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  • Should You Get a 15-Year Mortgage?
    Many homebuyers turn to 30-year mortgages to finance their purchases. But more people have been using 15-year mortgage loans lately, according to a recent article in the New York Times. Let’s take a look why homeowners might consider 15-year mortgages. Home Mortgages Paid off in 15 Years There were 74,497 15-year mortgages issued in February, compared with [...]
    [July 31st, 2009]
  • Home Equity Lines Affecting Credit Card Defaults
    For about the last decade, many Americans were in the habit of using their home’s equity to pay off credit card balances.  As long as the home’s value was increasing, this cycle of maxing out the credit cards and then using a home equity loan to pay the high interest balances could be repeated again and again. Nancy Cook [...]
    [July 31st, 2009]
  • Fire Sale of “Toxic Assets” Could Affect Mortgage Refinance Market
    Many factors are affecting the mortgage refinance market right now. Stabilizing home prices and government mortgage assistance programs are two that have received major attention. One factor that is less well-known, but perhaps just as important in the big picture of mortgage finance, is the purging of the so-called “toxic assets” from the balance sheets of banks. [...]
    [July 30th, 2009]
  • How “Just a Number” Credit Score Really Impacts Real Life
    Credit score is a main determinant of whether or not the unsecured personal loan will be granted, and at what cost. It’s only logical that the lender is interested in the borrower’s history of paying back his or her creditors. After all, with an unsecured personal loan, trust is the only collateral the lender has. Unsecured Personal [...]
    [July 30th, 2009]
  • US Agencies Ask Lenders to Improve Efforts for Distressed Homeowners
    High ranking officials within the US Treasury and the Department of Housing and Urban Development (HUD) met with mortgage lending executives to request that mortgage lenders step up efforts to assist distressed homeowners. Although about 200,000 households have received assistance through government approved loss mitigation programs, the federal government hopes to assist in saving 500,000 homes from foreclosure. [...]
    [July 29th, 2009]
  • US Consumers Struggle with Auto Loans, Credit Card Debt
    The Wall Street Journal reports that US consumers are continuing to struggle with auto loans and credit card debt. According to the American Bankers Association, defaults on direct auto loans rose from 2.03% in the fourth quarter of 2008 to 3.01% in the first quarter of 2009. Unemployment is cited as the primary reason for [...]
    [July 28th, 2009]
  • Debt Consolidation Loans from Peer Lending Sites
    If you’re lucky enough to live in a tight-knit community, your neighbors might consider banding together to help you get out of debt. If you belong to a church, a love offering or an outreach program could help reduce debt while you go through a family illness or job loss. However, if you’re like most [...]
    [July 27th, 2009]
  • Fast Loans from Payday Lenders Can Result Cycle of Borrowing
    Fast loans from payday lenders often result in a neverending cycle of borrowing at high-interest rates.
    [July 27th, 2009]
  • Savings Account Payday Loans: 4 Benefits of Borrowing Against Your Nest Egg
    There are a variety of ways to borrow money to cover sudden expenses, such as medical bills or car repair costs. If you’re considering accessing payday loans, you have a couple of different options –checking or savings. Both methods have their advantages, but you’ll find that savings account payday loans get the nod for several [...]
    [July 27th, 2009]
  • Get Real About Your Debt Consolidation Loan Alternatives
    Consumers Seeking Debt Relief Often Wait Too Long Before Seeking Help Unfortunately, consumers often resort to debt consolidation loans as one of their last-resort options, after missing a few payments and suffering a credit score hit. So while debt consolidation programs typically advertise lower interest rates and simpler loan alternatives, these problems can often create difficult [...]
    [July 24th, 2009]
  • Three Ways China Affects the Availability of Unsecured Personal Loans
    China seems so far away, especially for the average person in need of an unsecured personal loan. But in reality, China has a great impact on John Q. Public’s ability to secure that unsecured personal loan. Here are three reasons why China makes a difference for anyone looking for a personal loan: 1. The Chinese Savings Rate [...]
    [July 22nd, 2009]
  • Government-Backed Refinance and Modification Programs Starting to Work?
    Over the last few weeks, government-backed refinance and modification programs have finally begun to have an impact, albeit small, on the U.S. housing finance environment. Or at least that’s what several news stories are suggesting. The Wall Street Journal, for example, examined loan modification realities with a sharp eye, and notes that the wheels are [...]
    [July 21st, 2009]
  • 3 Critical Questions To Ask A Home Equity Lender
    1.) Are You Offering A Home Equity Loan Or Line Of Credit? This actually surprises many homeowners, but interestingly, not all home equity loans are equal. Traditional home equity loans, also known as second mortgages, carry a fixed loan balance with an initial lump sum closing. Home equity lines of credit (HELOCs), on the other hand, [...]
    [July 21st, 2009]
  • Personal Loan vs. Credit Card Balance Transfer for Debt Consolidation
    Should you use a personal loan or credit card balance transfer to consolidate debt?
    [July 20th, 2009]
  • Getting Mortgage Help: The Role of Loan Servicing Companies
    As millions of Americans continue to struggle with mortgage payments they can’t afford, or having mortgages in excess of what their homes are worth, mortgage loan servicing companies are also struggling. The volume of requests for assistance with mortgage loans is causing long delays in approvals and implementation of relief efforts. Mortgage Lenders: Who Owns My Mortgage, [...]
    [July 20th, 2009]
  • Top Ten People Who Can Help You Get Out of Debt
    Plenty of people want to help you get out of debt, and at least ten of them are household names. Here’s a rundown of the kind of advice you’ll hear from some of America’s top television, radio, and online personalities. 1. Oprah Winfrey Of course Oprah wants to help you get out of debt, since that’s a [...]
    [July 17th, 2009]
  • Home Equity Loan Modifications
    Government Subsidized Program For Modification Of Home Equity Loans Making Home Affordable, launched by the Obama Administration in February 2009 is a comprehensive plan to stabilize the U.S. housing market.  The three part program includes keeping interest rates artificially low, allowing underwater homeowners to refinance, and subsidizing the bankers to encourage mortgage loan modifications. According to Jody [...]
    [July 17th, 2009]
  • Home Equity Loan Delinquencies Increase With Credit Card Debt
    According to recent data from the American Bankers Association, delinquencies on home equity loans and credit card debt reached record highs in the first quarter of 2009. As home prices temporarily skyrocketed in the past, many homeowners treated their homes more like an ATM machine–refinancing every so often to consolidate debts into a new mortgage. [...]
    [July 17th, 2009]
  • Slicing and Dicing the New Foreclosure Numbers
    The headline reads: “Foreclosure Filings Up 15 Percent to Record High.” But the headline is not the entirety of the story. Many other foreclosure numbers confirm, deny, or mix the message of that headline, and could hold significance for the homeowner looking to refinance or home buyers looking to purchase. Here are a few important facts and [...]
    [July 16th, 2009]
  • How to Use a Personal Loan to Smooth Out a Period of Unemployment
    Despite the decrease in new claims, unemployment remains at a 26 year high. Underemployment, which includes people who are working part-time or have given up searching for work, is not as closely measured but just as important to the people experiencing less income as a result of the languishing economy. In times like these, a personal [...]
    [July 16th, 2009]
  • Toll Brothers Offers Adustable Rate Mortgages
    Toll Brothers offers 7/1 adjustable rate mortgages to homebuyers in some of its housing communities.
    [July 15th, 2009]
  • Personal Loans: Should You Get One?
    Before borrowing a personal loan it's important to consider whether you already have too much debt.
    [July 14th, 2009]
  • Risky Mortgage Terms a Thing of the Past? Not Exactly
    In her Washington Post column, writer Elizabeth Razzi laments the return (if it ever went away) of the balloon mortgage. This is a potentially risky type of mortgage offering payments amortized over 30 years, but the loan is due and payable within a much shorter time, typically five to seven years. This structure requires refinancing [...]
    [July 13th, 2009]
  • Can’t Make Auto Loan Payments? Seven Steps for Getting Help
    The American Bankers Association (ABA) notes in a July 6 report  that delinquency rates for five of eight types of loans increased during the first quarter of 2009. Increasing delinquencies rates include auto loans, which rose from 2.03% to 3.01%. The President of the ABA attributes increasing loan defaults to unemployment. Delinquent Auto Loans: Get Help Immediately If [...]
    [July 13th, 2009]
  • Mortgage Companies Asked to Do More to Modify Loans
    The Obama administration asked mortgage companies to increase efforts to modify home loans.
    [July 10th, 2009]
  • Bankrupt Debt Consolidation Company Reminds Borrowers To Shop Carefully
    Debt Relief USA Declares Bankruptcy In late June, Texas debt consolidation company, Debt Relief USA Inc. filed for Chapter 11 bankruptcy and ceased all company operations. In their court listing, the company reported $5 million in liabilities and only $4.65 million in assets. In addition to their bankruptcy filing, the debt consolidation company also acknowledged being [...]
    [July 10th, 2009]
  • How to Get Out of Debt
    Making a plan to get out of debt doesn’t always require a visit to a counselor or a service fee to a financial advisor. In most cases, debt relief simply requires changing our relationship with money so that we can use our extra cash to reduce principal. Because squeaky wheels get the grease, it can [...]
    [July 9th, 2009]
  • Mortgage Rates Steady, But No Lack of Mortgage News
    Rates on 30-year mortgages didn’t move much, but it was still an eventful seven days in the mortgage world. Just this week, three major pieces of mortgage news came out and got plenty of attention. Here’s a summary of this week’s news, with emphasis on who may be affected by: Obama Raises the Limits on the HARP [...]
    [July 8th, 2009]
  • Five Statistics That Directly Impact the Availability of Unsecured Personal Loans
    Unsecured personal loans are available. Click here to verify that fact. However, unsecured personal loans are not exactly flowing like water, and credit conditions are changing daily, even hourly. Here are five statistics that anyone looking to obtain an unsecured personal loan can use to gain an understanding of what’s going on in the overall credit [...]
    [July 8th, 2009]
  • Your Mortgage Loan: Saving Your Home 101
    A recent article in the Las Vegas Sun highlights problems homeowners encounter when when attempting to get assistance with their mortgage loans.  Adding to the difficulties of contacting and dealing with mortgage loan servicing companies  are myriad middleman entities that have sprung up offering to help distressed homeowners get what they need from their lenders–refinancing, modification of their loan terms, or [...]
    [July 8th, 2009]
  • Top Five Credit Card Debt Relief Strategies for 2009
    Recent government statistics show credit card debt delinquencies creeping toward five percent, reaching some of the highest monthly levels since the 1980s. Rising unemployment compounds the problems that many Americans face when trying to reduce debt. Government assistance and societal shifts have made it easier for borrowers to reduce debt using any of these five [...]
    [July 7th, 2009]
  • How To Find Out If Your Home Has Enough Equity For A HELOC In Three Easy Steps
    Although home equity loans remain quite popular, many are having a tougher time obtaining HELOCs because of equity issues. To avoid some of these problems, homeowners can take these three steps to make sure their home has enough equity. 1. Ask A Home Equity Lender How Much They’re Lending Today? It may seem like a general question [...]
    [July 7th, 2009]
  • 3 Reminders about the Default Percentage Regarding Payday Loans
    What consumers know regarding the default percentage regarding payday loans is vital to responsible borrowing. We’ve all heard the nightmare stories about 700 percent annual percentage rates (APRs) and higher. But the truth is that keeping three basic APR concepts in mind can open the possibilities of financial relief through payday loans. 1. How to Figure [...]
    [July 6th, 2009]
  • Secured vs. Unsecured Personal Loans
    What's the difference between secured and unsecured personal loans?
    [July 6th, 2009]
  • 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]
  • Debt Solutions for Pet Owners
    Plenty of news stories have covered the effects of the recession on American pet owners. As more of us struggle with sudden job losses and illnesses, some Americans face difficult choices when caring for furry companions. The quest to reduce debt may often run counter to the costs of  feeding and caring for pets. One recent [...]
    [July 1st, 2009]
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