Latest News in Mortgages and Home Loans- Nov 24, 2009

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25% of Mortgages Underwater
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As the housing market continues to drag its feet toward recovery, there is increasing concern about the number of mortgages underwater. CNN Money reports on the number of homes that are suffering from negative equity:
Almost 10.7 million U.S. mortgages were “underwater” as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners [...]

Homebuilder Stocks Continue to Struggle
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October building starts were markedly down, and homebuilders have been missing earnings marks. The fact that existing home sales surged in October was not much comfort to a housing market that is looking for improvement across a number of areas, especially home building. Even though the broader stock market is up today on [...]

Loan Modification and Your Credit Score
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One of the issues surrounding loan modification is how it could affect a credit score. Many have been concerned about how deciding to go through a loan modification could possibly damage a credit score. This is because there haven’t been a lot guidelines about how to handle credit reporting with regard to loan [...]

Factoring in Interest When Considering the Total Cost of Your Home
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So often, when we look at the purchase price of a home, that is all we see. We look at a home that costs $187,000, and think: “Not bad.” We talk about how much the home cost, and we use that number. However, the total cost of your home is more than just [...]

October Housing Starts Fall; Obama Warns of Double-Dip Recession Possibilities
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After holding relatively steady for months, housing starts fell in October. One of the main reasons for the drop, say many analysts, is the fact that the fate of the first time home buyer tax credit was in doubt. As a result, builders slowed their projects. However, with the extension and [...]

Conflicts Surrounding Bank Reform
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One of the things that has many people steamed right now is the fact that, while personal bankruptcy is on the rise, big banks have been getting special help staying afloat from the taxpayers via the government. These policies started in the Bush Administration, and have continued in the present Obama Administration. However, [...]

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
Image by respres via Flickr
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
Image by Getty Images via Daylife
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 [...]

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