The Troubled Asset Relief program (TARP) was originally touted to Congress and the public as a request for funds to purchase troubled home loans, helping lenders get them off the books and loosening up money for deserving mortgage borrowers. However, once passed, that plan was junked in favor of less direct help. Continue reading ‘When Will the Bailout Help Homeowners?’
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Loading ...If you’re thinking about refinancing from a subprime or ARM to an FHA loan you’d better think fast. FHA loan limits, raised temporarily by the 2008 economic stimulus package, will return to lower amounts in 2009. A HUD letter to lenders explains how the maximum limit of $729,750 in high-cost areas will drop to $625,500. And limits for other locales will drop to 115% of the median sales price but no lower than $271,050. Falling property values have decreased the maximum loan limit in many counties. Continue reading ‘FHA Loan Limits to Drop in 2009′
(2 votes, average: 5 out of 5) Loading ...Because the success of your home loan depends so much on the skill and character of your loan officer, it’s critical to avoid bad ones. Bad loan agents are more than just an annoyance–they can cost you serious money, give you ulcers, and ruin your skin. So look for these red flags when shopping for a loan, and avoid the turkeys: Continue reading ‘Loan Officers: The Bad and the Ugly’
(5 votes, average: 5 out of 5) Loading ...Your mortgage loan experience depends largely on the competence of your loan officer. A good one can make the process so smooth you hardly know you’re in escrow. A bad one can wreck your marriage, make all of your hair drop out, and have you falling off bar stools in no time. Okay, maybe that’s a slight exaggeration. But a good loan officer can get you a good loan and make sure you aren’t miserable in the process. A good loan officer is someone you trust and someone whose recommendations you have faith in. Here’s how to find one: Continue reading ‘Loan Officers: Get the Best, Avoid the Rest’
(6 votes, average: 5 out of 5) Loading ...The process server just left your office, and now everyone you work with knows you’re getting sued by a creditor. Yikes. How you handle this can make or break your credit rating and your ability to refinance your mortgage or get a new home loan. Continue reading ‘When a Creditor Sues You’
(4 votes, average: 4.75 out of 5) Loading ...It takes home equity to get a home equity loan, and the worse credit you have, the more equity you need. Your lender wants to know what your home is worth, and the appraiser is going to determine that. Continue reading ‘What’s My Home Worth? How Appraisers Value Your Property’
(5 votes, average: 5 out of 5) Loading ...A debt consolidation loan is heavy artillery–a serious solution for a serious problem. So you don’t want to waste it by getting silly with the money you save each month. Debt consolidation is like a diet–you can make it part of a healthy lifestyle change and go on to a better life, or you can use it as a quick fix. And as with dieting, a quick fix debt consolidation can make you look and feel good–for about a week. Then you go back to being broke. So here’s how to make your debt consolidation stick: Continue reading ‘Debt Consolidation: Be a Success, not a Sucker’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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