Should You Buy a Car Before Closing on a Home?
Should you buy a car before closing on your new home? For many home buyers, when they're looking for a new home they also happen to be looking for a new car, new appliances and new furniture. That's a lot of cash leaving your wallet (or being charged in your charge card) all at the same time. It…
Why Won't The Mortgage Lender Refinance This Investment Property?
Are you thinking about buying investment property now that prices have dropped? Unless you're paying with cash, you're probably trying to figure out how to finance a piece of investment property.
Mortgage lenders are willing to lend cash to those real estate investors who have at least 25 percent in…
Lender Refuses to Refinance Investment Property
Two real estate investors own an investment property together. Both names are on the deed, but the mortgage is in one partner's name only. The partner listed on the mortgage now wants out of the deal and has agreed to sell his interest in the property to the co-investor for $30,000 that is left on…
$8,000 First Time Buyer Tax Credit Mortgagee Letter
On May 29, 2009, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan issued guidance that allows first-time buyers who get an FHA loan to "monetize" the $8,000 first-time home buyer tax credit. In short, you can now apply the $8,000 tax credit to your FHA loan closing…
Use $8,000 Tax Credit Toward Costs With FHA Loan
HUD Secretary Shaun Donovan announced on May 29, 2009, a program that will allow first-time buyers who use FHA financing to apply the $8,000 federal first-time buyer tax credit toward loan closing costs. In a speech, he announced that FHA-insured loans would allow buyers to turn the credit into cash…
Economists Predict Recession End Soon, But Recovery Slow
The National Association of Business Economists are feeling similarly to the consumers polled by the Conference Board in May - that is optimistic. NABE released a survey today that states that its economists expect the recession to end soon, with a moderate recovery pace.
On the other hand, NABE's…
FHA Eligible Mortgage Lenders And Brokers
Federal Housing Administration (FHA) loans have very specific rules and regulations. Are mortgage lenders eligible to originate loans if they also have a real estate license, like from a previous career? We talked to a spokesman from the FHA and did a little digging in the FHA handbook to try to…
Is Your Mortgage Broker Allowed To Originate An FHA Loan?
Can a mortgage broker originate an FHA loan if he or she also has a real estate license? The FHA prohibits brokers who are "actively selling" real estate from getting FHA loans. However, the eligibility requirements for FHA lenders don't address real estate licenses. If you're a mortgage lender, but…
Where Should Your Tax Dollars Go?
Real estate attorney Sam Tamkin responds to a reader who is upset by hearing about taxpayer dollars being used to help people stay in their homes.
I don't mind paying taxes for things that I can see the use for: roads, public safety, garbage collection. And I don't mind helping people who can't help…
Lenders And Borrowers Need To Work Together To Find A Plan To Save Money
In this economic crisis, there are many different viewpoints over what caused the mortgage situation and what should be done to solve the economic problems. Real estate attorney Sam Tamkin talks about a program he is participating in to work with lenders and borrowers to work through their mortgage…
Fewer People Refinance Mortgage Loans, MBA Reports
For the week ending May 8, the number of mortgage applications filed fell by 8.6 percent from a week earlier, reported the Mortgage Bankers Association today.
MBA's Refinance Index dropped by 11.2 percent while the Purchase Index increased by 0.5 percent from a week earlier, on a seasonally adjusted…
Mortgage Lender Change May Prevent Jumbo Mortgage Loan Terms
As the mortgage market contracts, some mortgage lenders are buying other lenders and then requiring existing borrowers to reapply for mortgage loans. The new mortgage lender may not want to honor the terms of the other mortgage lender's loan. This may be especially true for jumbo loans, which may be…
Three Rules For Refinancing Your Mortgage Loan
Deciding whether to refinance a mortgage loan involves more than just getting a lower interest rate. For a refinance of your mortgage loan to be worth it, you have to achieve three things: lower your mortgage loan interest rate, lower your mortgage loan monthly payment and shorten the length of your…
Does Refinancing Mortgage Include Loan Forgiveness?
With the federal government announcing a lot of loan modification and refinancing programs to help homeowners it may be hard to know what's a legitimate refinancing deal. Is it reasonable for a mortgage lender to offer to forgive some of your principal balance when you refinance? It depends whether…
Mortgage Lender May Have Long Term Access To Your Credit History
When you apply for a mortgage you allow the mortgage lender to access your credit history and other financial data. But how long can a mortgage lender pull these records? In many cases, a mortgage lender may access your credit history indefinitely in order to screen you as a customer for other…
Refinance To Save Costs Pending Divorce
When you're facing divorce you may have to figure out what to do with your primary residence. If you plan to keep your primary residence but have to live on a smaller income, you may want to refinance to get a better interest rate and save money. How can you decide whether it makes sense financially…
Mortgage Loan Modification Possible With Declining Home Value
Can you refinance your mortgage loan when you owe more on the property than its current home value? Your mortgage lender may be more likely to grant you a mortgage loan modification or refinance since the federal government has been offering mortgage lenders financial incentives. Learn how to…
Mortgage Lender May Lower Interest Rate On Loan
In light of the credit crisis you may be wondering whether you can get your mortgage loan modified. One type of loan modification is having your mortgage loan interest rate lowered. To find out whether you qualify for this kind of mortgage loan modification you should contact your mortgage lender…
Mortgage loan application volume surged 32 percent last week, according to the Mortgage Bankers Association. That means the number of applications filed for new mortgage loans increased.
The mortgage loan application volume also increased 18 percent from the same week a year ago, MBA announced.
…
Use Developer's Mortgage Lender Or Your Own?
Because the mortgage market is very local, it's tough to say what lender will offer the better deal. Developer of new construction homes often work with lenders to put together long-term financing packages for buyers and could be a viable option. The way to get the best deal is to call three or four…
Mortgage Industry Group Calls For Regulation
Perhaps they saw the writing on the wall. The Mortgage Bankers Association is calling for federal regulation of the mortgage lending industry. And not only do they want it, they're offering bullet points for what Congress should include in the legislation!
Is it a conflict of interest? MBA is…
The Catch Of Zero-Closing-Cost Loans
Most lenders offer loans with zero closing costs, but those loans come with higher interest rates. If you’re closing costs seem high, determine what is included. Shopping around with different lenders and checking out various closing costs will help you zero in on the best deal.
Ilyce Glink Show - March 22, 2009
Welcome back to the Ilyce Glink Show. Once again, it's been an interesting week:
Getting Pre-Approval From Lender
For some lenders, pre-qualification and pre-approvals are the same thing. As a borrower, you’ll want a lender to give you a written commitment to fund a loan. Lenders might approve more than you can afford, so remember that it is up to you to make sure your loan works with your budget.
Blog: Making Home Affordable Mortgage Modification
Here's the updated FAQ from the White House on the Modification program under the new Making Home Affordable program. For more information, check out MakingHomeAffordable.gov.
HOME AFFORDABLE MODIFICATIONS
Q: Can Making Home Affordable help me if my loan is not owned or securitized by Fannie Mae or…
