Latest News in Mortgages and Home Loans- Aug 11, 2009

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Is Now the Time for a Reverse Mortgage?
Image by Alex E. Proimos via Flickr
Many seniors are lamenting the hit taken to their retirement accounts and other investments. As a result, they are looking for a little extra cash to help them ride out this recession while not depleting the principal in investment accounts. One of the ways to do this is through [...]

Will 50% of Mortgages Be Underwater by 2011?
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Today, Deutsche Bank forecast that by 2011, 50% of mortgages will be underwater. BloggingStocks reports on some of the findings of the study:
Declines in home prices and the fact that some of those difficult mortgages just aren’t going away put 26% of homeowners in this situation by the end of last March, and [...]

Is a 30-Year Fixed Mortgage Really the Best Deal?
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Ever since the mortgage market crash, ARMs have been pummeled. The 30-year fixed rate mortgage has been a lower rate, and people have been turning to them. The fear of resetting mortgage rates with their much higher payments has many people going with the traditional, straight-up variety of mortgage. But things are changing.
The [...]

Mortgage Servicers Slow to Help With Loan Modification
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One of the cornerstones of the foreclosure prevention efforts made by the Obama Administration is a loan modification program. This program includes incentives for mortgage services and lenders as well as borrowers. However, mortgage lenders have been slow to participate in the voluntary loan modification program. In the hopes of spurring [...]

Tips for Homeowners Insurance
When you buy a home, you need homeowners insurance. This is insurance that protects your home should something happen. However, it is vital to realize that not all homeowners insurance policies are the same. Generation X Finance has some great insight into some tips that can help you as you shop around for homeowners insurance:

Review [...]

Accepting a Down Payment Gift the Right Way
Image by midnightglory via Flickr
When we bought our home a couple of years ago, we needed a bit of help. My parents gave us a gift of $1,500 to help us toward our down payment. This is perfectly acceptable, but it needs to be clear that the money is a gift, not a loan, and [...]

New Home Sales Gain Unexpectedly in June
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New home sales made an unexpectedly large gain in June, according to reports. Data shows that new home sales increased 11% in June. This is providing speculation that the worst of the housing market slide is over. Bloomberg reports on the implications of this jump in new home sales:
Deutsche Bank Securities [...]

Tips for First-Time Homebuyers
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The government is really hoping that you will buy a home — especially if you are a first-time homebuyer. Not only is there are generous tax credit available, but you can use it now to put toward the down payment on your home. Some state governments are also offering special first-time home buyer [...]

Economic News: Jobless Claims Rise Again
Jobless claims have been rather volatile in recent weeks. Last week, they dropped. This week, though, new unemployment claims are up by 30,000. The increase is in line with expectations, which means that things might be improving, despite the increase. The four-week moving average, though, is down by 132,000. That is good news for those [...]

Ben Bernanke: Foreclosures to Peak 2nd Half of 2009
Yesterday, Ben Bernanke spoke to Congress about the economy, and about his plans to exit from economic stimulus measures with an eye on controlling inflation. However, he also made mention of his views of the housing market and foreclosures. HousingWire reports on Bernanke’s statement before Congress:
US and international efforts to stem the recession are starting [...]

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