Latest News in Mortgages and Home Loans- Nov 17, 2009

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Remember to Have Your PMI Removed
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One of the more common occurrences related to mortgages is the need for Primary Mortgage Insurance (PMI). This is important to mortgage lenders who are concerned when you have less than 20% down. Some use a piggy-back mortgage to help avoid PMI, taking out a loan for 20% of the purchase price. While [...]

Foreclosure and Your Credit Score
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Foreclosure definitely affects your credit score. Indeed, since it is such a huge loan, a form of credit, your mortgage can make a big dent in your credit score. If you lose your home to foreclosure, then you could see a drop of between 200 and 300 points. That is a huge ding [...]

Foreclosures Continue to Decline
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For the third month in a row, foreclosures have declined. October saw a decline in home owners ready to lose their homes. Thanks to programs aimed at helping home owners refinance or modify their loans, foreclosures have been slowing. However, as BloggingStocks reports, there are still concerns for the future:
The number [...]

Advantages of Refinancing
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There has been a lot of focus lately on the fact that the first time home buyer tax credit has been extended, and and expanded to include some who have not bought a home yet. However, in all of this interest over buying a home, it is also important to [...]

Freddie Mac Sees 3rd Quarter Loss
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Freddie Mac saw a 3rd quarter loss of $5 billion as foreclosures continue to cause problems and the economic climate makes things difficult for individuals. Freddie Mac also expects, at some point, to request more funds from the U.S. Treasury. HousingWire reports on the state of the housing market and [...]

First Time Home Buyer Tax Credit Extended
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The first time home buyer tax credit has been extended — and expanded. The $8,000 credit has been extended by six months, and there has been an expansion to include current home owners who want to buy. Current home owners can get a $6,500 tax credit when they look for a new home. [...]

Things to Consider When Buying a Foreclosure
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When it comes to buying a home, it is important to consider your options. And it is important to be aware of some of the main issues associated with buying a home. This is especially true if you want to purchase a home that is in foreclosure. Buying a foreclosure can be a [...]

Personal Bankruptcy Filings Increase to Record Levels
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Technically, the recession may be over, but that doesn’t mean that individual financial problems are just going away. That’s not really how it works when it comes to personal finances. Instead, things are looking kind of desperate for some folks. The cumulative effects of a weak labor market and tighter credit [...]

Keep an Eye on Your HELOC
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Right now, many people are find it a rather tempting proposition to get a HELOC or some other type of home equity loan. After all, rates are quite low, and you can get a good deal. In some cases, you can get a HELOC for 1% below prime. And the [...]

Strategic Default: Foreclosure on Purpose
Image by respres via Flickr
The news, of course, is that the recession is over. But, even though there has been a technical end to the recession, it doesn’t mean that things are suddenly going to get better. Indeed, there are still foreclosures likely, and the unpleasant fact that many people still can’t afford their mortgage [...]

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