The Federal Open market Committee, which famously meets periodically to talk about the economy and interest rates, is having a meeting today and tomorrow. And it may decide to “raise” interest rates. But does that mean mortgage rates will go up as a result? Nope. Continue reading ‘The Fed’s Decision Won’t Change Mortgage Rates’
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Loading ...Bank of America announced that it signed an agreement to commit to the pending second-lien plan of the federal government’s Home Affordable Modification Program (HAMP). The mortgage lending giant says its the first lender to do so. Bank of America has put systems in place to start implementing the Second Lien Modification Program (2MP) as soon as final program policies and guidelines by federal regulatory agencies are released. 2MP will require mortgage modifications that reduce the monthly payments on qualifying home lines of credit and fixed loans under certain conditions, such as the completion of HAMP modifications on the borrowers’ first mortgages. Continue reading ‘Modification of Second Mortgages / Home Equity Loans Coming to a Branch Near You’
(1 votes, average: 4 out of 5) Loading ...The rules change when the economy goes south. Whatever you heard from NPR or Grandma, like always pay more than the minimum on your credit cards, retire your mortgage as soon as possible, and a home equity line of credit (HELOC) is the best second mortgage because of its flexibility, isn’t necessarily true when times get tough. Continue reading ‘Rules Were Meant to Be Broken: HELOCs the Best Second Mortgage’
(1 votes, average: 4 out of 5) Loading ...In tough economic times, the rules go out the window. Rules like, always pay more than the minimum on your credit cards, it’s smart to pay your mortgage off as early as possible, and a home equity line of credit (HELOC) is the best second mortgage because you only pay interest on the money you use. These rules are a bit cute and quaint today. Continue reading ‘Some Rules Were Meant to Be Broken: Prepaying Your Mortgage’
(1 votes, average: 5 out of 5) Loading ...Debt consolidation can get you some breathing room and help you improve your credit rating. Like most things, debt consolidation is only worth doing if you plan to do it right. And debt consolidation right before the holiday season has its own special pitfalls. Here’s a checklist for getting that debt-monkey off your back for good! Continue reading ‘Debt Consolidation Done Right’
(2 votes, average: 5 out of 5) Loading ...I created a previous post called “Second Mortgage Holder Jerking You Around?” that addressed the difficulties homeowners were having getting mortgages modified or short sales approved, despite the intentions of their first mortgage holders.That’s because no matter what was done to save the homeowner (and 50% of problem mortgages have second liens attached on there too) from foreclosure, the second lien holders were going to be screwed and so there was no reason for them to cooperate. And there was always some small chance that they might recover something if they dug in their heels. That’s changed. Continue reading ‘New Help for Those in Trouble with Second Mortgages’
(8 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’
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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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