Traditional mortgages are fixed-rate mortgages, adjustable-rate mortgages (ARMs), refinance loans, second mortgages, and home equity lines of credit. When looking to buy a home, it is important that you meet with a mortgage broker or bank to determine the best option for your particular needs and desires in a home...
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The Difference Between a Foreclosure and a Short Sale
Lets face it, the economy is cold, bad, not fun right now. When the economy goes sour, so does the financial welfare of most of us. For the housing market, this means that many folks need to sell their homes, foreclose, or do a short sale. What is the difference...
HERA, TILA and HOEPA: Making Sense of These Acronyms
Do you ever find yourself having conversations in acronyms and abbreviations? I guess it makes sense to shorten phrases, especially when using those terms frequently in conversation, but not everyone knows what they are all the time. So to increase your list of known acronyms, I provide you with information...
More Information Regarding the Tax Credit for Down Payments
A lot of chit-chat has been darting back and forth on the web about whether or not folks can actually use the new $8,000 first time homebuyer tax credit for a down payment. Well, the facts are in! If you qualify for the tax credit [click here to read up...
Use the First Time Home Buyer Tax Credit for Down Payment
By now you’ve probably heard all about the $8,000 first time home buyer tax credit passed by Congress a few months ago. Before now, though, folks couldn’t use the $8,000 toward a down payment because they’d have to file their tax returns in order to receive the credit. Shaun Donovan,...
Details on Obama’s $75 Billion Loan Modification Plan
There is a lot of confusing information floating around about the President’s plan to modify home mortgages — especially regarding who qualifies, when and how the assistance will be available, and its duration. The Treasury Department has launched a website, FinancialStability.gov, that spells out everything. Click on the link for...