May 2007
Monthly Archive
31 May 2007 06:55 am
Here’s Help for You, Understand the 10 must-know ARM terms
| Adjustable rate mortgages (ARMs) can be difficult to understand with a language of their own. So learn your cap, index and reset terms. Here are 10 of the most important terms. The first is “Cap” which is the top limit on the amount the interest rate can increase during a certain period of an [tag]adjustable-rate mortgage[/tag], or ARM. Every ARM has two caps: a periodic cap, which limits the periodic changes to the interest allowed in the loan agreement, and a lifetime cap, which governs the total increase that can be imposed during the life of the loan. |
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30 May 2007 06:41 am
Foreclosure rescue scams on the rise
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Are the usual suspects returning to [tag]mortgage-related scams[/tag] as a result of the [tag]subprime lending fallout[/tag]? Does the practice of illegal “[tag]foreclosure rescue”[/tag] operations extend even into the second-home market? It always seems that when a large group of consumers are in trouble with their home finances, bad guys are around to help the unsuspecting homeowner dig their hole a little deeper. The latest attempt at the age-old practice of equity skimming is foreclosure rescue where scammers peruse county records to find properties that are facing foreclosure for nonpayment of mortgages or taxes. |
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29 May 2007 06:25 pm
Free online coupon codes from Shoppers Resource
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29 May 2007 06:41 am
WEST JEFFERSON NC MOUNTAIN PROPERTY 28694
87.5 +/- ACRES AVAILABLE FOR RESIDENTIAL SUBDIVISION
Mountain Development, 7 miles from West Jefferson, NC, 20 miles from Boone, NC.
$2,000,000 Purchase Price, Paved Road and Bridge Built To State Specifications, Average of $23,000 per acre, this Property Should Retail For Approximately $50,000 to $60,000 per acre.
ALL PROPERTY HAS LONG RANGE MOUNTAIN VIEWS
Contact Greg Stikeleather, Broker, 704.880.5247
or
email Greg at grstike@charter.net
click here for more information
28 May 2007 06:39 am
A True “No Fee” Mortgage?
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Bank of America’s new “[tag]no-fee plus[/tag]” [tag]home loan[/tag] program has competitors searching for sleight of hand tricks and gimmicks. But Bank of America says that its new program is for real, and comes with none of the usual grab bag list of origination, processing, title or [tag]closing costs[/tag]. That means no application or origination charges, no credit check fees, no charges for the appraisal, title examination, title insurance policies, settlement fees or even tax service and floor certification. |
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27 May 2007 07:54 am
Interest rates on the increase
| Two weeks ago, the [tag]10-year T-note[/tag] traded under 4.65 percent; yesterday it touched 4.9 percent. Mortgages — as always, following the 10-year in lockstep — were trying to break 6.25 percent going down; now they are trying to hold 6.5 percent while going up. The case for holding is poor. Rates are rising because the global economy is taking off. Forget all the thoughts of drag from concerted tightening by central banks, Europe to top out, America to slide near recession on weak housing and manufacturing, Asian exports to be undercut by American weakness. |
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27 May 2007 06:08 am
Discussing oversight for the mortgage industry.
| Four bills aiming to [tag]curb foreclosures[/tag] in North Carolina have cleared the N.C. House, and now await action by the state Senate. The bills would significantly increase state oversight of the [tag]mortgage industry[/tag] for the first time in more than five years. During that time, the number of foreclosures has climbed sharply. More state residents likely will lose homes to foreclosure this year than in any previous year. The problem is worst in Mecklenburg County, where almost 4 in 100 homeowners likely will face foreclosure. The current crop of legislation stems from the work last year of a special House committee appointed in response to the Observer’s reporting about rising foreclosures in the Charlotte area. |
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26 May 2007 06:22 am
Add curb appeal to your home
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The entry – and what surrounds it – are key to making a home welcoming. So the “Grey Poupon” yellow [tag]aluminum siding[/tag] and tiny off-kilter portico on this home had to go. In fact, such “updating” had left the 1909 four-square looking like a shell of its former self. Relying on a vintage photograph, the homeowner set about restoring the facade’s original charm. Architect David Raino-Ogden drafted the plan for the facade, and a [tag]landscape-design course[/tag] helped the homeowner devise her own plan and hardscape scheme. |
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25 May 2007 07:23 am
Mortgage Brokers: Are They Friends or Foes for Borrowers?
| The political debate over how to deal with a surge in [tag]defaults on home loans[/tag] is raising a question that consumers ought to consider: Is my [tag]mortgage broker [/tag]really working for me? Borrowers often see mortgage brokers as their allies, searching far and wide for just the right home loan at an attractively low price. But many brokers are making it clear they don’t see things that way. They are fighting efforts by federal and state politicians to impose a fiduciary duty on them to put their customers’ interests first, as lawyers, real-estate agents and financial planners generally are required to do with their clients. |
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24 May 2007 06:41 am
Insuring Special Events In Your Home
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[tag]Event insurance[/tag] is designed to protect you from financial loss if something costly goes horribly wrong during a host of events from anniversaries, baby showers and baptisms to quincea eras, retirement parties and wedding parties, including those held in your home, according to the Insurance Information Institute. Major providers, including Private Event Insurance; Fireman s Fund; Travelers; and Wedsafe, say there’s much small print to read, the coverage is focused and it’s subject to specific conditions, exclusions, limits, restrictions, and deductibles, but the one-time premium offers a host of protections, including weather — Provided the policy is purchased sufficiently in advance of the event — usually a few weeks — and adverse weather prevents the celebration from taking place or a majority of your guests from attending, the costs of rescheduling the event can be covered. |
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23 May 2007 07:12 am
Never too early to pump up your credit score
| Consumer groups recommend getting what is known as a [tag]FICO score[/tag], which ranges from 350 to 850 points, because it’s the score most creditors rely on. [tag]Equifax[/tag] is the only bureau that sells FICO scores to consumers. With the other bureaus, you get a proprietary score. If you want FICO scores from all three bureaus, you can buy them at [tag]myfico.com[/tag] from Fair Isaac Corp., the company that developed the scoring system. Lenders generally will pull all three of your credit scores and throw out the high and low ones. When you get your scores, you should receive an analysis that includes how you rate in terms of other consumers and tips for improving your scores. |
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22 May 2007 06:55 am
Seeking Solutions to North Carolina’s Foreclosure Crisis
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“[tag]Foreclosure filings[/tag] are skyrocketing in North Carolina. The main cause of the increase in foreclosures is the large and growing number of home loans made by [tag]subprime lenders[/tag],” says Alfred Ripley, legal counsel for Consumer and Housing Affairs at the NC Justice Center. “While [tag]subprime loans[/tag] have been around for decades, they didn’t used to be as damaging or widespread as they have become in recent years.” In North Carolina, foreclosure filings have increased nearly threefold in recent years to an all-time annual high of over 45,000 in 2006. |
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21 May 2007 07:21 am
Working With Real Estate Professionals
| My husband and I are in the market for our very first house. We believe that this is a good time to buy, especially when [tag]mortgage interest rates[/tag] are still quite comfortable. We know that once we find a house we like, we have to enter into a real estate contract with the seller. Who prepares this contract? What real estate professionals will we (should we) work with, and when do we get them involved in the transaction? |
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20 May 2007 07:35 am
TRUE WATERFRONT LOT on W. KERR SCOTT LAKE, WILKESBORO NC 28697
Recently listed is this one of a kind, 2.87 acre Waterfront Lot with a beautiful view of W. KERR SCOTT LAKE.
It features easy lake access and is dock approved.
The lot is alredy cleared and is ready for building your beautiful home.
Important for lake lots, the property has been “Perc” tested and approved for a septic system for a 3 Bedroom 2 Bath home.
$400,000 for this unique NC lakefront property.
Contact Greg Stikeleather, Broker, 704.880.5247 or email Greg at grstike@charter.net
click here for more information
20 May 2007 06:58 am
TRUE WATERFRONT LOT on W. KERR SCOTT LAKE, WILKESBORO NC 28697
Recently listed is this one of a kind, 2.87 acre Waterfront Lot with a beautiful view of W. KERR SCOTT LAKE.
It features easy lake access and is dock approved.
The lot is alredy cleared and is ready for building your beautiful home.
Important for lake lots, the property has been “Perc” tested and approved for a septic system for a 3 Bedroom 2 Bath home.
$400,000 for this unique NC lakefront property.
Contact Greg Stikeleather, Broker, 704.880.5247 or email Greg at grstike@charter.net
click here for more information
19 May 2007 02:50 am
MortgageLoanPlace.com And FHA Loans
I was asked by my friends at MortgageLoanPlace to review their website.
The site presents the financial aspects that home buyers and owners must consider when deciding on when and how to finance their current or future purchase. Because of a variety of mortgage products, consumers must be fully educated in the nuances of lending procedures. Otherwise, the homeowner may face arduous payments, unnecessary interest charges or even bankruptcy and foreclosure
The borrower may need to consider securing a traditional home loan, a government-subsidized loan such as a VA and/or an FHA mortgage or a line-of-credit. These and other forms of home loans are defined and discussed on the site.
Of particular interest in these times of mortgage lending uncertainty, many borrowers are considering a FHA Streamline Refinance as a rate reduction program exclusively for FHA mortgage borrowers. “Streamline” refers to a decreased amount of documentation and underwriting during the process of securing the loan. Generally, there is no appraisal, credit check, income or employee verification. And, there is no underwriting fee.
FHA Loan Mortgage Rates are of importance to all FHA borrowers. The website provides the reader with a unique understanding of the FHA process without overly burdensome discussions of unnecessary topics.
Visit the MortgageLoanPlace. You will be richly rewarded with a wealth of information.
18 May 2007 06:18 am
Mortgage Fraud Spreading, Blamed For Housing Bust
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[tag]Mortgage fraud[/tag] rose 30 percent last year; it is spreading nationwide, and it’s getting the blame for the housing bust. Once concentrated in relatively few state, “incidents of mortgage fraud are now more evenly distributed across nearly all states,” according to the institute’s “Ninth Periodic Mortgage Fraud Case Report To the Mortgage Bankers Association.” The report says most fraud comes from so-called “[tag]liar loans[/tag]” where applicants (either on their own or because they are cajoled) are not truthful about their employment history and clamed income — a crime punishable by up to 30 years in jail or fines of up to $1 million or both, according to the Federal Bureau of Investigations which, in recent years, has gone after mortgage fraud for what it is — organized crime. |
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17 May 2007 06:57 am
One Mortgage Offer That’s Easy to Refuse
| In many areas of the country, the real estate downturn grinds on longer than the housing economists had been predicting (go figure). According to a recent teleconference with numbers crunchers from the National Association of Home Builders and the Joint Center for Housing at Harvard, spending on remodeling is also dropping, but just 1.5 percent after adjustment for inflation. According to NAHB chief economist David Seiders, the slower growth of remodeling this year and next would be more evident in highly discretionary jobs like remodeling kitchens and baths and adding rooms. So now I know why the bank made the offer and suggested adding a room. |
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16 May 2007 06:45 am
Free Yourself, Others From Mortgage Morass
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The [tag]AARP[/tag] says taking the appropriate measured steps to [tag]save your home from foreclosure[/tag] includes avoiding scoundrels who would take advantage of your vulnerability and reporting the frauds to the authorities. Nowhere is the need for consumer activism more obvious now than in the mortgage arena. Because of over-selling loans to borrowers with a questionable ability to repay them, millions are losing homes and criminals who prey on them would like to add to that trend. |
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15 May 2007 06:53 am
Strategies, Not Plans, May Slash Mortgage Interest Costs
| [tag]Mortgages[/tag] are one example among many where plans — and the intentions they spawn — may prove expensive. The longer it takes to repay the amount originally borrowed — the principal — the greater the total interest charge. According to a survey released this year by the federal Canada Mortgage and Housing Corporation, “Three-quarters of all respondents to the [tag]2006 Mortgage Consumer Survey[/tag] indicated that their goal is to pay off their mortgage as quickly as possible.” This is a common plan, but paying off the mortgage in fifteen years or less is not commonplace. The financial complications of raising a family, establishing a career and living today’s have-it-all-now lifestyles derail many plans and add to the cost of borrowing. |
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14 May 2007 07:24 am
You too can learn the language of home mortgages
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If you’re a creditworthy customer known as a “prime” borrower, you should qualify for a [tag]mortgage interest rate[/tag] less than the prime rate, which is 8.25 percent. In the middle is not-so-prime-time lending — or the “Alternative-A” mortgage world. These loans are made to people who are considered less risky than a [tag]subprime borrower[/tag] but aren’t as creditworthy as someone in the prime category. Then there’s the subprime market. Such loans are typically made to borrowers who have spotty credit records. The interest on these loans are usually at the prime rate or higher. Generally you enter subprime territory when you have a credit score in the low 600s. But a low credit score isn’t the only factor. You might only qualify for such a loan if you have a low downpayment or you can’t accurately document your income.
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13 May 2007 06:27 am
Buy your next home for nothing down
| Today’s [tag]mortgage lenders[/tag] have become very savvy about the profitability of making low- and [tag]no-down-payment home loan[/tag]s, even to borrowers with poor credit. Last year, according to the National Association of Realtors, over 30 percent of home sales involved 100 percent financing in one form or another. In real estate “[tag]nothing down[/tag]” means zero cash from the buyer’s pocket. However, it doesn’t mean the seller won’t receive 100 percent cash for the home. Personally, I bought several [tag]zero-down-payment house[/tag]s where the sellers walked away with all cash. Nothing down really means the buyer is borrowing the entire purchase price. |
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12 May 2007 07:10 am
Do You Have 1st and 2nd mortgages, but need cash
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I am considering either [tag]refinancing[/tag] or taking out a [tag]home equity line of credit[/tag] ([tag]HELOC[/tag]). Currently, we have a first and a second mortgage on our home. The first is for $246,500 and the second is for $46,500. We took out two loans initially because we wanted to avoid [tag]private mortgage insurance[/tag], or [tag]PMI[/tag], which we would have had to pay since the down payment on the house was less than 20 percent. Can I open a HELOC while having a first and second mortgage? Or do I need to refinance the two loans into one and then take out extra cash within the refinancing or then open the HELOC? |
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11 May 2007 06:36 am
The 800: What Numbers Really Matter
| The [tag]“800″ section[/tag] on any lenders [tag]good faith estimate[/tag] is reserved for [tag]lender charges[/tag]. That’s where you compare one lender to the next. Some lenders have a lot of little fees and some don’t. Some have processing charges while other lenders do not. Ditto for tax service or administration or commitment or whatever. The final trick in evaluating a good faith estimate is to also pay attention to “missing” fees or the names given to a particular lender charge. If a charge is not there it doesn’t mean you’re getting a discount on anything or having a fee waived. If one lender charges an administrative fee that doesn’t mean every lender does. It’s simply a junk fee. |
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10 May 2007 06:54 am
Foreclosures: Will banks cut their losses?
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For many real estate investors or simply folks looking for a cheaper home to live in, finding a deal in [tag]foreclosure[/tag]s has become increasingly difficult. A lot of the homeowners now in foreclosure have drained the equities in their homes with [tag]multiple refinancings[/tag], have [tag]mortgages[/tag] for more than 100% of the property value or simply bought at the height of the market. This is bad news for [tag]flippers[/tag], as many houses now go to foreclosure with upset prices that are higher than what the homes are worth. Couple that with the increased inventory on the real estate market — hence more homes for buyers to choose from — and it’s no wonder flippers’ profit margins have narrowed recently. |
09 May 2007 06:26 am
Home mortgage provides array of tax breaks
| It is important to remember that [tag]home-loan-interest deductions[/tag] simply reduce your taxable income. They are not dollar-for-dollar tax credits that are subtracted from your tax bill. If you have a $1,000-a-month mortgage payment and are in the 15 percent tax bracket, only about $150 a month escapes being taxed in the early months of the loan. You can deduct the loan fees (”points”) paid to buy or improve your main home in the year of purchase. You cannot deduct these fees in the year you refinanced if you refinanced only to obtain a lower interest rate on your loan. The term “[tag]points[/tag],” once used to describe only prepaid interest on government loans, now is used to describe charges paid by a borrower to secure any mortgage. These points can be loan-origination fees or prepaid interest to “buy down” an interest rate. To be deductible, these charges — or points — must represent interest paid for the use of money and must be paid “before the time for which it represents a charge for the use of the money.” |
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08 May 2007 06:25 am
North Carolina Has Mixed Results Protecting Subprime Borrowers
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An eight-year-old North Carolina statute has become a model for federal lawmakers who want to [tag]protect borrowers[/tag] from [tag]predatory mortgage lender[/tag]s. But the state’s experience demonstrates the difficulties of protecting unwary consumers in a fast-evolving marketplace. The law is designed to prevent lenders from coaxing subprime borrowers — those with [tag]spotty credit histories[/tag] or high debt-to-income ratios — into taking mortgages they can’t afford. Among other things, the statute places a duty — known as a “suitability” requirement — on [tag]subprime lenders[/tag] akin to the one that requires stock brokers to recommend investments that are in clients’ best interest. |
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07 May 2007 06:56 am
Schumer wants aid for subprime borrowers
| Community groups that help [tag]subprime borrowers[/tag] try to save their homes from foreclosure would receive $300 million in aid under legislation introduced by Democratic Senator [tag]Charles Schumer[/tag] Thursday. The infusion of federal money would help consumer groups reach out to troubled borrowers and, in some cases, provide new financing directly. The groups that would benefit from the money are in direct contact with [tag]delinquent homeowners[/tag] and guide them through the complicated steps they can take to save their homes, said Sen. Schumer (D-N.Y.), chairman of a Senate subcommittee on housing and sponsor of the legislation. |
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06 May 2007 07:18 am
Would you get your mortgage from this man?
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Morning commuters in Boston, Chicago and Phoenix are slapped awake by the voice of a pugnacious Texan shouting out of the radio. “When your [tag]mortgage payment[/tag] goes up 400 bucks a month, you can dislocate your jaw and swallow it like a snake eatin’ an egg,” the voice says. “Or spend another seven grand and have some predator redo your mortgage. Unacceptable.” The voice belongs to Jon Shibley, 39, the president of [tag]Lenox Financial Mortgage[/tag]. Over 13 years he’s built his business from a one-man shop in Atlanta into a 200-employee company that arranges mortgages and [tag]refinancings[/tag] in 24 states. |
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05 May 2007 07:59 am
Beach-rental bingo
| Unless you’re looking to buy a new home right now, you may be having a hard time imagining the upside to the [tag]bursting of the real estate bubble[/tag]. Well, here’s one: There are a lot more places to rent at the beach. Usually the best shore rentals are snapped up while the snow is still on the ground. But this year inventory in vacation markets is up. [tag]Real Estate Speculators[/tag] – once lured by mega-appreciation – are having trouble selling, says David Stiff, chief economist at Fiserv Lending Solutions. “And if they can’t sell their homes, the next best option is to rent them out.” But even though there’s more out there than in prior years, it’s getting late for summer 2007. The sooner you start shopping, the better choice you’ll have in terms of quality, location and price. |
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