0000

Many seniors have found that the economic downturn has left them in a hard spot. To make ends meet, many seniors have turned to reverse mortgages as a secondary source of income. Now that their homes are no longer as valuable as when these loans were written, many are facing the possibility of foreclosure.Read the rest...

Tips for Selling Your Home Quickly in a Depressed Market

Jessica Bosari — Wed, 26 Jan 2011 18:00:08 +0000

When it comes to the housing market, it doesn’t look like things are going to get much better this year. Home prices are expected to remain steady work even drop. Knowing that, what can you do to make your home more attractive to buyers, and more likely to be sold?Read the rest...

Borrowing Doesn't Have to be the American Way

Jessica Bosari — Sun, 23 Jan 2011 14:30:17 +0000

I recently became interested in how banks make money. I never really thought too hard about that topic before. Obviously, they invest the fund that we put in the bank in order to pay us bank interest on savings right? Well, no actually. That’s a very small part of bank operations. Banks make a heck of a lot more money by lending. They loan money in the forms of mortgages, credit card accounts, personal loans and small business loans. They sell many other financial products as well, all of them earning money in fees and services.

In my travels, I came across the following statement at eHow, “While paying interest may not seem to be a great financial move in some respects, it really is a small price to pay for using someone else's money. Imagine having to save all of the money you needed in order to buy a house. We wouldn't be able to buy houses until we retired!” I want to make sure every one of you knows one thing... that statement is a pile of horse dung!Read the rest...

7 Financial Rules for the Post-Recession Economy

Jessica Bosari — Wed, 12 Jan 2011 20:01:00 +0000

Yes, you read it right. The recession is over. Sales have been up 6 months in a row, the wheels are starting to turn again and we may have already passed the peak of home foreclosures. However, the effects of this recession are not over. The traditional advice your mom gave you might now be valid in this shaky financial environment. Here are some new rules to follow as we rebuild. Read the rest...

Your Credit Report is Free but Your Score isn't. Here's Why.

Fletcher Martin — Fri, 10 Dec 2010 18:00:10 +0000

Because of commercials emphasizing credit scores, most people understand why their credit score is important. Your credit score decides whether you can get a loan for that car you want or live in the residential area of your choice. Unfortunately, most people don’t realize the “free credit report” they see advertised is not offering a “free credit score.”Read the rest...

Advice to Young Borrowers: Refinance to Save or Build Your Credit Score

MoneyAisle.com — Mon, 29 Nov 2010 22:06:03 +0000

Borrowers with no credit history are in a delicate position—they are beginning with a clean slate, and thus have the opportunity to build a good credit sore early. But because many first-time borrowers are college students or are in the midst of a job hunt, they are also at great risk of permanently damaging their credit score.

The first types of loan that most borrowers will take out are student loans and auto loans and perhaps a modest credit card account. Students usually take out these loans before they’ve established any credit history, which means they pay a premium over what someone with a good credit score might. The good news is that student loans are usually deferred until the borrower leaves school—which means he or she has three or four years to build up their credit by paying their credit card bills and auto installment loan payments on time. This can boost your credit score by 100 points or so, which means you can often refinance private loans and auto loans at a lower interest rate upon graduating.Read the rest...

How Reverse Mortgages are changing in the Tight Economy

Fletcher Martin — Fri, 19 Nov 2010 13:32:50 +0000

For many people the idea of reverse mortgages are riddled with false beliefs and misconceptions. In today’s economy, the dreadful thought of any kind of mortgage has all but the most desperate running for the hills. Yet for many elderly citizens reverse mortgages can be a blessing in disguise due to our current economic state.Read the rest...

Five Financial Problems Women Face and How to Manage Them

Jessica Bosari — Tue, 16 Nov 2010 20:39:43 +0000

Financial planning can be a challenging task for anyone, but women find they face issues particular to their gender. Although, both men and women work in this generation, gender-unique financial issues are apparent. Women are challenged because they make less money than men do over a lifetime, which makes money management more difficult. However, women must confront the financial challenges and find ways to overcome them.Read the rest...

Is Refinancing Smart for Those Over 50?

Jessica Bosari — Mon, 15 Nov 2010 20:09:42 +0000

Paying down debt, having money for retirement, and lower monthly payments are all reasons why people choose to refinance. Record-low interest rates make refinancing even more appealing. However, for individuals that are over the age of 50, there may be more to consider than getting a lower interest rate.Read the rest...

Recent Foreclosure Buyers Worried About the Foreclosure Freeze

Jessica Bosari — Tue, 02 Nov 2010 03:16:37 +0000

On one side stand the angry, depressed and frustrated homeowners experiencing foreclosure. Standing on the other side, are buyers already occupying or eagerly anticipating moving into a bargain dream home. In the middle sit hundreds of thousands of homes nationwide, decreased in value and up for grabs. The whistle blows and big name lenders are calling a time out. In light of recently discovered ill-prepared documents and ill-informed owners, mortgage companies declared a moratorium on foreclosures. Homeowners hope the glitch allows them to retain homes while new buyers fear lost investments and property.

Read the rest...

Three Cases in Which Debt can be a Good Thing

Jessica Bosari — Fri, 29 Oct 2010 19:22:56 +0000

Credit used improperly devastates personal finances. Unfortunately, at some point in everyone’s life debt becomes necessary. When that debt has a net result of making you financially more stable, it can be a good thing.

Not many people acquire an education or operate a business without incurring some type of debt. In order to prevent spending from becoming an all-consuming beast, it is best to ensure that expenditure grows into something of greater value.

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The Trap of Interest Free Loans

Jessica Bosari — Wed, 13 Oct 2010 15:24:11 +0000

With the change in the economic climate, people behave more conservatively when it comes to spending money. This is especially true when parting with hard-earned wages for large-ticket items. In an effort to attract consumers, retailers use techniques to make products appear more attractive and affordable. Such is the case with credit card companies, and car dealerships who offer low to 0% interest loans. While this free money appears very attractive, consumers must be aware of the trap of interest free loans.Read the rest...

How Social Savings Can Increase Your Savings Exponentially

Jessica Bosari — Mon, 11 Oct 2010 14:56:38 +0000

Social savings sites developed almost a decade ago as a means for students, homeowners and other individuals to obtain financial goals for various needs or desires including college, home improvement or vacations. Similar to online savings accounts, various sites contain different features that assist in building a financial resource. All of the sites allow designated persons the option of contributing towards a goal.

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Save Over $5,000 on Your Car Loan with MoneyAisle

MoneyAisle.com — Tue, 21 Sep 2010 17:42:46 +0000

These days, people are looking into new and easy ways to save money. Whether it is a coupon for groceries or cutting back on eating out, gas consumption, usage of electricity – you name it, people are doing it. Americans are becoming savvier shoppers, interested in living their lives, but in a more responsible way. These saving efforts don’t have to be limited to material items or the obvious cuts around bills. Another way people are saving is by refinancing, which saves quite a lot of money for only a little bit of work.Read the rest...

How to get the best price (and a great loan) on a new car

billeater — Thu, 09 Sep 2010 12:36:18 +0000

1. Know the type of car you want to buy beforehand: Set a sensible price range for the car you want to buy and stick with it. Your monthly car payments and related expenses should not exceed roughly 20% of your monthly net income. Car shopping is a lot easier when you already know which vehicle you want to purchase, plus a buyer with an objective goal in mind is a lot less likely to be swayed by persuasive sales techniques. Also, getting price quotes from competing dealers or sellers is always something you should do.

2. Target your shopping: If you want a hip fuel-sipping commuter, you may not get a great deal on popular cars like the MINI Cooper or new Honda Fit. You'll do better looking at the Toyota Yaris and Nissan Versa -- two good cars that are overshadowed by their competitors. Also, don't be afraid to go against the current trend: most shoppers are staying away from SUVs and trucks now, which means that you can finally get that bit diesel rig you’ve been eyeing to haul your fifth-wheel, or a slick Chevy Tahoe you and the family’s always wanted.Read the rest...

Tips to Save Money on Relocating Costs

dlawwill — Thu, 09 Sep 2010 11:17:59 +0000

Moving can be challenging and expensive. But there are a number of small things you can do to save on moving costs. Planning for a move should be done at least a few months in advance to allow you the proper time to save money, make new living arrangements, and find a new job. Read the rest...

Is Real Estate Really Dead?

Jessica Bosari — Mon, 30 Aug 2010 12:23:10 +0000

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.”

Read the rest...

Avoid Strategic Default Penalties: What You Need to do Now

Jessica Bosari — Tue, 06 Jul 2010 11:48:01 +0000

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.Read the rest...

How to Live Happily Ever After: Tips for a Financially Sound Marriage

Jessica Bosari — Wed, 23 Jun 2010 01:27:36 +0000

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.Read the rest...

No Credit History? No Problem. How to Get a Credit Card Anyway

billeater — Mon, 21 Jun 2010 17:23:57 +0000

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.Read the rest...

7 Ways to Consolidate Your Debt

Jessica Bosari — Sun, 13 Jun 2010 14:31:41 +0000

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.Read the rest...

At risk of home foreclosure ? Get the right kind of help.

billeater — Fri, 28 May 2010 21:59:04 +0000

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.

What many "foreclosure rescue" professionals are really after is a bargain basement price on your home. You may see ads presented to look like real news reports saying the government has implemented plans to help you. They use such veiled half truths and sometimes, outright lies, to sell you on services that promise quick relief. Their main goal is to make a quick buck via the fees or mortgage payments they collect from you, and they may not not pass these fees on to the lender. Even worse, there are some scams, where they can assume ownership of your home by deceiving you.

So, what to do then? How can you make sure you're getting the right kind of help?Read the rest...

11 Spring Cleaning Tips for Your Wallet

billeater — Sat, 22 May 2010 18:44:01 +0000

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:Read the rest...

SevenTips for Borrowing Money from Family and Friends

Tue, 18 May 2010 00:04:25 +0000

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.Read the rest...

Is Peer-to-Peer Lending Too Risky?

Jessica Bosari — Fri, 07 May 2010 17:50:17 +0000

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?Read the rest...

The Dangers of Payday Loans and How to Escape the Trap

Jessica Bosari — Wed, 05 May 2010 19:24:20 +0000

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.Read the rest...

What to Know Before Choosing a Mortgage Company

Dan Early — Wed, 28 Apr 2010 15:30:22 +0000

Unless you can pay for a new home in cash, choosing the right mortgage company is going to be the best way to get a home loan. There are many mortgage companies out there to choose from which makes choosing between them an overwhelming decision. All mortgage companies are not the same and there are some that are better choices than others. That’s why knowing how to choose the right one for you is so important.Read the rest...

What You Need to Know About Taxes and the Mortgage Debt Relief Act of 2007

Jessica Bosari — Fri, 09 Apr 2010 15:05:34 +0000

According to Time Magazine, bankruptcy filings are up 35% from the year before. Many people have found relief in short sales and debt forgiveness, but this can lead to concerns about the tax implications. Not to worry, Uncle Sam has your back when it comes to default debt resolution.

How Forgiven Debt Affects Your Income Taxes

A Supreme Court ruling in 1931 established a precedent for borrowers’ obligations to pay tax on cancelled debt, just as if it were regular income. The decision was reaffirmed in 2005 on the basis that the taxpayer realizes an increase in income when debt is forgiven. You had more money in your pocket and Uncle Sam wanted his cut, but that has changed.Read the rest...

How to Fix Your Credit Score Quickly

billeater — Wed, 07 Apr 2010 20:11:05 +0000

A bad credit score can be fixed in as little as a few months and even within a week in some cases. Knowing how to fix your credit involves targeting the areas of your credit that have the most weight in your credit calculation, and correcting any errors in your credit report. By doing this you can fix a bad credit score faster and more efficiently than with less-focused efforts.Read the rest...

What to do if Your Mortgage is in Default

billeater — Mon, 05 Apr 2010 23:20:57 +0000

If you are more than 30 days behind on your mortgage payments, your loan is in default, and you have probably been receiving friendly - or not so friendly - reminders to bring your loan current. At this point, you still have a good chance of keeping your house, because your lender doesn't really want it. Foreclosures cost lenders money.Read the rest...

How to Modify Your Troubled Mortgage

billeater — Tue, 30 Mar 2010 11:04:55 +0000

If you are having trouble paying your mortgage and are in danger of losing your home, you may be wondering how things got so bad and how you can keep your home. You may have heard stories about lost paperwork and denied loan modifications. While it's true there have been difficulties, lenders do want to help you.

The Troubled Mortgage Problem

The steep economic downturn left both borrowers and lenders alike unprepared for the fallout. When the housing market collapsed, people were unable to sell the homes they could no longer afford to keep. Many people also found they owed more than their homes were worth.Read the rest...

Private Lenders: Save your home?

Jessica Bosari — Fri, 12 Mar 2010 15:31:59 +0000

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

Jessica Bosari — Sun, 28 Feb 2010 17:13:51 +0000

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?

Jessica Bosari — Mon, 15 Feb 2010 01:48:13 +0000

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

Fri, 12 Feb 2010 15:54:21 +0000

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

debbiedragon — Fri, 13 Nov 2009 14:30:40 +0000

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

Thu, 05 Nov 2009 12:36:48 +0000

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.

SCROLL DOWN TO SEE PRESIDENT OBAMA'S VIDEO ON THE HARP PROGRAMRead the rest...

How to Find Your Home Loan Online and Save Money

MikeV — Mon, 23 Feb 2009 21:57:43 +0000

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?

billeater — Fri, 30 Jan 2009 01:19:25 +0000

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

billeater — Wed, 28 Jan 2009 15:58:36 +0000

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...

Prepay your loan interest and save thousands on debt

billeater — Sat, 20 Dec 2008 02:20:13 +0000

Choosing to pay even a little extra on your loans can save you thousands of dollars. This strategy works the same for mortgages, student loans, auto loans, or really any loan that allows you to prepay interest.

For example, suppose you had a $10,000 student loan, at an interest rate of 7%, and a repayment period of 10 years. If your first payment on that loan was January 1st, 2009, you would continue paying through January of 2019...your monthly payment would be around $116, and at the end, you would have paid $3933 in interest charges...Read the rest...

How to avoid paying PMI ( Private Mortgage Insurance )

billeater — Sat, 20 Dec 2008 03:07:55 +0000

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.

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.Read the rest...

Challenge mortgage closing fees...

billeater — Sat, 22 Nov 2008 15:25:54 +0000

If you are getting ready to close on a loan for a house, keep a look out for those charges in the closing statement that are negotiable. Not all of them are, but insiders know the items that are up for haggling. Aubrey Clark points out how to save money by finding the most obvious places to negotiate. When you are working with your lender, they all use a standard form called a "good faith estimate". This form has numbered sections that correspond the various fees paid by buyers and sellers. The place to look at is the section numbered 800...Read the rest...