April 2007
Monthly Archive
18 Apr 2007 07:22 am
Subprime lenders tightening standards on loan applications
 |
The stricter lending standards are the fallout from the subprime mortgage market meltdown. About 15 percent of mortgage borrowers are in the subprime category. Those are the least creditworthy people, with credit scores less than 620 (on a scale of 300 to 850). About 85 percent of mortgage borrowers have credit scores of 620 or higher. So far — knock on wood — most of these prime customers needn’t worry about being turned down for home loans on the basis of their riskiness as borrowers, so long as they’re willing to let the lender verify their incomes and assets. |
click here for article
search for : subprime mortgage, credit score
17 Apr 2007 08:05 am
Determining How Much Home Insurance Is Necessary
| Make sure your policy covers the cost of rebuilding — and don’t confuse the real estate value of your house with what it would cost to rebuild in case of damage. And remember, most standard policies, which usually cover disasters such as fire or hurricanes, do not include flood coverage. Consider buying coverage from the National Flood Insurance Program ( www.floodsmart.gov), or buy additional coverage from your current carrier. |
 |
click here for article
search for : real estate value, flood coverage, National Flood Insurance Program
16 Apr 2007 07:03 am
Consumer credit reporting agencies legally sell your data to lenders
 |
Can you put a stop to those postal mailed mortgage offers that begin arriving soon after you apply for a mortgage? Or is it easier to simply let them keep coming until you find a better deal? Much to the chagrin of some consumer advocates, when you apply for a mortgage and the lender pulls your credit report, your file lights up like a runway for other companies with money to lend. It’s not that the original lender is selling information about your every move, creditors are taking advantage of federal law that allows credit bureaus to identify you and other mortgage applicants to companies that want to pitch their product to you often in the form of “prescreened” or “preapproved” credit. |
click here for article
search for : mortgage offers, credit report
15 Apr 2007 06:36 am
Mortgages Modified To Prevent Foreclosure
| Loan modification represents just one approach that mortgage servicers can use to stem the tide of foreclosures. Other techniques include: Repayment plans that reduce unpaid balances over time through small, regular add-ons to borrowers’ monthly payments. Forbearance agreements whereby principal and interest payments are reduced or even suspended for a period of time, enabling the borrowers to get their finances under control. Then the regular payments resume, along with gradual reimbursements of balances in arrears. |
|
click here for article
search for : Loan modification, mortgage servicer, tide of foreclosures, monthly payments, Forbearance agreement
14 Apr 2007 08:09 am
Consider A Credit Union For Your Next Mortgage
|
Credit unions which are run as nonprofit cooperatives, typically do not have enough money to market their mortgage offerings, and their mortgages are not offered through outside brokers. So consumers often overlook some highly useful alternatives that credit unions offer. About 200 credit unions affiliated with the Credit Union National Association have offered a low-interest Home Loan Payment Relief mortgage since late 2005. The program is limited, with some exceptions, to borrowers with household incomes at or below their area’s median income. |
click here for article
search for : Credit unions, mortgage, Credit Union National Association
13 Apr 2007 06:36 am
The Secret Of Home Buying
| Because there are more houses and condos listed for sale in most communities than there are qualified buyers, that is known as a “buyer’s market.” The buyer is king. Unfortunately, many buyers (especially first-timers) are not aware of the best ways to buy a home to get the best price and terms. The place where more than 70 percent of today’s home buyers start their search is on the Internet, usually at www.Realtor.com and other large Web sites showing most local listings available. After searching local residence listings available and perhaps visiting a few open houses, the next step for savvy home buyers is to get preapproved in writing by a mortgage lender. The reason for this key step is to avoid disappointment later if you discover you have credit issues or can’t afford to buy the home you want. |
 |
click here for article
search for : buyer’s market, home buyers, www.Realtor.com
« Previous Page — Next Page »