Article Archive October, 2007

HUD Pulling Back on Down Payment Assistance

By:

Tom Kerr - MortgageLoan.com | October 31, 2007

HUD has issued a moratorium on its practice of insuring mortgages for those who receive so-called down payment assistance from sellers through non profit "gift-giving" entities.

Advice for Move-Up Buyers

By:

Catherine Brock - MortgageLoan.com | October 31, 2007

The current real estate market presents unique problems for the move-up buyer. Experts recommend financing solutions to manage the transition.

Home Equity Loans: Expecting the Unexpected

By:

Greg Mischio - MortgageLoan.com | October 30, 2007

Life can throw you plenty of curveballs, and some of them can be financially destructive. If tough times hit, you'll need to consider a solid option for making ends meet. Try a home equity loan.

Bad Credit Loans from Hard Money Lenders

By:

Catherine Brock - MortgageLoan.com | October 29, 2007

Hard money lenders are wealthy individuals and small investment companies that lend cash to borrowers who don't qualify for loans from traditional lenders. New legislation, which seeks to protect borrowers from abuse, may be scaring off lenders instead.

Avoid Personal Loans for Debt Consolidation

By:

Catherine Brock - MortgageLoan.com | October 28, 2007

Consolidating debt can help debt-ridden borrowers climb out from under a serious problem. But using a personal loan for debt consolidation may not be the answer.

Use HELOC for Business Start-up

By:

Greg Mischio - MortgageLoan.com | October 27, 2007

When starting a new business, an entrepreneur's first instinct is to turn to a bank for a business loan. Most banks prefer to lend only to established businesses, however, creating a catch 22. Home equity loans provide an excellent alternative.

Mortgage Crisis: Lenders Not Cooperating

By:

Catherine Brock - MortgageLoan.com | October 26, 2007

Some lenders are avoiding renegotiations with at-risk homeowners-but this lack of cooperation isn't necessarily driven by stubbornness.

Refinance Now, Before Steeper Declines in Prices

By:

Catherine Brock - MortgageLoan.com | October 25, 2007

New predictions by Moody's Economy.com put the pressure on homeowners to make their refinancing decisions sooner rather than later.

Second Mortgage…Where Art Thou?

By:

Greg Mischio - MortgageLoan.com | October 24, 2007

Most financial events tend to have a ripple effect, leaving plenty of ulcers in their wake. The crisis in the subprime market is a prime example. The upheaval has affected many lending products, particularly the second mortgage.

Credit Cards: Protection from the Universal Default Clause

By:

Greg Mischio - MortgageLoan.com | October 23, 2007

George Orwell's prognostication that Big Brother would keep tabs on our private lives never fully materialized. But many credit card companies can and will monitor your finances. And they won't hesitate to hit you with the Universal Default Clause if you step out of line.

Investing for Income

By:

Catherine Brock - MortgageLoan.com | October 22, 2007

Investing for income is a popular retirement planning strategy. It can also be equally valuable to any investor who'd like to minimize portfolio volatility.

Shopping for a Car Loan

By:

Catherine Brock - MortgageLoan.com | October 21, 2007

The dealer usually isn't your best source for a car loan. Save money by shopping around before you're ready to buy.

Beleaguered Homeowners Get Housing Help

By:

Catherine Brock - MortgageLoan.com | October 20, 2007

Homeowners are struggling to survive as their adjustable-rate mortgage payments are on the rise. Help is out there for the thousands of homeowners who've been put into mortgages that they can't afford.

How To Finance A Boat

By:

Anders Bylund - MortgageLoan.com | October 19, 2007

A boat-large or small, with engines or sails-can be a great place to relax after a hard week in the office. Learn how to finance your own dream yacht.

A Safer Haven: Refinance to Fixed-Rate Mortgage

By:

Catherine Brock - MortgageLoan.com | October 18, 2007

A high percentage of borrowers with adjustable-rate mortgage are choosing to refinance to safer, fixed-rate loans.

Five Reasons to Borrow From Credit Unions

By:

Greg Mischio - MortgageLoan.com | October 17, 2007

Created to protect people from unscrupulous lenders, credit unions have a long-standing history of loaning money at reasonable rates. But the low rates are just one reason why people turn to credit unions for their lending needs.

Home Equity Loans for Businesses are Drying Up

By:

Tom Kerr - MortgageLoan.com | October 16, 2007

As the mortgage crisis spills into other areas of the economy, many small business owners will lose an important source of capital. Home equity loans have been financing thousands of small companies, but that source of funds is rapidly becoming a thing of the past.

Using a HELOC to Bridge the Gap

By:

Catherine Brock - MortgageLoan.com | October 15, 2007

Market dynamics make it a great time to find and purchase that dream home, as long as the purchase isn't contingent upon the sale of your existing one. If it is, use a HELOC to bridge the financial gap.

Playing the Debt Consolidation Game

By:

Greg Mischio - MortgageLoan.com | October 14, 2007

Where did all the money go? Countless people look at their finances and scratch their heads, wondering how they wound up in debt. For consumers who find themselves in the hole, here are some simple debt consolidation tips to help cut debt down to size.

Credit Cards Take a Subprime Hit

By:

Tom Kerr - MortgageLoan.com | October 13, 2007

As home equity loans become harder to get during the subprime mortgage crisis, credit card rules are also tightening. Consumers need to find alternative ways to consolidate debts and manage their finances during this stormy economic period.

Mortgage Mess Hits Auto Industry

By:

Greg Mischio - MortgageLoan.com | October 12, 2007

The subprime mortgage fiasco is like a pebble thrown into a pond. It's rippling out into the auto industry, as well, where uncertainty about the housing market is causing consumers to delay making new auto purchases.

Need a Lift? How to Finance Plastic Surgery

By:

Greg Mischio - MortgageLoan.com | October 11, 2007

Plastic surgery can do more than just alter your appearance-it changes your bank account, too. That's because this type of surgery is expensive, and is seldom covered by insurance. Before you proceed, carefully analyze your financing options-including a home equity loan.

Avoid Mortgage Crunch with a Credit Union

By:

Catherine Brock - MortgageLoan.com | October 10, 2007

While traditional mortgage lenders struggle to recover from the subprime meltdown, credit unions are carrying on with business as usual.

Foreign Aid: Invest Internationally

By:

Anders Bylund - MortgageLoan.com | October 09, 2007

Geographic diversification is easier than you might think. Once you know what you're doing, you can trade foreign stocks, or even entire markets, just as you would any U.S. stock.

Mortgage Lender Gone Belly-up? Here's help!

By:

Tom Kerr - MortgageLoan.com | October 08, 2007

Usually, it's borrowers, not lenders, who get into credit trouble and face foreclosure. But these days, in the wake of the mortgage industry's subprime implosion, your mortgage company may go bust. Here are some tips on how to handle such a situation.

Avoid Foreclosure with a Short Sale

By:

Catherine Brock - MortgageLoan.com | October 07, 2007

Short sales are on the rise as borrowers and lenders struggle to stay afloat during a housing market correction.

Credit Unions

By:

Greg Mischio - MortgageLoan.com | October 06, 2007

Credit unions have become a fixture in a cluttered financial marketplace. There are currently more than 8,000 of them, with in excess of 80 million members. Their popularity stems from the fact that, while credit unions look and operate a lot like banks, they have some distinct advantages.

Second Mortgages - Potential Hazards to Your Financial Health

By:

Tom Kerr - MortgageLoan.com | October 05, 2007

Second mortgages can be a convenient tool for borrowing money, but they can also jeopardize your personal finances because your home is used as collateral. Use them cautiously to avoid unwanted consequences, including the loss of your own house through foreclosure.

Five Simple Steps to Buying a Stock

By:

Catherine Brock - MortgageLoan.com | October 04, 2007

You know you're supposed to put your savings to work "in the market," but you're not quite sure where to begin. Here's a step-by-step approach to buying stock.

Determining CD Rates

By:

Catherine Brock - MortgageLoan.com | October 03, 2007

Several factors determine how banks and credit unions set interest rates on CDs (certificates of deposit). Learn those factors and you can find the best rate for your savings.

Five Sneaky Credit Card Practices

By:

Greg Mischio - MortgageLoan.com | October 02, 2007

Consumers have developed a love-hate relationship with their credit cards. They love the convenience of swiping plastic for purchases, but they hate the sneaky little fees and finance charges initiated by credit card companies.

Are you an Investor or a Speculator?

By:

Anders Bylund - MortgageLoan.com | October 01, 2007

Are you a gambler or an investor? Believe it or not-you can be active in the stock market without losing sleep.