Many American’s have heard of President Obama’s plan to rescue the housing market. One aspect of this plan is urging banks to modify the mortgages of many struggling homeowners. With so much press and misinformation being passed around it can be very difficult for the average consumer to understand what a loan modification is. This article will shed light by discussing mortgage modification Pro’s and Con’s for the average Continue reading
It is of course more expensive since the interest rates on home loans are generally lower but if you can’t resort to home loans it is definitely an option to consider. Provable income is a must to qualify for a mortgage loan as well as good credit. You may meet the rest of the loan requirements but if you can’t probe that you have the necessary income to afford the monthly payments, chances are you won’t be able Continue reading
Frightened of high interest rates on loans? Often, one does require additional funds for some purpose or other, but is caught in a dilemma due to the high rates of interest charged on many loans. To help, home equity loans have been established. Such loans fix a constant rate of interest and ease tensions.
A home equity loan refers to the credit which can be borrowed Continue reading
The Big Banks made a Giant Mistake that can result in a substantial principal reduction for your loan. It all starts with the Mortgage Electronic Registration System, or MERS, which was used to track mortgages as they were “securitized” in the secondary mortgage market. Through securitization, individual loans were sliced and diced into many pieces, and then packaged with similar pieces from different Continue reading
There are people who had purchased their own house that had lots of dreams and the hard earned and saved money since years involved in it. And now all this seems to come like a nightmare and will be taken back by the lender or the bank or foreclosed just because of the high rate of interest on their home mortgage loan. This is something unbearable for most of these people because for them house is not just buying Continue reading
Many of the families that I have helped over the past couple of years have spent many hours telling me horror stories of their experiences with different lenders. However it was not until the last several months that I really begin to see many Connecticut mortgage lenders leaving people at the altar. When I say at the altar I mean that the friends, families and associates of both the bride and the groom Continue reading
If you are interested in buying a home and you have been giving it some thought for awhile you may be wondering how you go about getting an FHA home loan. Many consumers are hearing about the FHA insured loans and they have decided that this may very well be a great option for them. Since the 1930’s more than 30 million people have taken advantage of these loans and they Continue reading
With more than half of the UK population having more than what’s classed as “manageable debt”, it’s perhaps not surprising that bad credit mortgages are becoming more widespread. Getting onto the property market can be hard enough, but with a low credit rating it can be almost impossible, so the lenders and companies that offer bad credit mortgages are helping millions of new home Continue reading
Wouldn’t it be great to know if you qualify for a loan modification within 24 hours instead of waiting months and before you spend thousands with a law firm to help with your modification request?
Well now a proprietary software, not available to the general public until recently, is available for all to use and take the guess work out of the modification process.
This Continue reading
A loan modification is not the same thing as a refinance. Getting a refinance is just like re-buying your home. You are refinancing your current loan into a completely new one. This requires a new home appraisal and is contingent upon your current level of equity. A loan modification takes one or more aspects of your current loan and changes it so that you are able to make the payments. It is your same loan, Continue reading