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2010 Mortgage Rates Lowest in 6 Decades

December 27, 2010

As we come to the end of 2010, it’s time to sit down and marvel over low mortgage rates. This year, mortgage rates were the lowest they have been in over 60 years. There may have been a whole lot of bad news in 2010, but mortgage rates did not fit in that category.

Here are [...]

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Debt management in 2011: Considering debt consolidation options

Recovering from a holiday debt hangover can be worse than recovering from  New Year’s revelry. Debt consolidation provides a first step toward streamlining and organizing consumer debt. There are two options for debt consolidation including debt consolidation loans and debt consolidation through credit counseling.
Debt consolidation loans: Secured and unsecured loans

Secured debt consolidation loans require collateral [...]

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Government refinance mortgage programs

December 20, 2010

Fannie and Freddie may soon have a distressed refinance product similar to the FHA Short Refinance. Joseph Smith, the candidate expected to be the new head of the Federal Housing Finance Agency is considered partial to this topic on the White House’s agenda. Once Smith is confirmed by Congress, he will oversee Fannie and Freddie, [...]

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Credit card debt: Whistleblower claim highlights need for consumer savvy

December 19, 2010

The Huffington Post is reporting that a major credit card company is facing a whistle blower complaint filed with the Securities and Exchange Commission (SEC) concerning the company’s alleged mishandling of credit card accounts and destruction of data related to consumer credit card accounts. It’s important to note that the person filing the lawsuit is [...]

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Mortgage help: When should you lock your rate?

December 18, 2010

Locking a mortgage rate is a commitment to the lender who is funding your refinance or purchase mortgage. You are saying to the funding lender (who may be different than your loan officer or mortgage broker), I am committed to closing this home loan at the interest rate we are agreeing on. In a way, [...]

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Avoiding credit card debt: Obama aide calls for consistent consumer disclosure

December 13, 2010

In an interview for a forthcoming television broadcast, Obama aide Elizabeth Warren discusses the need for further assisting consumers with understanding and selecting mortgage loans and consumer credit including loans and credit cards. Citing FDA requirements for nutritional labeling for food products, Warren suggests that a standardized protocol for informing consumers about loans and credit [...]

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Mortgage rates hit a six month high

December 9, 2010

4.61 percent with 0.7 points still seems like an amazing interest rate for a 30-yr fixed mortgage. But, according to the Freddie Mac Primary Mortgage Market Survey (PMMS), 4.61 percent is the highest the 30-yr fixed has averaged since June 24th of this year. If you are considering a refinance, contact a mortgage lender quickly, [...]

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Credit card debt: Research suggests using credit and debit cards leads to more spending

December 8, 2010

After finishing your holiday shopping at the mall, you figure, “Oh what the heck — I’m tired and hungry, so let’s splurge on a nice lunch”. This scenario is familiar to many, but have you ever considered why we’re inclined to spend more when using credit cards, and even debit cards?
Reporting for Salon.com, Andrew Leonard [...]

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Good news: Consumer bankruptcies declining Bad news: It’s holiday shopping season

December 1, 2010

Holiday shoppers are out in force juggling their shopping lists with concerns about the economy in general and their budgets in particular. Whether the news of declining consumer bankruptcy filings — the lowest since February — will keep consumers on track with spending is anyone’s guess.  Before hitting the malls with a wallet full of [...]

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