Utah | Home Loan | Mortgage | Refinance

Archive for August, 2010

Summary: Check your credit scores before heading to the bank. You can find credit score calculators available over the internet.

When you apply for a loan or a credit line, usually it’s because you are in need of the service. So it becomes so much of a frustration when you do such only to be denied because of a poor credit rating. So save yourself from this humiliating scenario and check your credit scores before hand. That’s why there are credit score calculators available over the internet.

HSH Associates Financial Publishers has a credit score calculator available over the internet for free. Their credit score calculator engine uses java so it is fast and needs no download. It directly operated on the webpage. Try it out.

HSH

In a plan that promises to keep seven to nine million borrowers from losing their homes, the Obama administration announced its “Making Home Affordable” initiative. The Treasury Department released detailed guidelines about how it plans to help Americans refinance mortgages that would offer lower monthly payments.

A statement released by the Treasury Department said, “The present crisis is real, but temporary. As home prices fall, demand for housing will increase, and conditions will ultimately find a new balance. Yet in the absence of decisive action, we risk an intensifying spiral in which lenders foreclose, pushing area home prices still lower, reducing the value of household savings, and making it harder for all families to refinance.”

To avoid intensifying the current downward spiral of the housing market, the Obama administration has a two-part plan. The first part addresses the need to modify the loans of up to four million struggling homeowners, while the second part helps five million borrowers refinance loans through government controlled Fannie Mae and Freddie Mac.

The $75 billion plan includes the following five features (as stated in the Treasury Department document):

* A Home Affordable Modification Program to Reach Up to 3 to 4 Million At-Risk Homeowners

* Clear and Consistent Guidelines for Loan Modifications

* Requiring That Financial Stability Plan Recipients Use Treasury Guidelines for Loan Modifications

* Allowing Judicial Modifications of Home Mortgages During Bankruptcy When A Borrower Has No Other Options

* Requiring Strong Oversight, Reporting and Quarterly Meetings with Treasury, the FDIC, the Federal Reserve and HUD to Monitor Performance

* Strengthening FHA Programs and Providing Support for Local Communities

The clear and consistent guidelines state that borrowers will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the loan modification program. The Making Home Affordable plan “will not provide money to speculators, and it will target support to the working homeowners who have made every possible effort to stay current on their mortgage payments.”

This plan is particularly aimed at homeowner with upside down mortgages, where the value of the home has declined and a borrower owes more than the home is worth. In order to refinance banks usually require at least 20% home equity, but under the Treasury plan the government backed loans will help homeowners take advantage of the current low interest rates.

Other highlights of the plan include helping borrowers with high total debt (including car loans and credit cards) by requiring them to enter HUD-certified consumer debt counseling. However, mortgages over 729,750 will not be eligible. The target affordability rate is to make loans no more than 31% of a borrower’s income. The plan, which will run through 2010, only includes loans which originated before January 1, 2009.

This plan brings together lenders, investors, servicers, borrowers, and the government in the hopes of making significant strides in stabilizing the housing market and thus bringing the economy out of the worst recession in decades. Perhaps as homeowners feel less vulnerable, spending will increase in other sectors of the economy.

Inside San Antonio real estate is a site that cover the San Antonio market. They have information on San Antonio school ratings and a blog on San Antonio real estate market.

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“Surprise! Banks help more homeowners than Obama” is the headline of an August 30 CNN Money report . Of course, this is only a surprise to those who believe that government programs, which benefit some people at the …
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DALLAS , August 30, 2010 /PRNewswire/ — The U.S. has the world’s largest mortgage market, a country with an outstanding mortgage-to-GDP ratio above 100% in 2009 despite being worst affected by recent …
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A rising number of homeowners are simply walking away from their under-water mortgages. Michael Menatian, of Sanborn Mortgage Corp., and real estate attorney Shari Olafson discuss the trend and its implications.
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Mortgage rates are at their lowest levels in decades but the housing market is still reeling from disappointing sales figures and a startling delinquency rate. CNBC’s Diana Olick diccusses. (Other) Foreclosure – U.S. Housing Market – Business – Mortgage – Financial Services
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There are a few things you need to keep in mind when thinking about purchasing a car. Researching a bit about cars, prices, and car loan interest rates will do you good once you decide to venture out and walk into car dealerships.

Research allows you to assess what your financial situation is and thus help you determine whether or not this is the time for you to purchase a car. Research also helps you find out about car loan interest rates, which bears a great impact on your monthly payments. And finally, research helps you decide what type of car fits your lifestyle.

When you decide to get auto financing for a new or used car, there are four basic hurdles that you would be going through. Each step needs careful planning and should not be taken lightly.

First thing’s first, all new car purchases are financed. Roughly around 70 per cent of new car purchases are accomplished through car loans. Of course, paying cash is always an option, if you have the means. However, not all people have that luxury. So unless you plan on paying cash for your set of wheels, it’s highly likely that you’ll need to start looking into car loan rates so you can get financing for a new car.

Car Loan Interest Rates: Determine your Financial Situation

The first step in the car buying process is conducting a thorough analysis of your own financial situation. The amount of your monthly payments depends on the car loan interest rates of your car. The higher your car loan interest rates, the higher the monthly payment. And the lower your car loan interest rates, the lower your monthly payments.

If for example your credit is poor, the lender would naturally charge you higher car loan interest rates to make up for the risk they are taking in lending you the money. This is why it is very important that you find out what your current financial situation is before walking into a car dealership. You need to know how much you can afford to spend before you can determine what you can afford. Once you’ve dug deep and calculated your monthly budget, then it would be easier for you to get the car loan interest rates that are within your price range.

Car Loan Interest Rates: Deciding which Car to Get

The next important step is selection. Once you’ve got your monthly budget all figured out, you can now turn your gaze to the auto market and choose the car that is within your price range. Normally at this stage, it’s all about personal choices but it pays to know that the type of car you buy can affect your car loan interest rates.