MortgageFit Blog

Hi all,

Here’s something interesting to talk about!

We have come up with the Video Forum in MF to help you share and learn finance the easy way. Our purpose is to empower you with financial knowledge so that you can make wise financial moves.

What is it all about?

The Video Forum is an interactive platform wherein you can add financial videos or browse through those shared by others. What we get to see and hear leaves a lasting impression on our minds. That’s the reason videos are so effective in spreading financial knowledge.

What you need to do is, select a financial video from YouTube and add the video url into the forum. Not only can you add videos, but also you can post your opinion and comment on videos added by others. However, the community will not encourage promotional or commercial videos. They have the right to vote in the negative and prevent anyone from posting such videos. Only helpful videos will be allowed into the forum.

Who can add videos?

Only registered members will be able to share finance videos into the forum.

How do you benefit?

As a community member, you get the chance to add financial videos, share information and earn dollars. Whereas, lenders can add videos and refer them to their clients thereby helping in their business promotion.

So, are you interested to share and learn through videos? Check out the MF Video Forum .

[tags]finance video forum, add finance video[/tags]

I find a lot of websites offering mortgage quotes online itself. What I mean is, not simply applying for quotes online but applying as well as getting the quotes online. Whether it is preferable or not, is quite controversial. Some say it’s fast and easy, and you don’t have to take out time to visit the lender’s office or call up to discuss your financial situation and do some analysis before getting the loan. While others like me feel the best is to have a talk with the lender/broker. After all how do you explain why you were late on your payments or what your liabilities are if you aren’t having a talk. It isn’t possible to write down everything on a piece of paper and who has the time to read so much. None I guess!

Well, with due respect to the companies out there I don’t think getting quotes online are reliable enough with respect to your specific situation. What I mean is, the lenders are not able to get an overall idea about your situation, and analyze what to do if you’ve had any credit problems. Moreover, the industry has a wide variety of loans to offer and as such it’s not easy to select the right program for you simply by going through the little details you provide.

The lenders need to analyze your financial situation and creditworthiness, assess your ability to pay off loans and take into account your liabilities prior to approving your loan. But this is only possible if you attend a face-to-face meeting with the lender and discuss your loan options along with any credit repair steps to be taken. That’s the reason I feel, getting quotes online won’t do much for the borrower. It’s very generic and in most cases borrowers end up getting the best offers. And then later on when he applies and gets approved, he finds himself being offered something which he can’t afford.

Thus, one can opt for companies which gives the chance to apply online and wait till lenders/brokers review their basic information and contact them depending upon whether the latter are comfortable signing a deal with the former.

Just in case you’d like to take a quick look at the entire discussion on how reliable are online mortgage quotes, refer to http://www.mortgagefit.com/quote/online-reliable.html

[tags]online mortgage quote, online mortgage, mortgage quote[/tags]

Hi All,

Having a good credit record is a primary factor for getting some of the best mortgage offers. But in today’s market, one of the major concerns for those looking for mortgage is having bad credit.

Due to low score or negative remarks on credit report, sometimes it’s simply not possible for us to get a mortgage and fulfill our dream - that of having a Sweet Home. And even if we get an offer, the rates and fees are too high.

So, all you do is to leave aside your dream home just because you don’t qualify to be the most creditworthy borrower! Or else you take out loans with higher rates and payments and then like many out there end up in foreclosure which seems to be rising day by day.

It’s time now to wake up and start thinking on it. By this I mean, we need to think twice if we’re looking to get mortgage and our first job then will be to check our credit status and start analyzing what went wrong or how we can make it even better.

“Oh no! How could you analyze it? You are not aware of any tips and traps of making your credit better” – This is what you may think and frankly speaking this is what I often used to think.

For all those having credit issues, there’s nothing to worry about! MortgageFit Credit Repair Tool is your solution.

MortgageFit has come up with a tool “Credit Repair Tool - Analyze and fix your Score“.Here you can start analyzing your credit report yourself and get valuable suggestions to repair all your negative remarks for 5 main sections that can bring down your score by several points:

1. Bankruptcy
2. Charge-Off
3. Collection
4. Judgment and
5. Late Payment/Delinquency.

So what are you thinking? Let’s start analyzing your credit! And while you do so, don’t forget to leave behind a comment stating how this tool helped you.

[tags]credit repair tool, credit analyzer, improve credit score[/tags]

The Bush administration has come forward with additional mortgage help for borrowers who are facing problems with their mortgage payments and are at risk of facing foreclosure. The FHA has announced a new plan, the FHA Secure Expansion, which will be backed by the Bush Administration, for the struggling borrowers so that they can keep up with the monthly mortgage payments.

The borrowers, who miss payments in 2 consecutive months or at 2 different times in the last 12 months, will be able to refinance with FHA Secure Expansion program if they meet 97 percent loan-to-value ratio requirement. Even borrowers having 3 missed payments in 3 consecutive months or at 3 different times in the last 12 months can refinance if they meet 90 percent LTV ratio requirement. The lenders will have to ensure that the borrowers have the capability to pay back their mortgages.

Borrowers who are currently using FHA Secure is saving on an average 400 dollars per month than their previous sub-prime loans. So the bottom line is that the government is providing a golden opportunity to the sub-prime borrowers so that more people can refinance with FHA Secure and avoid facing foreclosure.

For further details, check out the community discussion on FHA Secure Expansion

[tags]fha secure expansion, fha refinance, mortgage help, avoid foreclosure[/tags]

Hi All,

Today we have come up with our Industry News section with a new look and after fixing some logical bugs.

Now the community members can share any mortgage news or latest happenings in the mortgage or finance industry from any news site or blog.

I personally feel, it will give a platform to financial bloggers who can share their interesting blog posts covering industry happenings with a large community and collect their comments.

And the members who don’t have their own blog can also share any new site or other blogs covering latest industry happenings with the community.

So, let’s make our community aware of the latest in finance!

Are you in a situation where the lender has declared foreclosure and you don’t know what the next step is for you? Well, there are workout options such as an alternative repayment plan, loan modification, or a partial claim to try out for. But such things are ok only if you wish to preserve the home.

What if you wish to move out? Well, you’d probably negotiate for a short sale if you’re upside down on the mortgage. Or perhaps you may try to negotiate for a deed-in-lieu because this is one option where you need not pay the deficiency as the law says.

But how about keeping the home and at the same time paying down the mortgage? This is quite possible if you’re filing bankruptcy chapter 13 which allows you to follow a repayment plan (approved by the trustee and your lender) and pay off a part or whole of the mortgage within a period of 3-5 years so that the rest can be paid off using a separate repayment plan or a refinance as allowed by the lender.

Interested to know more? Check out why chapter 13 is often a far better option .

[tags]chapter 13 or foreclosure, chapter 13, avoid foreclosure[/tags]