Eeeeps! Many lenders for second mortgages and home equity lines of credit (HELOCs) are retreating from the marketplace. The old days of cheap 'n easy seconds are fading fast.Thanks to the Fed, Prime Rate has recently fallen to 7.5%. This usually immediately helps lower the interest rate on many seconds. (Different story with first mortgages, though.) Unfortunately, due to losses and the
Wow, with the high inventory of homes on the market these days, is it wise to put one's home up for sale?Some areas are doing better than others, but sometimes one just needs to sell no matter what the market conditions, due to a job change, divorce, job loss, or just wanting to buy another house.Realtors can offer lots of specific advice about preparing your home and yard for sale, and most of
Not at all! Some of the best are offered by the State of California through CalHFA. This source has excellent first-time homebuyer programs, with very realistic loan and income limits for high cost counties.CalHFA also started a wonderful program for teachers in California's high priority schools, called Extra Credit Teacher Program. If you teach in a school that is currently in the lower
Subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond,
Due to the upswing in delinquent mortgage payments in the subprime area and also, to some extent, in conventional loans, mortgage program offerings and underwriting standards are in a state of flux.Many lenders have dropped out of the subprime market, and those that are left have tightened standards. They are dropping the two and three year ARMS which turned into nightmares for many unqualified
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