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So You Bought a Foreclosure…Now What?

You have taken the leap by buying a foreclosure. Your plan is to get in, make repairs and upgrades, and flip it for a profit. It's a brave undertaking but one that net the average flipper $30,000 per house in 2012. While no one formula fits every situation, there are a number of points that most experts agree can help you net the greatest reward.

Home Prices near You: Are They Rising or Falling?

Home prices in most of the United States have declined steeply over the past few years, with an estimated loss of $6 trillion. However, it's not doom and gloom everywhere. In some parts of the country, median home prices have actually increased. So where have home prices improved? Our friends at Quicken Loans put together this Home Prices Infographic that compares median home prices today to prices in 2007 and shows the top 5 winners and losers. Source: Home Mortgage – Quicken Loans Read more [...]

What is a Bi-Monthly Mortgage Payment?

As its name suggests, the payment on a bi-monthly mortgage has to be made twice each month. However, there are some implications for the total cost of the mortgage, beyond the dates when payments are due. Read on to learn more about what a bi-monthly mortgage payment is, its pros and cons, and what long-term impact it has upon the borrower... The bi-monthly option shouldn't be confused with a "bi-weekly" payment plan, which works differently and has a more significant effect. This is because there Read more [...]

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on September 3rd 2008 in Home Buying Tips

The 5 Most Frequently Asked Mortgage Questions

Based upon search engine data, these are five of the most frequently asked mortgage questions: MORTGAGE ORIGINATION QUESTIONS Q. How much can I borrow for a mortgage? A. When answering questions of this type, two major factors must be taken into consideration; the borrower's monthly income and the amount of money he or she has for a down payment. Most banks expect at least a 20% down payment, although there are some exceptions. It is also important for the borrower to have a reliable monthly Read more [...]

What Tighter Lending Conditions Means For You

Bill Gross, chief investment officer at Pacific Investment Management Co., believes that tighter lending conditions will alter the U.S. housing market for years according to his April Investment Outlook note. The note, titled "Grim Reality," addresses the debate in financial markets about whether woes in the subprime mortgage sector would spread more broadly in the housing market and economy as a whole. "Bulls and bears argue over Web sites as to the percentage of all lending that subprime and Read more [...]

What is the FOMC?

The FOMC stands for the Federal Open Market Committee, which is a branch of the Federal Reserve Bank. Basically the FOMC is the policy making arm of the Federal Reserve. Eight times a year the FOMC meets to assess the marketplace and the make decisions based on those assessments. During the meetings of the FOMC 12 reserve banks from around the nation are represented. While the decisions that the FOMC makes only directly impact funds held by the Federal Reserve Bank, they have a ripple effect on Read more [...]

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on August 15th 2008 in Mortgage News

Buying a Home with Zero Down

Eliminating the need for a down payment makes buying a home easier and lets the borrower keep more money to save or use for other purposes. However, the current mortgage industry and housing market situation has reduced the options for buying a home with zero down (also known as "100 percent financing"). Nonetheless, it remains possible for some types of borrowers. As an indication of the zero down mortgage's decreasing availability, the web site of Ameristar Mortgage Corporation has a notice Read more [...]

What is Mortgage Protection?

Mortgage protection is a type of insurance which covers mortgage payments or pays off the entire mortgage when the home owner becomes physically unable to continue making payments. Different types of mortgage protection insurance cover unemployment, disabilities, illnesses, injuries, and/or death. Read on to learn more about what mortgage protection is, how it works, and how much it costs... This type of insurance typically repays the entire mortgage if the beneficiary passes away. When other Read more [...]

Dos and Don’ts for Getting a Mortgage

If you are considering buying a home there are tons of websites and mortgage tools offering you advice. While each person has a different situation due to their perspective and experience in home buying some general dos and don’ts apply to everyone looking to buy a home. First, you should definitely protect your credit by making your debt payments, such as loans and credit cards, on time. Each of these payments go into your credit score a lender looks at which, in turn, determines how good of Read more [...]

The Benefits of Using a Mortgage Calculator

Using a mortgage calculator can offer several benefits when deciding which type of loan is best. This makes it easier to evaluate whether or not a mortgage has the right combination of long-term financial benefits and affordable monthly payments. Read on to learn more about the benefits of using a mortgage calculator. Any mortgage calculator will indicate the monthly payment amount on a loan. Some also show the total cost of the loan during its entire term; if not, you can multiply the monthly Read more [...]