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Beware of paying for a credit fix: It's a scam

By: Kenneth R. Harney Home Loans Views: 29947 | Comments: 1 | Votes: 1

Kenneth R. Harney

WASHINGTON – Picture this: You're eager to take advantage of today's troubled real estate market and buy a foreclosed house at a fire-sale price. The problem is you don't have much money for a down payment. And your credit files are scuffed up with late payments. But can they really do what they claim? According to a complaint by the FTC filed in U.S. William I. Kenneth R. More

Cancellation of Private Mortgage Insurance:, Federal Law May Save You Hundreds of Dollars Each Year

By: WiseSaver Home Loans Views: 14127 | Comments: 0 | Votes: 0


If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. For these loans, your PMI may continue. More

First-Time Homebuyer Credit Comparison Chart

By: Tax Advisors Home Loans Views: 11984 | Comments: 0 | Votes: 0

Tax Advisors

First-Time Homebuyer Credit Comparison Chart     Housing and Economic Recovery Act of 2008 American Recovery and Reinvestment Act of 2009 Worker, Homeownership and Business Assistance Act of 2009 Effective for purch More

The Important Question You're Probably Not Asking When You Shop Mortgage Rates

By: Mark Fitzpatrick Home Loans Views: 7278 | Comments: 0 | Votes: 1

Mark Fitzpatrick

If you're planning to apply for a refinance or purchase home loan, it's always a good idea to shop around with at least three different lenders to make sure you're getting the best deal. Even more important than just shopping around is that you shop right, meaning you know the right questions to ask to make sure you’re comparing loan offers that are truly apples to apples. More

Where Is Our Economy Headed?

By: Mark Goldman Home Loans Views: 6987 | Comments: 0 | Votes: 0

Mark Goldman

Here is my comments to an article from The original can be found at: I do not believe the economy will change if the people running it are the same guys that put us into this tailspin. Goldman Sachs had a great quarter with bailout money. Who will take up the slack? More

Just stop paying your mortgage

By: Peter Schiff Home Loans Views: 5990 | Comments: 0 | Votes: 0

Peter Schiff

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Here's why. More

Stocks cheer latest cut in rates

By: Art Of Saving Home Loans Views: 5835 | Comments: 0 | Votes: 0

Art Of Saving

By Barbara Hagenbaugh, USA TODAY   WASHINGTON — The Federal Reserve, battling recession and a fearsome credit crunch, cut interest rates by a hefty three-quarters of a percentage point Tuesday and said the economic outlook has deteriorated, suggesting more rate cuts could be on the way. The cut matched the most aggressive move since they began targeting the rate in 1990. More

Stricter rules for adjustable-rate mortgages

By: Mark Goldman Home Loans Views: 5629 | Comments: 1 | Votes: 0

Mark Goldman

New mortgage rules the Consumer Financial Protection Bureau announced Thursday will change how lenders decide if borrowers qualify for adjustable-rate mortgages. The "ability to repay" rule, which goes into effect in January 2014, requires lenders to consider more than just the loan's initial interest rate in determining whether someone can afford the loan. Consider a 5/1 ARM. More

Proposed new mortgage rules may spell trouble for homebuyers

By: Kenneth R. Harney Home Loans Views: 5436 | Comments: 0 | Votes: 0

Kenneth R. Harney

You may have seen reports that the federal government is proposing new mortgage-finance rules under which only home purchasers who can afford a minimum 20 percent down payment on a conventional loan would get a shot at the best available interest rates and terms. Freddie Mac, for example, has an overall debt-ratio limit of 45 percent of an applicant's stable monthly income. Tough. More

Should maternity leave ever constitute a reason to be turned down for a home mortgage?

By: Kenneth R. Harney Home Loans Views: 5246 | Comments: 0 | Votes: 0

Kenneth R. Harney

You might think not, but two new legal actions by federal fair lending regulators suggest the mortgage industry — and even federally run financing giants Fannie Mae and Freddie Mac — may need to address the issue. In one case, a Seattle physician settled a discrimination complaint with Cornerstone Mortgage Co., a national mortgage banking firm based in Houston. . . Kenneth R. More