Finance
The Top 10 Reasons Why Your Mortgage Has Made You House Poor
1. Many people over the past 5 years who bought homes thought they were getting rich by buying bigger homes. Many were told that homes always went up in value and that they needed to get into the market as soon as possible before prices went up more. With history on your side, buying a [...]
The Top 10 Reasons Mortgage Companies Stopped Doing Second Mortgages
1. Mortgage companies starting around November 2007 stopped doing fixed second mortgages and home equity lines of credit (HELOC) due to changes going on in the mortgage industry. A lot of swift and sudden changes came to the type of companies that were farthest away from the actual money like the mortgage brokers, correspondent lenders, then [...]
The Top 10 Reasons Why You Should Never Pay For A Credit Report
1. Paying for a credit report is something that a lot of people get told they need to do every six months or so. They go to a website that has the latest catchy jingle on the television and go there and buy a merged credit report from Equifax, Experian, and Trans Union.
2. The credit [...]
The Top 10 Reasons You Need To Pick The Right Second Mortgage
1. For those of you that do not know what a second mortgage is, it is a lien (loan) against a certain percentage of the equity of the home. What the mortgage company does is recognizes that you have a first mortgage on your home and they take the balance of that loan, get an [...]
The Top 10 Reasons You Should Get A 30 Year Fixed Rate Mortgage Over A 15 Year Fixed Rate Mortgage
1. Most people when looking for a new home loan will always say that they want to be able to pay the home off as fast as they can. If they wanted to be able to pay the home off as fast as they could then why didn’t they save up a 50% down payment [...]
The Top 10 Reasons No Closing Costs Mortgages Are A Myth
1. Just about every person in the world likes to get something for nothing. I’m reminded of this old saying that one wise man once said to me and that it was “there’s no such thing as a free lunch.” That wise man was my dad. So why would anybody think that they are going [...]
The Top 10 Reasons Your Mortgage Broker Is In Foreclosure
1. The housing boom is turning out to be quite a bust right now. There were a lot of people that got rich very fast and now there are some people that are in the poor house. What is interesting is that you would never think that the person who probably did three refinance loans [...]
The Top 10 Reasons Why Foreclosure Is Not A Bad Idea
1. First off I want to say that I am not promoting going into foreclosure but let me tell you something about when it makes sense to do it. Foreclosure is now a word that every American now knows. Ten years ago you might hear that word occasionally or maybe when a business was going bankrupt, but [...]
The Top 10 Reasons Why Home Equity Loans (HELOC) Are Good To Have
1. A home equity loan is a loan that is taken out against what the home is worth - the loan you currently have on the house. For example: the house is worth $175,000 and you owe $125,000 on your current first mortgage. You could take out a home equity loan for $175,000 - $125,000 [...]
The Top 10 Reasons Local Mortgage Rates Are A Joke
1. Let’s say that you are shopping for a interest rate for a mortgage and you get out your Sunday newspaper and go to the real estate section to see what mortgage rates are doing that day. You see some 20 different mortgage companies offering different rates saying that sense they are a local mortgage [...]
