Could A Swine Flu Outbreak Affect Mortgage Rates?

April 28, 2009

The simple answer to the question of whether a swine flu outbreak could affect mortgages rates is yes. That does not mean we are predicting a massive flu outbreak, it just means that any item in the news can be analyzed to see how it could change the economy and mortgage rates. OK, maybe sports [...]

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Sallie Mae Releases Not-So-Surprising Student Credit Card Debt Statistics

April 27, 2009

Student Credit Card Usage
In a recent 2009 report, Sallie Mae’s “How Undergraduate Students Use Credit Cards” detailed many interesting statistics about the credit card usage of student loan applicants. According to the report, here are a few statistical excerpts:
-         Almost 30% of students pay tuition with a credit card today–an increase of 24% from 2004’s [...]

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Compare Rates on a Reverse Mortgage

April 22, 2009

A reverse mortgage is a loan against the value of your home that is not paid back until you die, sell your home, or permanently move out of your home. To qualify for a reverse mortgage a homeowner must be at least 62 years old and own their house. You can convert the cash in your [...]

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What’s My Next Move If Mortgages Rates Continue to Drop?

April 20, 2009

Since mortgage backed securities have held steady quite recently, mortgage rates are still quite attractive. Many mortgage lenders are offering par pricing in the range of 4.75% for traditional 30 year fixed conventional mortgages. Although these advertised rates are typically reserved for homeowners with excellent credit above 720 and loan to value ratios under 80%, [...]

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Be Careful of Debt Elimination Plans

April 14, 2009

The late night commercials from companies who claim that they can “eliminate your debt” sure sound tempting sometimes. Unfortunately, many people make their financial situation worse by signing up for the shakier of these predatory programs.  Some of these debt elimination programs are pure scams. They advise that there is a way to avoid paying off [...]

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Guide to Debt Relief Through Mortgage Loan Modifications

April 13, 2009

Although credit card debt and personal loans can be quite troublesome, mortgages and home loans can create problems on a much larger scale. Many homeowners around the nation have been struggling to keep up with their mortgage due to a slowing housing market, troubled mortgages, and rising unemployment rates. As a result, mortgage loan modifications [...]

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Who gets the Best Refinancing Rates?

April 7, 2009

The good news? 30-year fixed rates on mortgages are as low as they have every been. Loans as low as 4.75% are available. These low rates could lower monthly payments for millions of Americans. The bad news? Not everyone qualifies anymore. The days of unsubstainted income or low-to-average credit scores passing muster with lenders is gone. The [...]

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Three Questions to Ask Yourself Before Consolidating Credit Card Debt With a Mortgage

April 6, 2009

1. Is There Enough Equity in My Home To Consolidate?
Before even considering a debt consolidation loan, you’ll have to figure out if there’s simply enough equity in your home to consolidate. Depending on your credit history and household income, mortgage lenders will have different qualifying loan to value ratios. For a typical cash-out refinance, many [...]

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