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  • 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 convenient 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]
  • Two News Stories Happening Now That May Improve Mortgage Refinance Possibilities
    “Refinancing is not as easy as it used to be” is not exactly a news flash. There are, however, some things happening in the mortgage finance market that could make refinancing easier. Mortgage holders who are in the process of refinancing or looking to refinance should keep an eye on these happenings. Two news items to [...]
    [June 18th, 2009]
  • Top Three Changes to Unsecured Personal Loans Caused by New Credit Card Legislation
    Consumer credit is one of the most rapidly changing areas of American society at this point. New laws and statistics are coming online with almost frightening rapidity. For consumers seeking unsecured personal loans, it may be tough to make heads or tails of what’s happening and what it means. Perhaps the best example of how fast, [...]
    [June 18th, 2009]
  • More Credit Card Companies Willing To Play Ball And Negotiate Deals
    Credit Card Debts Settled For Much Lower Balances In a recent New York Times article, one consumer shared his successful story of settling his existing account balance for half of what he owed. Interestingly, it was the creditor who made the first move, and called to request a payment on the already delinquent account. When the [...]
    [June 17th, 2009]
  • What to Do If You Can’t Pay Your Loan
    A borrower who is struggling to pay back a personal loan may be able to work out a solution by contacting their lender.
    [June 16th, 2009]
  • Should You Use a Personal Loan to Pay for a Wedding?
    Many couples rely on personal loans to pay for weddings, but is this really a smart move?
    [June 16th, 2009]
  • 4 Things To Consider When Paying Off A Car Loan With A Home Equity Loan
    Aside from credit cards, large medical bills, and home improvements, many homeowners often use their home equity loans to pay off the loans on their vehicles. Like most other uses, using your home equity loan for this purpose will still involve the typical shopping process–shopping multiple lenders, comparing interest rates, and negotiating any closing costs. [...]
    [June 16th, 2009]
  • What You Can and Can’t Do With Your Home Equity Loan In Hard Times
    What the Banks Don’t Want You To Know What if, the worst has happened?  You’ve lost your job or taken a serious cut in pay.  You are no longer able to pay for your home.  There are options.  First of all, don’t stop communicating with your lenders.  Seek help, such as a debt counselor or bankruptcy [...]
    [June 12th, 2009]
  • A 60-Second Guide to 40-Year Mortgages
    There are still lenders advertising 40-year-mortgages. While not all mortgage lenders offer these loans, the government’s mortgage rescue plan allows the terms of a mortgage loan to be extended to 40 years from 30  to help reduce monthly payments. But are 40-year mortgages a good idea? Here are some things to consider. Lower Payments, More Interest Most [...]
    [June 12th, 2009]
  • Credit Card Debt Delinquencies Increase In First Quarter 2009
    Cardholders Continue to Struggle With Credit Card Debt Earlier this month, a recent article of ours pointed out that consumer credit debts had dropped by a record $11.1 billion in March 2009. But the latest report from TransUnion, a credit reporting agency, showed that credit card debt delinquencies increased almost 11% in the first quarter of [...]
    [June 12th, 2009]
  • Mortgage Interest Rates Rising: Too Late to Refinance?
    Since hitting a low of 4.75 percent in May, average interest rates on a conforming mortgage are now hovering around 5.75 percent. News reports that big-time buyers of U.S. debt (read: Russia and China) remain worried about the direction of American economic policy played a role in the rise. For borrowers who are thinking about refinancing, [...]
    [June 12th, 2009]
  • Unsecured Personal Loan Market: Number of Lending Sources Growing?
    For a borrower seeking an unsecured personal loan, having an established relationship with a bank can be a very positive thing. The interest rates on personal loans offered by banks to their own customers are among the best in the personal loan business. However, borrowers without bank connections have options, too. More options, in fact, than [...]
    [June 11th, 2009]
  • Adjustable Rate Mortgage Resets Threaten Housing Recovery
    Bloomberg Press reports that more than one million adjustable rate mortgage loans (ARMs) are due to reset between now and 2013. Of these, about 75% are expected to reset in 2010 and 2011. Homeowners who’ve enjoyed very low mortgage payments may find their payments unaffordable once they reset according to the terms of their mortgage loans.  Although many [...]
    [June 11th, 2009]
  • Online Payday Loans - Four Pros and Cons
    People who need payday loans don’t have to drive down to their local lender’s store, queue up, fill in forms, and hang around while their application is processed. They can do the whole thing online in the comfort of their own homes. Too good to be true? Sometimes it may be.
    [June 11th, 2009]
  • Auto Loans: Hard to Get?
    In spite of auto dealers offering great deals on new cars, Fortune Magazine report that difficulties getting approved for auto loans is causing headaches for potential car buyers who need a loan. With US automakers struggling to regain customer confidence, why should there be a problem with in-house auto loans? GMAC Accepting Lower Credit Scores for [...]
    [June 10th, 2009]
  • The Best Payday Loans and 4 Ways to Find Them
    The secret is out. The best payday loans are borrowed on the short term and repaid ASAP. Called short term loans–ironically enough–the name change isn’t only a cosmetic difference. It’s a new way of handling payday loans to use them as they were meant from the start–a temporary fix for financial crises to get consumers [...]
    [June 9th, 2009]
  • How To Choose Between A Fixed Rate Or Adjustable Rate Home Equity Loan
    In the case of home equity loans, a borrower’s preference for an adjustable rate or fixed rate will determine the type of home equity loan they obtain. The two basic home equity loan options are a traditional second mortgage and a home equity line of credit. While each loan type differs in many other ways, [...]
    [June 8th, 2009]
  • Top Four Techniques to Get Credit Card Debt Under Control
    As economists worry about the potential impact of a stalled economy on Americans’ salaries, average credit card interest rates continue to rise. According to some financial industry analysts, many American households could face a cash crisis if they don’t focus on reducing the amount they pay on interest each month. Personal finance experts from across [...]
    [June 8th, 2009]
  • Government Refinance Assistance Programs Help (Some) “Underwater” Homeowners Refinance
    Many homeowners who owe more on their mortgage than the value of their house, termed “underwater,” do indeed feel like they are financially drowning. The news is full of reports of low interest rates, but they cannot refinance to said low rates because they have no equity in their house. The Obama Administration’s “Making Home Affordable” efforts [...]
    [June 5th, 2009]
  • Mortgage Loan Rates Highest Since December 2008
    Rates for  30 year fixed rate (FRM) mortgage loans rose from 4.91% to 5.29%, the highest since last December. The National Association of Realtors notes shows that sales of existing homes rose by 6.7% in April, which is attributed to lower mortgage rates allowing more buyers to qualify for a mortgage loan. Although homeowners seeking [...]
    [June 5th, 2009]
  • How To Follow The Prime Rate
    Most Home Equity Mortgage Loans have interest rates tied to the Prime Rate.  A Home Equity Loan may have an adjustable interest rate.  In most cases, that interest rate can adjust every month.  Which means you should keep track of what the Prime Rate is doing. By keeping track of the Prime Rate you will know if your monthly [...]
    [June 5th, 2009]
  • Auto Loans: Demand for TALF Funds May Improve Consumer Access
    In the wake of GM’s bankruptcy filing, Reuters reports that demand for funds under the federal government’s Term Asset Backed Securities Loan Facility (TALF) has increased by about 8% since May, and approximately 145% since March. The use of the TALF program by banks and consumer lenders should increase funding available for consumer credit including auto [...]
    [June 5th, 2009]
  • Three Reasons to Start Small With Personal Loans
    Unsecured personal loans serve a vital interest in the American economy for many consumers, offering affordable loans even to borrowers with subpar credit. However, new borrowers are well-advised to start out small with personal loans, rather than loading up right off the bat. Here are three reasons why starting small makes sense when it comes to unsecured personal [...]
    [June 5th, 2009]
  • Payday Loans News Roundup: Legislators’ Pawns
    There are two payday loans bills in committee on Capitol Hill. One of them would provide some extra protections for borrowers. The other would eliminate payday loans - and access to most other short-term credit.
    [June 5th, 2009]
  • Should You Use a Personal Loan to Pay Off Credit Cards?
    When does it makes sense to get a personal loan to pay off credit card debt?
    [June 4th, 2009]
  • No Fax Payday Loans: The Whens, Whys and Hows That You Need to Know
    Rough waters of an unpredictable economy are stirring up action in the realm of payday loans. The demographics of its borrowers are shifting–from the working class to the middle and upper-middle classes, most notably. The reasons consumers borrow are changing, as well–from medical and auto repair bills to household expenses. Even the access means of [...]
    [June 4th, 2009]
  • 4 Ways to Spot Mortgage Fraud
    The Treasury Department had 62,000 reports of mortgage fraud last year. Here are four ways to spot a scam.
    [June 4th, 2009]
  • College Students Pay Dearly For Credit Card Debt Troubles
    Many Students Still Confirm Credit Card Debt Stereotypes Unmanageable credit card debt has always been a stereotype for college students as much as late night partying and other crazy events. Unfortunately, even after all the lectures and horror stories, it seems that many students are still living up to this stereotype of multiple credit cards and [...]
    [June 4th, 2009]
  • Freezing Your Own HELOC May Not Be As Crazy As It Sounds
    Just a short year ago, it seemed like mortgage lenders were taking every opportunity to limit their exposure and freeze any existing home equity line of credit (HELOC) they could. Many homeowners soon found themselves with home improvements, business needs, and medical bills short of funds because of their frozen HELOCs. Fast forward to our [...]
    [June 3rd, 2009]
  • Instant Payday Loans Don’t Trick the Borrower
    It’s been the popular belief that instant payday loan lenders are out to trick borrowers into disgraceful repayment situations. However, recent revelations point to the fact that many borrowers know what they’re getting into beforehand. Check out the evidence for yourself and decide. Payday loans can be a godsend, if you know how to handle [...]
    [June 3rd, 2009]
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