The U.S. Senate approved a bill on Friday, 14th December 2007, in order to make it easier for thousands of homeowners with inflated interest rates to refinance into federally insured loans and help them save their home from foreclosure.
About 2 – 2.5 million adjustable rate mortgages are scheduled for a reset in the coming year and many borrowers might even lose their homes due to the high interest rates. The Senate’s proposed plan will be a blessing for these “distressed homeowners”.
Under this Senate bill, the down payment required for FHA loans will be lowered down to 1.5% from the current 3%. It will also raise the maximum mortgage amount that FHA can insure in high housing cost areas like California from the current $ 362,790 to $ 417,000.
The economic fallout as a result of increasing foreclosures has been a concern for most of the political leaders and the Senate vote supporting this bill was a reflection of this concern. In spite of several oppositions, the bill was approved with an ultimate aim to improve the present economic scenario. This is truly one of the best Christmas gifts for all the homeowners.
I was just wondering when going through the articles on various financial issues written by Robert. Basically he is a well-known professional in the matters concerning investors. Mr. Valentine currently lives in Huntington Beach, California. His articles on financial planning matters that concern investors have been published by several publications throughout the United States.
His specialized fields:
- Share information on wealth accumulation and preservation
- Assist investors age 60+ with strategies designed to preserve their capital, increase their income and more profitably organize their investments
- Focus on helping pre-retirees and retirees avoid the most common financial mistakes
- Insurance care
Apart from that, he has developed an ‘Essential Retirement Tool’, Federal Income Tax helpline with the complete schedule. Simultaneously maintains a Glossary of financial terms.
“The Mortgage Insiders” is maintained by Rob and Terry, who are 15 year veterans of the mortgage industry. Terri Ewing, and Robb K. Blake are dedicated to restoring the integrity of the mortgage industry through educating both mortgage consumers and mortgage providers about the ethical way to buy and sell home loans.
Robb has written few books on mortgage shopping, foreclosure etc. The book named “No cost mortgage software” attracted me very much. According to Robb, The New Mortgage Insider’s Software Turns Your Mortgage Into a “No Closing Cost” Mortgage Without Refinancing… 100% Guaranteed!
Other good books written by Robb:
- The B.U.IL.D. Mortgage shopping system
- The Home Custody Book
- The No Cost Mortgage
- The Stop your foreclosure now
Some important topics they cover:
- Mortgage Rates
- Mortgage Frauds
- Mortgage Insurance
- Yield Spread Premium
The mortgage industry has a lot to offer in terms of financing options, special programs for first time buyers and down payment assistance. But borrowers are often confused when it comes to choosing the right mortgage for their needs.
There are financial tools using which borrowers can calculate and compare payments before deciding to opt for a loan program. Even then, they fail to figure out which is the right offer for them. Often they are lured by the low initial rate charged by an ARM and then when it resets, they’re simply not prepared to cope up with rising payments. That’s when they decide to refinance again to an ARM or most often to a long term FRM.
What I find is, most people can hardly decide between an FRM and an ARM. They are confused as to whether they’ll go for 30 year fixed rate mortgage or opt for a 5/1 year ARM. To help borrowers decide between an FRM and ARM, Rick Pelleriti, our community member and a mortgage planner and real estate broker, has come up with a white paper consisting of simple calculations on which is better – taking a 30 year FRM or a 5/1 year ARM and then refinancing it almost 6 times.
Have a look at the white paper and you’ll come to know simple calculations that can make a difference in your decision and hence give you financial peace and happiness.
[tags]30 year frm, 5 year arm, frm vs arm[/tags]
Staci Carsten, a real estate professional maintains this blog. He picked up some of the very relevant and useful topics on mortgage & real estate and covered it in the most convenient way. Some of the topics are based on:
Mortgage frauds, Ways to purchase property, foreclosures, tax issues, debt consolidation etc.
Blogger originates from Portland, Origon and started blogging since March 2007. Staci loves to educate young people about personal finance. I think the mortgage community will find this very blog useful.
With the hike in the interest rates on Adjustable rate mortgage, Foreclosure becomes a daily phenomenon in the US finance market. When one goes through the foreclosure, it becomes very difficult for him to improve his credit score. It does not only drop the credit score by 300 points but it is also shown on the credit report for 10 years. So it is very tough to get approve for another mortgage within two years after one has gone through the foreclosure process.
Deed in lieu of foreclosure is one of the smarter ways to avoid foreclosure. If you are having problem regarding your mortgage payments, you should talk to the lender and let him know about your financial hardship and he may find out some solutions for you- like mortgage modification, forbearance etc. If you cannot afford any of these options, you can go for Deed in lieu of foreclosure. Deed in Lieu affects your credit lesser than foreclosure. It will drop your credit score only by 80 to 100 points. And if the sale price is lesser than what you owe to the lender, you need not pay for the deficiency. It will be exempted and that is the biggest advantage of Deed in lieu over Foreclosure.
For security Gmail does not allow you to send files with .exe extension. But if you are sure your exe file is free of viruses and you want to send it then just change the file extension from .exe to .ex
This way gmail will not recognize it as an executable file and will allow you to send it.
Make sure the person you are sending this file changes the back the extension to .exe before launching it.
Hi all,
An exciting experience that I feel like sharing with you - it’s about a presentation I’ve just completed. It’s on Reverse Mortgages - we all know it helps seniors but aren’t there other options doing the same for them?
There are, but which is better - reverse mortgage or the plethora of options such as the Medicaid, Medicare, equity loans, social security and the like? It’s a big question no doubt and I’ve tried to find out the right answer to it!
Seniors are worried about financial support and maintaining their usual lifestyle does get a bit tough when they grow old - keeping such things in mind, I felt it’s time that I do something for them. And what better could it be than a presentation on Reverse Mortgage. It could be simple and easier for seniors to interpret…
Interested to know what’s in it? Have a look at the presentation.
[tags]reverse mortgage, mortgage seniors, senior financial option, reverse mortgage benefit[/tags]
Now, this blog is maintained by Bill Gassett. Bill is a Realtor primarily dealing in properties in Metrowest MA.
The best part about Bill is unlike other realtor’s he is committed in offering advice to home buyers that will help them get the best deal available to them.
You can check out some the post listed below for example.
ATTENTION HOME SELLERS - Don’t get sued because of bedroom misrepresentation!
Making Smarter Choices in picking your Real Estate Agent
SMART QUESTIONS TO ASK THE REALTORS YOU ARE INTERVIEWING
Selling your home in Metrowest MA…don’t waste your time with contingent sales and 1st right of refusal
This Blog is maintained by Jane who address himself as a semi retired real estate expert who has done it all marketing, showing, selling homes, staging, informing!!
She feels that if she had sold her property through a realtor then the profit margin would have been extremely different and that why she is a big fan of FSBO (for sale by owners).
She tries to explain about Why FSBO little differently stating it as “Most people are pretty clear on what For Sale by Owner is all about. What they don’t always understand is just how many reasons there are to choose it”
Also read How to Choose a FSBO Company, if you are planning to sell your home yourself in near future.
All in all a very good resource for owners who sell there properties themselves.
