In a home equity loan, the consumer takes out a second mortgage on their home by essentially borrowing against how much of the home they actually “own.” (Basically how much of their current mortgage amount has been paid.) That “equity” is measured against how much the property is currently worth on the real estate market… Read more »
Posts Categorized: Home & Mortgage Refinance Information
Learn more about the debate on how to stimulate the economy.
Read why relatively few Americans will benefit from all-time record low mortgage rates.
Learn more about the latest housing market banking scandal.
Heraclitus once wrote that “all is flux; nothing stays still”. In the home ownership arena, this change takes the form of mortgage refinancing. Studies show that the average American enters into a mortgage refinance almost every five years. Mortgage refinancing is defined as the process of taking out a new secured loan to pay off… Read more »
One of the most comprehensive consumer protection laws regulating credit is known as the fair credit reporting act. Enforced by the Federal Trade Commission, this federal law requires credit reporting agencies (CRAs) to act fairly and equitably when collecting, disseminating, and utilizing consumer credit information. The act ensures that credit bureaus ensure the accuracy, pertinence,… Read more »
In an effort to aide homeowners in the growing mortgage crisis, the federal government has announced it will make changes to its Federal Home Loan Administration insured-loan program. Now, a wider range of individuals will be able to qualify for the program. Consequently, these modifications, along with lowered interest rates, have caused an increase in… Read more »
How Does a Reverse Mortgage Work? Reverse mortgages are becoming increasingly popular as senior citizens learn more information about the concept of how a reverse mortgage works. A reverse mortgage works like a regular home mortgage loan, but in reverse, which means that the reverse mortgage would allow you to receive tax-free payments in exchange… Read more »
The growing concerns about the mortgage market have been leading to great unease in the corridors of the Federal Reserve (Fed). The Fed is concerned about growing foreclosures and continued stability of the mortgage market. The central bank is putting forward proposals that would enhance protections for home buyers and restrict abusive lending. The subprime… Read more »
It is surprising that a study would find an option adjustable rate mortgage (ARM), the best mortgage available. The August 2007, Columbia University and New York University study found that in an optimal environment, an option ARM or a combination of an interest only mortgage with a home equity line of credit (HELOC) work best…. Read more »