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You must have been advised in the past, when applying for a mortgage as to all the dos and don’ts. But now it’s time for you to be in the driver’s seat and take charge of this round of Q and A and make sure you extract as much pertinent information as you can from your mortgage officer before buying a house. While customers are expected to jump through the highest hoops in order to impress their mortgage officer, their mortgage officers are not as forthcoming with information as their clients are expected to be. Here

On November 6th President Barrack Obama signed a bill extending and expanding the tax credit for first homebuyers. The $8,000 first home buyers tax credit has been extended till June 30. In addition to this the government has also decided to expand the tax credit to another $6,500 to encompass current home owners who are looking to make new purchases. Changes To The Homebuyers Credit In an interesting move by the government to spur market sales the government has extended the homebuyer tax credit to existing homeowners as well. In order to qualify for the homebuyer credit, homeowners should have

In the not so distant past it was possible to get a no down payment mortgage loan or a 100 percent lend as the market place calls it. However with the recent economic meltdown and tightened lending policies, no deposit loans are fast becoming the “Dodos” of the banking world. In other words they are extinct. This leaves clients with the obligation of coming up with sufficient funds to be able to secure a mortgage nowadays. Come to think of it, one of the chief advantages of putting down a down payment for mortgage is that it creates instant

The Obama government in line with its “Making Home Affordable Program” put into the place the Parallel Second Lien Program to help honest home owners combat the growing financial pressure and stay in their homes longer and achieve greater affordability. These 2nd lien efforts are being taken to help home owners keep their houses and in tandem combat the growing US foreclosure situation and stabilize the housing market which in turn will strengthen the economy. Main Aim Of The Second Lien Program The Parallel Second Lien Program is designed to work in tandem with the first lien program under the

A lot of consumers with FHA home loans have been asking the questions as to whether they are entitled to a refund from the Federal Housing Association. The answer to this may be a “YES”, provided you took out your FHA home loan post 1st September 1983, have been up to date on your FHA home loan payments and paid an upfront amount for your FHA home loan mortgage insurance. In accordance with the rules laid out by the Department of Housing and Urban Development (2), upfront mortgage insurance of MIP is a requirement on most FHA loans. FHA requires these

Consumers looking to buy a new house can now heave a sigh of relief as the USA government has decided to allow first home buyers a tax credit of up to $8,000 on the purchase of their new homes. However it is important that consumers understand the criteria and implications of the first-time home buyers tax credits. (more…)

Consumers often are of the opinion that refinancing is a hassle free process which will relieve them of their building financial stress. This however is not necessarily true. If you are not aware of the things to look out for when mortgage refinancing, you could end up taking three steps backward instead of forward. Consumers who are unsure of what to look out for when refinancing should do a bit of research and home work as to evaluate what their options are with regard to refinancing. Costs Of Home Loan Refinancing This is one of the most important things to

Every now and then individuals ponder on how to pay off their mortgage loans faster.  Lets face it, every individual would like to lead a debt free life and your mortgage is one of the most important debts you will acquire in your life. Being able to pay off your mortgage early is not only beneficial because you have gotten rid of a major debt but also because it will open up a lot of investment avenues for you. Below mentioned are a few tips top help

Often consumers in the senior age bracket query what is a reverse mortgage and what purpose if any does it serve. Before analyzing reverse mortgages, one must bear in mind that reverse mortgages are available to senior citizens and enable them to release any used equity in their property. Reverse Mortgage Information: How Does It Work With a regular mortgage loan, the mortgagee makes monthly contributions and that regularly reduces the balance of the loan. At the end of the 30 years, the loan is paid off and the property is released from the holding of the bank or finance

Home Equity Loans, also known as HEL have gained a lot of popularity in the past few years. These home equity mortgage loans are a good way to fund expenses such as improvements and repairs around the house or unexpected bills or even higher education. Home equity loans are often a second mortgage on your property and consequentially reduce the equity component in your house. HEL’s in addition also create a second lien/charge on your property. One must however remember that in order to be considered for a home equity loan it is a given that the consumer