Rewarding 8 community members with ranks

We are happy to announce that the Community has rewarded 8 valuable members with the ranks "Community Mentor" and "Community Experts".

Sam (Site Admin of MortgageFit) along with Team has reviewed the members' participation and come up with the short-listed members. While short-listing, the Team tried to filter members on the basis of defined criteria, the members' quality and his intention of sharing information.

Jumbo Mortgage rates down but lending rules gets tighter

As a part of the Economic Stimulus Bill, jumbo mortgage limit has been extended especially in higher cost areas. And recently rates on jumbo loans have also dropped down. But in spite of this, borrowers aren’t able to make use of the rate cut or the extended limit. This is because even though rates have gone down, lenders have tightened their lending criteria.

Introducing Finance Video Forum

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.

So you'd like to go for online mortgage quotes?

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.

Not aware of the tips and traps of credit repair?

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.

New FHA Secure Program for more Mortgage help

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.

Make the community aware of the latest in finance

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.

So, you are in foreclosure? Checkout for Chapter 13

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.

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