Bank foreclosures are on the rise due to current economics in the United States. Banks foreclose on homes when the homeowner is unable to make monthly mortgage payments. In some cases, bank foreclosur…
Original post by default@goarticles.com (Simon Volkov)
Recent figures released by the Council of Mortgage Lenders reveal that home owners in the UK are more likely to seek advice from intermediaries when they remortgage their homes. The alternative is for…
Original post by default@goarticles.com (Michael Sterios)
Here’s the basic definition of a contingency: it’s a condition or event that must be fulfilled before a real estate contract is binding on all parties involved.
There can be many contingencies in…
Original post by default@goarticles.com (Jack Sternberg)
The summer vacation season is officially upon us. The question is: With high gas prices and fears about a recession, will people take a holiday trip this year?
Original post by Consumers Advantage Mortgage
PMI, or private mortgage insurance is required on any 1st mortgage with a loan to value of 80% or greater. Contrary to what many believe, its purpose is to protect the lender (not the mortgage holder) in the event of a default on the mortgage. As you pay down your mortgage to below 80% LTV (most require you to pay down to 78%), you should consider what your options are for getting rid of this extra payment.
1. Keep up with homes are selling for in your neighborhood. If you are at 78% loan to value based on what comparable homes are selling for, then simply call your lender to discuss this with them. Personally, I would call even at 80%. They may require you to put your request in writing and they may require an appraisal which you will need to pay for.
2. Refinance. If you know that your home would appraise for at least 20% more than you owe, then perhaps a refinance should be considered. This can accomplish many goals such as reducing your rate or converting an adjustable rate to a fixed rate at the same time. Just know that you will incur fees so make sure there is room for those fees within the 80% loan to value ratio.
3. Pay Down Your Mortgage aggressively. If you aren′t close to being at the 80% LTV, then you need to look at how you get their as quickly as possible. You can pre-pay principal to make this happen, but the absolute best way to pay down your principal in the fastest amount of time is with a Money Merge Account. The Money Merge Account is a new system being used by thousands of homeowners across America to reduce their mortgage by 1/3 to 1/2 with out refinancing. It’s not for everyone, but currently, you can get a FREE Mortgage Savings Analysis from MortgageZapper.com. I highly recommend the Money Merge Account as a valuable financial planning tool. It will not only help you reach your goal of paying down your mortgage to reduce PMI, but will help you achieve the seemingly unattainable goal if paying off your mortgage completely.
Once you get that extra $50 - $200+ in your pocket every month, I strongly recommend speaking with an investment advisor to discuss the best way to make it grow even further.
Original post by Consumers Advantage Mortgage
The sharpest drop in housing prices in 50 years
poses a “significant” risk to the U.S. economy, but the Fed’s rate cuts
should be felt in the second half of the year, according to one Fed
official on Friday.
Boston Fed President Eric Rosengren said the U.S.
housing market is a small part of GDP but the slump, the effects of which
are widespread, may last longer than anticipated.
Rosengren said it is important for servicers to help economic growth
by making loan modifications where appropriate…
Original post by Darin
Edward Arnold Septon, 59, Naples, Florida, was sentenced to 70 months in prison and five years supervised release for his involvement in a fraudulent mortgage brokering business that resulted in a loss to area banks of more than $2.3 million.. Septon was the founder and leader of First Rate Mortgage Group, a mortgage brokerage business known to be extensively engaged in mortgage fraud.
On May 12, 2008, Christopher Adam Horton, …
Original post by default@goarticles.com (Jennifer Morva)