Welcome to our finance news section. Keep up to date with the latest developments in personal finance with our updated news by visiting us or adding our RSS feed.

• Three Ways The FOMC Effects Home Equity Loans
  What is the FOMC? FOMC stands for Federal Open Market Committee.  It is the Federal Reserve’s committee for setting monetary policy in the U.S. Their website is http://www.federalreserve.gov/monetarypolicy/fomc.htm How To Figure The Note Rate For Your Home Equity Loan Many Home Equity Loans are adjustable rate mortgages. The note rate on an adjustable rate mortgage is made up of an index [...]
  [July 3rd, 2009]
• Banks Raise Credit Card Debt Costs Ahead Of Reform Deadline
  Banks Take Opportunity To Increase Credit Card Profits Before It’s Too Late Credit card reform may be in the sights of consumers, but for the time being, more credit card companies are taking their chances to increase profits while they still can.  In the previous month of May, credit card losses were at a record level [...]
  [July 2nd, 2009]
• Your Mortgage Loan: Consumer Debt Can Jeopardize Homeownership
  This week President Obama presented a proposal to Congress for a new federal agency assigned the task of protectecting consumers from practices designed to keep consumers in debt. As expected, financial insitutions are protesing the proposal. The president of the American Banker’s Association noted, “It’s going to be a long fight,” indicating financial institutions’ resistance to Obama’s proposal. [...]
  [July 2nd, 2009]
• Mortgage Refinancing vs. Home Equity Loan
  Does it make sense to do mortgage refinancing or get a home equity loan to take cash out of a home?
  [July 1st, 2009]
• Loans from SBA Offered to Victims of Disasters
  The U.S. Small Business Administration offers loans to people who've been victims of disasters.
  [July 1st, 2009]
• Auto Loan Delinquencies Jump in May
  The Wall Street Journal reports that auto loan delinquencies increased by 22% during May, as compared to delinquency rates reported in April. Ongoing high unemployment rates are seen as a major reason for the increase. Another potential cause of delinquent auto loans arises when consumers focus on getting quick auto loans without understanding loan terms and conditions. Auto [...]
  [July 1st, 2009]
• How to Know If It’s Worth the Cost to Refinance
  Refinancing is an opportunity that, like most opportunities, has a cost attached to it. Closing costs due and payable from the refinance borrower on a $400,000 loan can run up to $7,000 including any “points” paid to a mortgage broker or lender. Such costs are typically then tacked onto the mortgage balance. During the housing boom, [...]
  [June 30th, 2009]
• How to Make It Easy for a Lender to Approve a Personal Loan
  Getting an unsecured personal loan can be easy even for borrowers with imperfect credit. However, getting an unsecured personal loan will never be easy for unprepared borrowers with imperfect credit. To maximize chances of keeping the approval process smooth and simple, take steps to make it easy for a lender to approve this loan, no matter the [...]
  [June 30th, 2009]
• Mortgage Unemployment Insurance
  Mortgage unemployment insurance can help a homeowner keep making monthly payments on a mortgage after a layoff.
  [June 26th, 2009]
• 3 Reminders That Credit Card Debt Consolidation Loans Are Only The Beginning
  As credit card debt problems continue to be a growing issue in this tough economy, more and more consumers are looking for possible debt solutions. And although credit card debt consolidation loans are nothing new, individuals need to remember that these consolidation loans are not a quick fix solution to get out of debt by [...]
  [June 26th, 2009]
• How to Decide Between Unsecured Personal Loans, Credit Cards, and Payday Loans
  There is an old saying that goes, “When all you have is a hammer, every problem looks like a nail.” This humorous axiom could be applied to the reliance of the American consumer on credit cards. Of late, however, this long time marriage between shoppers and their beloved plastic has soured. Consumers have tired of paying high [...]
  [June 23rd, 2009]
• Fast Auto Payday Loans: Leveraging a Common Resource
  Not all payday loans need be tied into a checking or savings account. In fact, there are other personal resources that can be used to back such a loan. Take the car for example. Most families own more than one, which makes it the perfect backing to acquire an emergency payday loan. Despite the negative attention [...]
  [June 23rd, 2009]
• Mortgage Bankers Association Says Mortgage Refinance Boom Slowing
  The Mortgage Bankers Asssociation put out a mortgage refinance press release today lowering its projection for home loan origination from $2.7 trillion to $2 trillion, a drop of more than 25 percent. Higher mortgage interest rates were the obvious headline here, but the report from MBA also highlighted some lesser known facts that may be [...]
  [June 23rd, 2009]
• 2 Reminders HELOC Owners Need To Budget With The Future In Mind
  1) Adjustable Loan Balances Can Be Tricky To Manage During Tough Times One of the preliminary qualifications a home equity lender will require is that a borrower has sufficient equity to fund a home equity loan. Even with a traditional mortgage loan, homeowners must prove to lenders that their home has enough equity to be borrowed [...]
  [June 22nd, 2009]
• Personal Loans with Bad Credit and Cash for Clunkers
  Getting a personal loan with bad credit may not be the best option for getting a car with help from the Cash for Clunkers bill.
  [June 22nd, 2009]
• Record Demand for Mortgage Loans Increases Potential for Fraud
  The Federal Housing Administration (FHA) is facing record demand for its home mortgages, which are backed by the US government. The failure of the once flourishing sub-prime mortgage market has resulted in many more home buyers seeking mortgages through FHA. Kenneth Donohue, Inspector General of the US Department of Housing and Urban Development, cautioned legislators that [...]
  [June 20th, 2009]
• Auto Loans: Delinquencies Fall, Credit Challenges Continue
  NASDAQ reports that auto loan delinquencies were lower during the first quarter of 2009, but that economic woes including tight job markets, credit restrictions, and less discretionary income are expected to negatively impact consumers’ buying power into next year. Fast Loan Not Necessarily Best Auto Loan Consumers looking for auto loans may be tempted to take onvenient financing offered by [...]
  [June 20th, 2009]
• Online Payday Loans: 4 Common Pitfalls to Avoid
  Payday loans are fast becoming a viable financial option for consumers who need a few extra dollars but have neither the credit nor the borrowing history to access traditional banks. However, as with any lending situation, online payday loans aren’t without their inherent dangers. Here are four common pitfalls associated with on-line payday loans and [...]
  [June 19th, 2009]
• Pay Your Mortgage and HOA Dues to Avoid Foreclosure
  It's important to stay current on payments on a mortgage and HOA dues to avoid foreclosure.
  [June 18th, 2009]
• Home Equity Loans and the I.R.S.
  Can You Deduct The Interest You Pay? A mortgage lender is NOT an accountant.  You always need to check with a tax professional about your unique personal tax situation.  If you don’t have an accountant, or want to read for yourself what the I.R.S. has to say on this topic, click here.  Home Acquisition Debt By definition, Home [...]
  [June 18th, 2009]