May 2007
Monthly Archive
25 May 2007 07:24 am
Mortgage Brokers, Friends or Foes?
| The political debate over how to deal with a surge in defaults on home loans is raising a question that consumers ought to consider: Is my mortgage broker really working for me? Borrowers often see mortgage brokers as their allies, searching far and wide for just the right home loan at an attractively low price. But many brokers are making it clear they don’t see things that way. They are fighting efforts by federal and state politicians to impose a fiduciary duty on them to put their customers’ interests first, as lawyers, real-estate agents and financial planners generally are required to do with their clients. |
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search for : defaults on home loans, mortgage broker
24 May 2007 06:43 am
Understanding How To Insure Special Events In Your Home
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Event insurance is designed to protect you from financial loss if something costly goes horribly wrong during a host of events from anniversaries, baby showers and baptisms to quincea eras, retirement parties and wedding parties, including those held in your home, according to the Insurance Information Institute. Major providers, including Private Event Insurance; Fireman s Fund; Travelers; and Wedsafe, say there’s much small print to read, the coverage is focused and it’s subject to specific conditions, exclusions, limits, restrictions, and deductibles, but the one-time premium offers a host of protections, including weather — Provided the policy is purchased sufficiently in advance of the event — usually a few weeks — and adverse weather prevents the celebration from taking place or a majority of your guests from attending, the costs of rescheduling the event can be covered. |
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search for : Event insurance
23 May 2007 07:13 am
Finding Your Credit Score
| Consumer groups recommend getting what is known as a FICO score, which ranges from 350 to 850 points, because it’s the score most creditors rely on. Equifax is the only bureau that sells FICO scores to consumers. With the other bureaus, you get a proprietary score. If you want FICO scores from all three bureaus, you can buy them at myfico.com from Fair Isaac Corp., the company that developed the scoring system. Lenders generally will pull all three of your credit scores and throw out the high and low ones. When you get your scores, you should receive an analysis that includes how you rate in terms of other consumers and tips for improving your scores. |
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search for : FICO score, Equifax, myfico.com
22 May 2007 06:56 am
Are There Solutions to North Carolina’s Foreclosure Crisis?
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“Foreclosure filings are skyrocketing in North Carolina. The main cause of the increase in foreclosures is the large and growing number of home loans made by subprime lenders,” says Alfred Ripley, legal counsel for Consumer and Housing Affairs at the NC Justice Center. “While subprime loans have been around for decades, they didn’t used to be as damaging or widespread as they have become in recent years.” In North Carolina, foreclosure filings have increased nearly threefold in recent years to an all-time annual high of over 45,000 in 2006. |
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search for : Foreclosure filings, subprime lenders, subprime loans
21 May 2007 07:22 am
How To Work With Real Estate Professionals
| My husband and I are in the market for our very first house. We believe that this is a good time to buy, especially when mortgage interest rates are still quite comfortable. We know that once we find a house we like, we have to enter into a real estate contract with the seller. Who prepares this contract? What real estate professionals will we (should we) work with, and when do we get them involved in the transaction? |
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search for : mortgage interest rates
20 May 2007 07:00 am
The right of rescission and your mortgage.
| Congress enacted TILA to avoid the uninformed use of credit, the judge said. TILA requires lenders to disclose to the borrower information about the loan, such as interest rate, monthly payments, and total payments over the life of the loan, he explained. TILA includes a notice allowing the consumer to rescind the loan within three business days after consummation of the transaction, delivery of the notice of the right to rescind, or delivery of all material disclosures, whichever occurs last, the judge emphasized. “If the creditor fails to provide the required notice, the right of rescission continues for up to three years after the consummation of the transaction,” the judge noted. |
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search for : TILA, interest rate
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