Requirements for VA Loans And Your Spouse
VA home loans have their own set of requirements. The Veterans Administration (VA) sets the rules for these loans and the lenders follow them. While VA rules allow for greater borrower flexibility in getting a loan, there are certain minimum lending requirements that the borrower must comply with in…
Lender Will Require Tax Documentation From You When Buying A First Home
Back in the booming real estate market days, lenders might not have required much documentation from borrowers. But with the change in the real estate market and dropping real estate values, lenders will look at every piece of paper. A loan application will seem like it takes forever and the lender…
Loan Modification or Refinance? Weigh Payments and Fees
Are you better off with a loan modification, refinance to a new loan? Will your monthly payments be lower with a new loan? How much will you pay to refinance your loan? Will refinancing cause you to pay more over the long run? If you have a loan modification you may be considering a refinance to…
Refinancing Low-Balance Loan Not Worth Refinance Fees
Make sure you calculate the costs of refinancing before trying to get a new loan. If you have a low balance loan, a lot of lenders won't even let you refinance. And refinancing wouldn't make any difference in your monthly payment, anyway. If you decide to refinance, make sure you understand the…
How Long Should You Keep Tax Records?
How long are you required to keep your tax records? The IRS only requires you to hold onto your tax records for seven years. A lender might want to see your tax records from the last few years, but they should not require anything further back than that. If a lender wants to see older tax records…
3-2-1 Mortgage Buydown Helpful For Work Relocation
A 3-2-1 mortgage buydown will reduce the interest you pay on your mortgage. A mortgage buydown is used by some companies as an incentive for work relocation and to help with changes in cost of living. A 3-2-1 mortgage buydown can help make your expenses more manageable, but should not be used as a…
When Should You Refinance a Mortgage
Should you be thinking about refinancing? A lot of people jumped on the recent all-time low rates, but just because mortgage rates are low doesn't mean you should be refinancing. When should you think about refinancing? If you can get a low interest rate and keep a short term on your loan, it might…
Loan Modification: 6 Things To Do If You're In Loan Modification Hell
Bank of America knows that many Americans are frustrated with the slow pace of loan modifications. The company provided six things you can do to help speed up the process. Call your servicer at off-peak times, prepare loan documentation in advance, make the trial modification payments on time…
Mortgage Loan Modification Hell? Here's What The Obama Administration Is Doing To Help You
The Obama Administration kicked off its nationwide campaign to help borrowers who are in the trial phase of mortgage modification get their loans converted to permanent modification status. The goal is to have at least 375,000 borrowers converted to permanent loan modification status by the end of…
Refinancing? Mortgage Interest Rates At New All Time Low
Freddie Mac reported today that mortgage interest rates fell again and hit a new all-time low. Should you refinance? And what should you do if you already locked in your new mortgage interest rate? Should you break the interest rate lock? What about float-down options?
Ilyce Glink Show Notes - November 29, 2009
Are you in loan modification hell? Treasury is supposed to begin pressuring lenders to do more loan modifications. 50 Simple Steps You Can Take To Disaster-Proof Your Finances. FREE BOOKS; EBOOK DEALS; Join me on Clark Howard tomorrow, 1-4p ET.
Clark Howard Show Notes - November 25, 2009
; Happy Thanksgiving. Ilyce's Annual Turkey Recipe; Consumer spending rose in October; U.S. jobless claims fall slightly; New Home Sales Rise; Mortgage Rates Match 50-year low; Black Friday Deals of the Day; FREE BOOKS/EBOOKS. Ebates.com; blastoffnetwork and ebates
Selling A Home And The Due On Sale Clause
If you are selling your home and are not planning to pay off your loan, you should know that your loan probably has a due on sale clause. The due on sale clause allows the lender to call the loan due. The lender can accelerate the payments owed and force you to pay off what is owed on the loan. If…
Ilyce Glink Show Notes - November 15, 2009
Today on the show, we discussed the new Fannie Mae Deed For Lease Program in Detail; the new CreditKarma Survey on credit card debt; The October 2009 Realty Trac Foreclosure survey; Divorce and Mortgages; Mike Rose, a senior loan officer with Bank of America, came on to talk about some of the new…
Should I Refinance My Mortgage?
Mortgage interest rates keep falling, now below 5 percent. Should you refinance your mortgage? It's more difficult to get a mortgage refinance in today's lending market, but it might be worthwhile to try to refinance your mortgage. Will it reduce your monthly mortgage payments? Will a mortgage…
Loan Modification Help: Get Some Answers From The Bank CEO
Are you in loan modification hell? Like thousands of other people, this reader has filed for a loan modification, but can't get any answers about the future of his loan modification from his lender. The banks are swamped with loan modifications and foreclosures right now, but you deserve answers…
Taylor Bean and Whitaker: Answers for Taylor Bean and Whitaker Customers
Taylor Bean and Whitaker: From reader comments and questions, we have some answers for Taylor Bean and Whitaker customers. Dealing with the failed mortgage servicer has been frustrating for customers who are concerned about the state of their mortgage loan. Most answers won't come until after the…
Reverse Mortgage Threatening Home Equity For Seniors
Senior's Home Equity may be at risk from reverse mortgage lending abusers, according to a report from the National Consumer Law Center. Reverse mortgages are being used by abusers of the subprime mortgage market as “tools” to profit from seniors. The National Consumer Law Center thinks that if…
Taylor Bean & Whitaker Customers Using ‘Equity Accelerator’ Program
Taylor Bean & Whitaker Update: October 7, 2009 -- For Taylor Bean & Whitaker customers who have been having trouble with their escrow payments and a program called Equity Accelerator we have an update on how to handle your payments with Taylor Bean & Whitaker. Below we have tips from the…
ARM Refinance May Be Required To Lock In Low Monthly Payment
If you have an adjustable rate mortgage (ARM), the loan interest rate will adjust at the end of the fixed interest rate period for the loan. When the ARM does adjust, the amortization of the loan will continue in order to have you pay off the loan in full at the end of the loan term. If your ARM was…
Taylor Bean and Whitaker: Where Are Mortgage Records Kept?
Taylor Bean and Whitaker Update -- September 25, 2009: With all the confusion happening with Taylor Bean and Whitaker, there are more situations arising where people can't find the information they need. More answers should come after the October 31 deadline set by bankruptcy court, but for now…
Taylor Bean And Whitaker: Continuing Mortgage Lender Problems
Problems persist with Taylor Bean and Whitaker loans, including those loans handles by Cenlar Bank. The continuing mortgage lender problems have these mortgage borrowers scrambling for answers. Call centers are overwhelmed and mortgage borrowers' questions remain unanswered. What do you do if you…
Refinancing Mortgage Only If You Reduce Your Monthly Payments, Term and Refinance Costs Are Low
Refinancing a first mortgage and/or a second mortgage or home equity line of credit may not be right for everybody.
If you refinance the mortgages will you reduce the amount you owe on the mortgage loan?
Will you reduce the number of years left to pay on the mortgage once you refinance the mortgage…
Ilyce Glink Show Notes - September 20, 2009
Ilyce Glink Show Notes September 20, 2009: Umemployment numbers up and down, job creation elusive; best time for prepaying mortgage; How to Profit from Foreclosures Event October 24, 2009. Use discount code: crystal; FREE BOOKS AND EBOOK DEAL. SEE BELOW FOR DETAILS. Taylor Bean Whitaker links;
Taylor Bean & Whitaker Mortgage Company Frozen Accounts
Taylor Bean & Whitaker Mortgage Company Update: September 15, 2009: Taylor Bean & Whitaker frozen accounts. We're hearing from a number of Taylor Bean & Whitaker customers that their accounts have been frozen. Is this happening to you? Please leave your story or question here. I'm…
