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7 Reasons Reverse Mortgages Can Be Dangerous

It’s almost impossible to watch TV today without seeing commercials advertising reverse mortgages, many of which feature celebrities past their prime, such as Henry Winkler, pushing the benefits of “guaranteed tax-free income” for seniors. What these commercials fail to tell you is reverse mortgages can be very dangerous and put your home at risk. What is a Reverse Mortgage? What is a reverse mortgage, exactly? Basically, it’s a loan product only for homeowners who are 62 or older. There are […]

Think an FHA Loan is the Best Choice? Think Again!

If you’re buying a home and don’t have a lot to put down, you’re probably considering an FHA mortgage. You may want to reconsider! The Federal Housing Administration (FHA) has helped millions of home buyers purchase their first homes for more than 80 years, providing loans that are easier than conventional loans to qualify for with smaller down payments and lower interest rates. FHA loans have long been seen as a great deal for millions with average credit and little […]

Do You Make These Mistakes When You Refinance Your Mortgage?

Mortgage rates are still near historic lows, but this won’t last for long. Rates are expected to go up a full percentage point before the year ends. If you’ve been putting off refinancing your mortgage, now is certainly the time — but that doesn’t mean you should rush your decision and make a mistake you’ll be living with for years to come. Avoid these common blunders as you shop for a new mortgage.   1. Be realistic about your home’s […]

7 Essential Tips for Getting a Mortgage that Saves you Money in 2014

With new mortgage rules set to take effect and rates ready to climb, you may feel like your chances of getting an affordable mortgage are over. The good news is it is possible to get a mortgage that saves you money this year, as long as you keep your finances in order, work hard to get the best rate possible and be ready to grab a deal when you see it.   1. Make sure your finances are documented In […]

Do You Recognize the 6 Early Warning Signs of Foreclosure?

If you pay any attention to the news, you’ve probably heard how high foreclosure rates reached across the United States over the past six years. While this rate is dropping, foreclosures are still a problem in many areas. If you’re struggling with housing debt, remember that foreclosure doesn’t have to be inevitable, especially if you pay attention and catch the problem early enough to get help. The best way to deal with foreclosure is meeting the problem head on. If […]

Am I Too Late to Get a Good Mortgage Deal?

For many years, mortgage rates seemed to do nothing but slide slowly but steadily downward. Beginning in May 2013, we began seeing spikes in rates. As it stands now, mortgage interest rates are a full percentage point above the same time last year. As we begin 2014, it’s become clear that rates aren’t just spiking upward, either, as this upward trend is expected to continue. Does this mean you’re too late to get a good deal on a mortgage? Not […]

5 Essential Tips to Paying Off Your Mortgage Early and Start Living a Debt Free Life

If you want to get out of debt completely, your biggest obstacle is probably your mortgage. The trend of paying off mortgages early has caught on, with millions who lived through foreclosure and job loss now after the security of owning their home free and clear. There are many strategies for getting rid of your largest debt, some safer and easier than others. These tricks will get you there, each in a different way.   1. Paying Extra This is […]

7 Ways New Mortgage Rules will Affect You

The mortgage industry is set to adapt a number of new mortgage rules designed to protect consumers from abusive or reckless lending practices, and protect lenders from lawsuits in the future. Of course, not everyone will be happy to see these changes coming. Some of the new rules issued by the Consumer Financial Protection Bureau will affect qualification requirements and the types of mortgages you can get starting in January. The good news is lenders have already tightened lending standards […]