Article Archive December, 2007

Five Debt Management Resolutions for the New Year

By:

Greg Mischio - MortgageLoan.com | December 31, 2007

Add debt management to this year's list of New Year's resolutions. It's easy to do-just slip it in there between "lose weight" and "ask for raise." The hard part will be sticking to your debt management resolutions-such as debt consolidation-365 days a year.

Tips to Fixing Your Credit in the New Year

By:

Greg Mischio - MortgageLoan.com | December 30, 2007

Instead of choosing the typical New Year's resolutions-lose weight, exercise more, read a book (or two)- add one that will benefit you financially: fix your credit. It won't be an easy resolution, but it's one that will definitely pay off over the long haul.

Home Equity Loans: An Historic Perspective

By:

Tom Kerr - MortgageLoan.com | December 29, 2007

Home equity loans grew popular in the 1980s, as lenders let homeowners borrow as much as 100 percent of their equity. But in 2007, that practice was given a major overhaul.

Tough Times for Bad Credit Mortgages

By:

Tom Kerr - MortgageLoan.com | December 28, 2007

If you need a subprime mortgage, these are challenging times, because the market for these risky loans is evaporating. It's still possible to find lenders to work with you, but it helps to plan ahead and be prepared to pay more than average for your mortgage.

Mortgage Foreclosure Victims Overcharged

By:

Tom Kerr - MortgageLoan.com | December 27, 2007

Bankruptcy specialists contend that some mortgage companies are overcharging borrowers, even as those homeowners face foreclosure. If these claims are true, it only adds insult to injury as more predatory lending practices come to light.

Debt Consolidation in a Shaky Market

By:

Catherine Brock - MortgageLoan.com | December 26, 2007

Uncertainty in the mortgage industry alters the outlook for debt consolidation loans. Homeowners who want to use their equity to consolidate higher rate debt may just have to wait until the mortgage crisis winds down.

Four Personal Finance Resolutions for the New Year

By:

Anders Bylund - MortgageLoan.com | December 25, 2007

Make some personal finance promises that you can actually keep in the New Year.

Are Rate Cuts Good for Homeowners?

By:

Tom Kerr - MortgageLoan.com | December 24, 2007

As the year comes to an end, the week prior to December 31 inspires reflection on the previous year's economic news. Many wonder if interest rate cuts are on the horizon for the New Year. Most homeowners agree that they'd be a welcome gift from the Federal Reserve.

Subprime Mortgage Crisis Headed Overseas

By:

Catherine Brock - MortgageLoan.com | December 23, 2007

The overzealous lending practices that led to rising default rates are influencing more than just the U.S. economy-they're extending across the ocean, as well.

Drops in Refinancing Puts Pressure on Remodeling Market

By:

Catherine Brock - MortgageLoan.com | December 22, 2007

Fancy remodels are becoming a thing of the past, as homeowners and banks become more conservative with their cash.

The Best Present Ever: Give the Gift of Stock

By:

Anders Bylund - MortgageLoan.com | December 21, 2007

Are you looking for a Christmas gift that lasts? Look no farther than your own stock portfolio.

Dim Prospects for Bad Credit Mortgages

By:

Tom Kerr - MortgageLoan.com | December 20, 2007

The outlook for bad credit mortgages has never been particularly rosy. But under today's gloomy circumstances, it's even harder to secure a loan if you have poor credit. The situation is expected to grow increasingly dire in coming months.

How to Spend Your Christmas Bonus

By:

Anders Bylund - MortgageLoan.com | December 19, 2007

If you're fortunate enough to receive a hefty Christmas bonus, here are some tips on spending it that embraces the true holiday spirit.

Five Year-End Tax Tips

By:

Anders Bylund - MortgageLoan.com | December 18, 2007

If you follow these simple strategies, you can keep more money in your pocket, and less in Uncle Sam's.

Home Equity Loan Problems May Spark Recession

By:

Tom Kerr - MortgageLoan.com | December 17, 2007

Home equity loans have turned easy credit into imminent disaster for insatiable borrowers. Soon, America may slide head-on into a mortgage-fueled recession.

Seniors and Credit Cards: An Escalating Problem?

By:

Greg Mischio - MortgageLoan.com | December 16, 2007

Everyone jokes about having "senior moments." But being forgetful, or becoming confused, is simply a part of growing older. Unfortunately, there are a growing number of aging Americans having "senior moments" when it comes to their use of credit cards.

Builders Helping Bad Credit Customers

By:

Tom Kerr - MortgageLoan.com | December 15, 2007

As the housing and mortgage crisis grows across the U.S., some builders are providing financial counseling to customers with bad credit. Time will tell how well the program works, but at least for now, it provides credit relief for some buyers.

Fractional Mortgages

By:

Tom Kerr - MortgageLoan.com | December 14, 2007

Buyers, developers, and mortgage companies are always looking for creative ways to finance second homes. The "fractional mortgage" has been gaining traction and popularity for more than a decade as an attractive way to buy a vacation property.

The Subprime Mortgage Outlook

By:

Tom Kerr - MortgageLoan.com | December 13, 2007

Despite the troubles, subprime mortgages and mortgage refinances will likely make a comeback in a more conservatively managed and administered form.

Understanding the Secondary Mortgage Market

By:

Anders Bylund - MortgageLoan.com | December 12, 2007

You've just been notified that your bank has recently sold your mortgage. Although unsettling, this is a very normal business transaction that will not affect your loan.

Five Financial Tips for Funding a Start-Up

By:

Greg Mischio - MortgageLoan.com | December 11, 2007

Most start-up companies have some of their biggest problems getting out of the starting blocks. Every young company struggles to find financing in its infancy. If you're considering launching one, take a good look at a home equity loan as a funding source.

An Amortization Primer

By:

Tom Kerr - MortgageLoan.com | December 10, 2007

Although most of us don't understand exactly how our loan payments are calculated, the process of paying off a loan through a fixed number of payments is common to all mortgages. The amount paid each month is predetermined by a mathematical procedure known as amortization.

Risks of Debt Consolidation Loans

By:

Greg Mischio - MortgageLoan.com | December 09, 2007

Debt consolidation loans are the financial world's equivalent of a Monopoly "Get out of jail free" card. Like the game card, the loans can only get you so far. Once you're out of debt, it's up to you to stay there-a step that many over-spenders may not be able to take.

Ups and Downs of Second Mortgages

By:

Catherine Brock - MortgageLoan.com | December 08, 2007

Knowing the good and the bad of second mortgages can help you keep your personal finances in tip-top shape.

Four Refinancing Tips for a Tight Market

By:

Greg Mischio - MortgageLoan.com | December 07, 2007

Thanks to poor lending practices, the subprime crisis has changed the mortgage landscape. Homeowners are now left with a new-but still viable- refinancing market.

Four Ways to Find Mortgage Money

By:

Greg Mischio - MortgageLoan.com | December 06, 2007

When Plato said, "Necessity is the mother of invention," he probably wasn't thinking about homeowners who are having trouble making ends meet. However, rising interest rates have enlarged monthly mortgage payments, and people need to find creative ways to boost cash flow.

Five Tips to Avoid Debt Consolidation

By:

Greg Mischio - MortgageLoan.com | December 05, 2007

In our free-wheeling, consumption-oriented society, "budget" might as well be a four-letter word. But even though it may not be much fun, creating one-and sticking to it-can be a great alternative to a debt consolidation loan.

Changing Rules of Auto Loans

By:

Greg Mischio - MortgageLoan.com | December 04, 2007

Charles Darwin theorized that a species needs to adapt for survival. In light of the recent subprime market shake-up, consumers will have to adapt to a new environment if their hopes for an auto loan are to survive.

Student Credit Cards

By:

Greg Mischio - MortgageLoan.com | December 03, 2007

The market is quick to adapt when a product doesn't quite work for a demographic. For example, putting traditional credit cards in the hands of college students has resulted in sky-high debt and fuming parents. In response, credit card companies have introduced student credit cards.

Refinance Help from the FHA

By:

Tom Kerr - MortgageLoan.com | December 02, 2007

As it becomes increasingly difficult to qualify for a refinanced mortgage, homeowners may want to turn to the Federal Housing Administration (FHA) for help. A new loan program, called FHASecure, is intended to help borrowers at risk of foreclosure to move quickly into more affordable loans.

Subprime Lenders: Equal Opportunity Destroyers

By:

Tom Kerr - MortgageLoan.com | December 01, 2007

As the subprime mortgage crisis widens, so do the investigations of subprime lenders. Many are guilty of pressuring consumers into high-priced, high-risk loans, and the damage extends across a broad demographic spectrum.