Article Archive July, 2007

Tougher Rules for Mortgages

By:

Tom Kerr - MortgageLoan.com | July 31, 2007

In the wake of trouble in the subprime lending market, regulators are cracking down on lenders in an effort to shelter consumers from unnecessary risk. While the rules are meant to protect borrowers, they may wind up making it harder for them to get certain types of mortgages.

Three Dangers of Refinancing

By:

Greg Mischio - MortgageLoan.com | July 30, 2007

Mortgage refinances have resulted in plenty of rewards for homeowners. But the risks are becoming more complicated as lenders alter programs and find new ways to drive profits. Understand both sides of the coin before committing a penny to a mortgage refinance.

Mutual Funds Basics

By:

Danette Pelletier - MortgageLoan.com | July 29, 2007

Have you ever tested the water temperature by dipping in a single toe? For decades, mutual funds have offered hesitant investors a chance to enter the stock market without risking overconcentration in any single security. If you've been thinking about mutual funds, educate yourself on the essentials before you plunge into the investing pool.

529 College Savings Plans

By:

Danette Pelletier - MortgageLoan.com | July 28, 2007

The average annual cost of a public college education is now $12,796, and a private university will cost you more than double that amount. You can gradually save for the day that the kids finally leave the roost with a tax-advantaged 529 college savings plan.

Finding the Best CD Rates

By:

Danette Pelletier - MortgageLoan.com | July 27, 2007

Certificates of deposit (CDs) offer the best of both worlds-reliable returns with very little risk. But not all CDs are the same. This primer will help you get the most bang for your buck.

Reverse Mortgages for Second Homes Gain Momentum

By:

Tom Kerr - MortgageLoan.com | July 26, 2007

Until recently, reverse mortgages for primary residences were only available through a few regional banks. However, some national lenders have started offering them for second homes, as well. The trend may offer a welcome alternative to refinancing for those who want to extract equity from investment property without selling it.

Planning Ahead for a Home Equity Loan

By:

Tom Kerr - MortgageLoan.com | July 25, 2007

Home equity loan delinquencies are on the rise, as many consumers fall behind on their payments. But you can help to avoid those problems by planning ahead before you borrow, or by using a flexible home equity line of credit or HELOC.

Sorting Through Mortgage Options

By:

Catherine Brock - MortgageLoan.com | July 24, 2007

It seems like everyone's talking about the difficulty getting mortgages, and how volatile adjustable-rate mortgages can be. But if you're a disciplined investor, you can sift through the warnings to find the right loan for you.

Tapping Retirement Money for a College Education

By:

Catherine Brock - MortgageLoan.com | July 23, 2007

Paying for your child's college education is a priority. But it shouldn't be your top priority. Personal finance experts say retirement planning comes first.

Techniques to Rebuild Credit after Bankruptcy

By:

Catherine Brock - MortgageLoan.com | July 22, 2007

Bankruptcy isn't the end of the world-it's the beginning of a new one. Take the opportunity to start fresh with new habits that will save you money and keep you out of debt trouble in the future.

Five Things to Expect from Refinancing

By:

Danette Pelletier - MortgageLoan.com | July 21, 2007

Borrowers are refinancing their homes in droves. While this practice can offer many benefits for homeowners, knowing what to expect can help you decide if it's right for you.

Winning Ways: Debit or Credit?

By:

Danette Pelletier - MortgageLoan.com | July 20, 2007

Credit cards have become an American institution. Not to be outdone, debit cards have replaced "ATM-only" bankcards, and can now be used almost anywhere, from McDonald's to Macy's. Here are some tips to know which ones to use when.

Six "Must-Knows" About Second Mortgages

By:

Catherine Brock - MortgageLoan.com | July 19, 2007

Researching second mortgages can be tricky; if you run a search on the Web, you're instantly bombarded with promises of rock-bottom payments and the lowest rates in town. Before those offers carry you away, take a moment to review some second mortgage basics.

New Breed of Reverse Mortgages

By:

Greg Mischio - MortgageLoan.com | July 18, 2007

Retirement is no longer a time to sit on the park bench and feed the pigeons. Today's retirees are more active than ever-launching second careers and focusing on physical fitness. New pathways await them in their golden years, even when it comes to home loans like the reverse mortgage, which can help their fiscal fitness, as well.

Five Ways to Repair Your Bad Credit History

By:

Greg Mischio - MortgageLoan.com | July 17, 2007

Bad credit doesn't like to be ignored. If you don't take steps to repair your history, the problem will increase in size and scope and eventually deliver a crippling blow to your financial life.

Be Regal: Tap Home Equity with REX

By:

Catherine Brock - MortgageLoan.com | July 16, 2007

Once upon a time, taking on debt or selling your house was the only way to cash out your home equity. Now there's a new choice-introducing the REX.

Crucial Tips for Credit Card Protection

By:

Greg Mischio - MortgageLoan.com | July 15, 2007

These days, your financial information is wearing a bull's-eye. It's the prime target of identity thieves who'd like to swipe your credit card numbers and embark on their own wild shopping sprees. Follow these tips to protect those precious digits.

Participation Loans Overview

By:

Catherine Brock - MortgageLoan.com | July 14, 2007

Lenders and borrowers can team up with other lenders and borrowers to reduce their exposure to risk and increase their profits. These relationships, which come in many flavors, are called participation loans.

Top Five Ways to Avoid Payday Loans

By:

Greg Mischio - MortgageLoan.com | July 13, 2007

The business model for any payday loan operation can be summed up in one phrase: "Desperate times call for desperate measures." Consumers desperate for cash have alternatives to such approaches.

Down Payments Shrink toward Extinction

By:

Tom Kerr - MortgageLoan.com | July 12, 2007

Prior to the recently ended bull market in real estate, it was traditional to make a 20 percent down payment when taking out a home mortgage loan. Because of inflation, however, lenders began letting consumers commit less cash up front. This trend may contribute to riskier borrowing habits.

Renovation Refinance Loans

By:

Greg Mischio - MortgageLoan.com | July 11, 2007

There's a new mortgage refinance loan in town-the renovation refinance loan. This hot new lending product could be the best way to renovate your new home without breaking your personal piggy bank in the process.

A New Take on First-Lien Home Equity Lines

By:

Catherine Brock - MortgageLoan.com | July 10, 2007

Home mortgage lenders are following the lead of enthusiastic infomercials by touting some compelling advantages of a new generation of first-lien home equity lines of credit.

Home Mortgage Abuse Leads to Negative Savings

By:

Catherine Brock - MortgageLoan.com | July 09, 2007

The U.S. may be the leading industrial nation in the world, but it falls way behind other countries when it comes to personal savings. Cash-out home equity loans with attractive interest rates are a big factor behind this phenomenon.

Mortgage Rates: Understand the Fine Print

By:

Greg Mischio - MortgageLoan.com | July 08, 2007

The act of closing on a mortgage yields a dizzying array of documents. A borrower is required to sign page upon page of legalese-often with little understanding of what's contained within the paperwork. As one couple discovered, not knowing what you're signing can have a profound impact on your mortgage rate.

Top Seven Overlooked Tax Deductions

By:

Catherine Brock - MortgageLoan.com | July 07, 2007

Taxes take a huge bite out of your income; but you can soften the effect if you know the rules. Don't let your hard-earned cash slip through your fingers. Itemize your deductions and take advantage of rules designed to reduce your obligation.

Home Equity Borrowers: What's your profile?

By:

Catherine Brock - MortgageLoan.com | July 06, 2007

A recent study by the Consumer Bankers Association compiled and analyzed data pertaining to home equity borrowers. Data points include credit score, and income and mortgage debt levels. They can help you decide if a home equity loan is right for you.

Is It Too Late to Refinance your ARM?

By:

Catherine Brock - MortgageLoan.com | July 05, 2007

Fixed mortgage rates are inching up, and industry experts are split on where rates are going from here. Can you still afford to refinance your ARM? Can you afford not to?

Finance a Career Change with a HELOC

By:

Greg Mischio - MortgageLoan.com | July 04, 2007

Within every household, the battle between short-term financial needs and long-term financial goals rages constantly. Instead of dipping into retirement funds to soothe the short-term beast, consider using a flexible home equity line of credit (HELOC).

Top Five Reasons to Use a Mortgage Broker for Refinancing

By:

Greg Mischio - MortgageLoan.com | July 03, 2007

Whether you're shopping for groceries or looking for a car, you want options. Shopping for a mortgage loan is no different. And there's no better place to find options for a mortgage refinance than with a mortgage broker.

Can Mortgage Company Appraisals be Trusted?

By:

Tom Kerr - MortgageLoan.com | July 02, 2007

In a sluggish market, desperate real estate agents and mortgage brokers may pressure appraisers to artificially increase property values. But the tactic can backfire if mortgage underwriters cancel loans because they think the sales prices are too high to be justified. To avoid problems, sellers need to be completely realistic when setting the prices for their homes.

Help Manage Debt with a Mortgage Refinance

By:

Tom Kerr - MortgageLoan.com | July 01, 2007

The creative use of mortgage refinancing can be a smart way to consolidate debt and manage consumer purchases and personal finances. By tapping into home equity, you can make interest rates and payment schedules work for you, rather than against you.