Article Archive May, 2008

Overview of Second Mortgages

By:

Greg Mischio - MortgageLoan.com | May 31, 2008

Tough economic times are hitting consumers hard. As fuel prices rise, people are looking for different ways to drum up cash. One method to consider is the second mortgage, a flexible loan that can be used for a variety of different reasons.

Strategies for the Not-Yet-Ready-For-Retirement Crowd

By:

Anders Bylund - MortgageLoan.com | May 31, 2008

Some people aren't saving enough for a comfortable retirement. Here's how to improve that situation today.

Entrepreneurs: Grow Your Business During Recessionary Times

By:

Greg Mischio - MortgageLoan.com | May 30, 2008

In today's business climate, big companies are experiencing sagging profits and plummeting revenues. Small businesses are also feeling the pain. Yet recessionary times, however depressing they may be, offer great opportunities for growth.

Eight Hints to Boost Your Savings

By:

Catherine Brock - MortgageLoan.com | May 30, 2008

During these challenging economic times, it's more important than ever to save your money.

Research Mortgage Rates on Internet

By:

Catherine Brock - MortgageLoan.com | May 29, 2008

Researching mortgage rates on the Internet can be enlightening or frustrating. Choose the former route by learning the key points of online mortgage rates research.

Five Ways to Spruce Up Your Home's Exterior

By:

Greg Mischio - MortgageLoan.com | May 29, 2008

If you're worried about the recent decline in home values, you could take a passive approach, and wait for the real estate market to rebound. Another option is to improve the value of your home by giving it an exterior sprucing up.

Your Commitment Letter: Firm or Conditional?

By:

Catherine Brock - MortgageLoan.com | May 29, 2008

Knowing whether your commitment letter is firm or conditional can spare you from some ugly surprises.

Six Top Tips for Reverse Mortgages

By:

Tom Kerr - MortgageLoan.com | May 28, 2008

As America's population ages, reverse mortgages are growing in popularity as a means for older homeowners to tap into their home equity for needed income. In order to best manage a reverse mortgage, it helps to understand them thoroughly, and follow a few basic tips and guidelines.

Mortgage Crisis: Learning from the UK

By:

Tom Kerr - MortgageLoan.com | May 28, 2008

As the U.S. struggles to remedy its subprime mortgage crisis, other countries-especially the UK-are having their own economic problems. But the UK deals with mortgage woes in unique ways that may teach us a new approach.

Tapping Home Equity? Try The Oh-So-Desirable Credit Union

By:

Tom Kerr - MortgageLoan.com | May 27, 2008

Credit unions are a good option when looking for a home equity loan. Even if you don't think you qualify to join one because you lack a particular professional affiliation, you may be surprised. Some let you join just because of where you happen to live.

Proof From The Fed: It's Tougher to Borrow

By:

Tom Kerr - MortgageLoan.com | May 27, 2008

Consumers are having a tougher time borrowing money through mortgages, home equity loans, and small business loans, according to new first quarter 2008 data from the Federal Reserve. The majority of banks have tightened credit at a time when most Americans need it more than ever.

Foreclosures of the Rich and Infamous

By:

Anders Bylund - MortgageLoan.com | May 26, 2008

Celebrities may not be rich forever. The foreclosure wave is an equal opportunity tsunami.

Memorial Day Lesson: Summer Financial Planning

By:

Greg Mischio - MortgageLoan.com | May 26, 2008

Memorial Day is a time to honor those lost in wars past and present. This somber occasion also marks the unofficial beginning of summertime. As the heat of the dog days fast approaches, here are some easy ways to cut back on expenditures.

Certificates of Deposit: The New Hot Story

By:

Catherine Brock - MortgageLoan.com | May 26, 2008

What's old is new again, as certificates of deposit are becoming an increasingly attractive investment vehicle.

The Truth About Car Title Loans

By:

Greg Mischio - MortgageLoan.com | May 25, 2008

What's the latest financial scheme to perform a hit and run on people who can't manage their money? It's the car title loan. The cousin to payday loans, these can be just as lethal to a family's finances.

Recipe To Prepare For A Bad Credit Mortgage Application

By:

Catherine Brock - MortgageLoan.com | May 25, 2008

The only way to recover from bad credit is to start rebuilding as soon as possible. You don't need a miracle to prep your finances for a mortgage application-just a little discipline and organization.

Financing A Graduate School Education

By:

Anders Bylund - MortgageLoan.com | May 23, 2008

Because it's never too late to go back to school, here's what you need to know to finance a graduate education.

New Technologies For Seniors

By:

Anders Bylund - MortgageLoan.com | May 22, 2008

Affordable high-tech gadgets and services can make senior living safer and more comfortable.

Use Internet Technology For Foreclosure Savvy

By:

Catherine Brock - MortgageLoan.com | May 22, 2008

The shakedown in the real estate industry is creating a large inventory of foreclosure properties. With the help of the Internet, opportunistic property seekers can find these bargains without leaving home.

Uncle Sam as a Mortgage Investor

By:

Tom Kerr - MortgageLoan.com | May 21, 2008

Lawmakers are proposing various kinds of mortgage crisis bailouts or rescue plans, and most suggest that the government get more involved in helping to relieve the burden of bad loans. That basically means that Uncle Sam will invest our tax dollars in the mortgage business.

Lenders Avoiding Foreclosure Rescue

By:

Tom Kerr - MortgageLoan.com | May 20, 2008

Mortgage lenders have been pressured by Congress to help homeowners, and many volunteered to "rework" troublesome loans with flexible terms and refinancing. But recent reports show that few are following through on promises. Meanwhile, homeowners are increasingly desperate.

Mortgages: Understanding Income Declaration

By:

Catherine Brock - MortgageLoan.com | May 19, 2008

When applying for a mortgage, you can choose to declare your income using a full income verification loan, or opt for a loan in which the lender doesn't verify how much you earn. Do you know what the differences are?

Five top Mortgage Errors

By:

Greg Mischio - MortgageLoan.com | May 19, 2008

To err is human. To err on your mortgage, however, is costly. Many homeowners make common mistakes regarding their home loans. These easily can be avoided if you're aware of the most common mortgage errors.

Home Equity Loan Traps

By:

Greg Mischio - MortgageLoan.com | May 18, 2008

Consider how wealthy people view borrowing. They use debt only as a means to build more wealth, a philosophy foreign to many home equity borrowers. Here are some common second mortgage loan traps that serve as temptations to many.

Avoid Bankruptcy With Debt Consolidation

By:

Greg Mischio - MortgageLoan.com | May 17, 2008

Economic times are tough. Home values have plummeted, a recession is looming, and gas costs are rising. If you're at the end of your financial rope, you may want to think about a debt consolidation loan as an alternative to filing for bankruptcy.

Pros and Cons of Teen Credit Cards

By:

Catherine Brock - MortgageLoan.com | May 17, 2008

Teen credit cards may offer convenience, but there are risks involved, too.

Know Your HELOC before You Sign

By:

Catherine Brock - MortgageLoan.com | May 16, 2008

Home equity lines of credit are powerful financial tools. Understand the fine print before you sign.

Not-To-Be-Missed Tax Deductions

By:

Catherine Brock - MortgageLoan.com | May 16, 2008

Get organized now to lower your 2008 tax bill by reviewing some commonly overlooked tax deductions.

Building Credit Without A Credit Card

By:

Catherine Brock - MortgageLoan.com | May 16, 2008

Fair Isaac's FICO Expansion score bridges the gap between lenders and no-credit borrowers by assigning a credit rating to consumers who have little or no credit history.

Recast Your Mortgage

By:

Catherine Brock - MortgageLoan.com | May 15, 2008

When circumstances make it tough for you to make your mortgage payments, consider asking your lender about a mortgage recast.

Tracking Your Personal Finances

By:

Anders Bylund - MortgageLoan.com | May 14, 2008

The best-laid budget plans can fail if you don't track your expenses properly. Here's how to do it right.

Renters Get Hit By Subprime Crisis

By:

Tom Kerr - MortgageLoan.com | May 14, 2008

While Congress debates ways to rescue the mortgage industry, and the millions of homeowners who are facing foreclosure, the truly helpless victims may be innocent renters. Huge numbers of families are being evicted as their homes go into foreclosure, but they have nobody coming to bail them out of the crisis.

Four Most Important Lender Questions

By:

Greg Mischio - MortgageLoan.com | May 13, 2008

If you're being interviewed for a job, you need to ask the interviewer questions to make sure that the position is right for you. Mortgages are no different. There are certain questions that you need to ask a lender to determine if a home loan is right for your financial situation.

Buying Stocks During Volatile Times

By:

Anders Bylund - MortgageLoan.com | May 12, 2008

Investors who do their homework can profit from uncertainty in the stock market. You can do it, too.

Six Tips for Buying Foreclosures

By:

Tom Kerr - MortgageLoan.com | May 12, 2008

Foreclosures not only represent a great professional investment opportunity, but can also be a fast way to acquire your first home or a cherished vacation property. In order to buy successfully and avoid common foreclosure pitfalls, it helps to know a bit about how these unique sales work.

A New Proposal for Government-Backed Loans

By:

Tom Kerr - MortgageLoan.com | May 11, 2008

Many homeowners who want to refinance to avoid foreclosure are hoping to get help from the Federal Housing Administration (FHA). One plan under consideration would offer $300 billion in new FHA loans for that purpose, but there's passionate resistance from critics of the bill.

Feel secure with FHASecure Loans

By:

Catherine Brock - MortgageLoan.com | May 11, 2008

If you've been tricked by teaser rates that have expired and left you with a mortgage payment that you can't afford, FHASecure might have your solution.

Four Positive Reasons to Use Credit Cards

By:

Greg Mischio - MortgageLoan.com | May 10, 2008

Conventional financial wisdom says that a credit card, like money, is the root of all evil. However, when used wisely, credit cards can produce a number of surprising benefits.

Affordable Gifts for Mother's Day

By:

Greg Mischio - MortgageLoan.com | May 10, 2008

As Mother's Day approaches, dads, sons, and daughters are crying "Mayday!" as they wrack their brains for thoughtful but inexpensive gift ideas in this challenging economy. The traditional bouquet of flowers is always nice, but there are other ways to brighten a mother's day and not damage your budget.

Get Tax Ready for 2008

By:

Greg Mischio - MortgageLoan.com | May 09, 2008

The taxman has come and gone, and no one is all that sad to see him leave. However painful his recent visit might have been, you'll want to start getting ready for the next time he comes around. A little upfront planning can make your next April 15th a much more pleasant experience.

Finding Deals on Student Loans

By:

Catherine Brock - MortgageLoan.com | May 09, 2008

The economy is sputtering, but the student loan business is still strong. If you have college studies in your future, you still have a reasonable chance to find some financing to help you cover the cost.

Be Proactive to Avoid Bad Credit

By:

MortgageLoan.com | May 09, 2008

A positive outlook can make the world a much more pleasant place. But sometimes, it's hard to look on the bright side of life when you have bad credit. Your best bet is to be proactive and steer clear of bad credit before it happens.

Seller Financing Making a Comeback

By:

Catherine Brock - MortgageLoan.com | May 08, 2008

With mortgage lenders tight on cash, some buyers and sellers are striking up their own financing arrangements to get the deal closed.

Property Values and Computer Generated Appraisals

By:

Tom Kerr - MortgageLoan.com | May 08, 2008

To many real estate industry veterans, relying upon computer programs to calculate home values seems like a deplorable idea. But in an increasingly automated world, appraisals via software are now popular with many lenders. Unfortunately, it may adversely affect your mortgage or refinance.

Retirement: Time To See The World

By:

Anders Bylund - MortgageLoan.com | May 07, 2008

You've been saving up for retirement all your life. It's time to enjoy the fruits of your labor.

FHA Mortgage Insurance: An Overview

By:

Catherine Brock - MortgageLoan.com | May 07, 2008

On the strength of renewed federal support, the FHA is poised to pick up the pace of insuring mortgage loans. If you're in the market to buy or refinance, take a few minutes to learn how this important mortgage financing option works.

Easy Guide to Buying Your First Home

By:

Catherine Brock - MortgageLoan.com | May 06, 2008

Don't let the gloomy mortgage news scare you; buying your first home is still a step-by-step process.

Is Subprime Crisis Nearing an End?

By:

Tom Kerr - MortgageLoan.com | May 06, 2008

Nobody has a crystal ball, but some data now indicates that the worst may be over for the intense and devastating subprime loan crisis. If the end is near, it's welcome news for the entire financial world, because the subprime debacle has caused widespread tremors and shocks.

Mortgage Brokers, Bankers, or Loan Officers: Know the Differences

By:

Tom Kerr - MortgageLoan.com | May 05, 2008

When applying for a mortgage loan or mortgage refinance, many consumers don't distinguish between brokers, bankers, and loan officers. But the differences are significant, and can affect the service you get, your costs, and the size of the selection of loan instruments offered to you.

Eight tips to Avoid Foreclosure

By:

Greg Mischio - MortgageLoan.com | May 05, 2008

The subprime crisis has made "foreclosure" a part of our everyday vernacular. If you're having problems making your mortgage payments, there are ways to avoid foreclosure before it's too late.

Investments: Make a Killing from the Mortgage Fiasco

By:

Anders Bylund - MortgageLoan.com | May 04, 2008

In big disasters, you'll find stock market opportunities. Say hello to investing in survivors of the mortgage fiasco.

Subprime Crisis Hurting Non-Profits

By:

Tom Kerr - MortgageLoan.com | May 04, 2008

As home equity tumbles and bad mortgages sink investments, non-profit organizations emerge as one of the most unexpected casualties. Because they rely on the quality of their credit to survive, many non-profits with subprime-related assets are in for a rude awakening.

Online Help for Debt Consolidation

By:

Greg Mischio - MortgageLoan.com | May 03, 2008

Debt is a wrecking ball that can topple your financial foundation. Interest payments can eat up dollars which could otherwise be used for retirement savings or other financial goals. To stem the destructive power of debt, look online for a debt consolidation loan.

Credit Card Do's and Don'ts

By:

Greg Mischio - MortgageLoan.com | May 03, 2008

Credit cards give you flexibility, instant access to emergency funds, and convenience. They can also give you major financial problems if you're not careful. Here are some credit card do's and don't's to help you manage your plastic wisely.

Four Life Saving Tips If You Can't Pay Taxes

By:

Greg Mischio - MortgageLoan.com | May 01, 2008

April 15th has come and gone, and taxpayers from sea to shining sea sent Uncle Sam a tax check. Because of tough economic times, though, many weren't able to make the necessary payment to the guy with the grey goatee. This may happen to you sometime in the future, so it's important to know that taxpayers have some payment options.