30-Year Fixed Mortgage Rates Dropping – July 2009
For the first part of 2009, the average interest rate on fixed-rate mortgages hovered around 5% — fairly steadily. But in the last month or so, those rates have seen more turbulence. Watching the weekly mortgage summary on Freddie Mac’s website was like watching a roller coaster. And right now, the roller coaster is dropping again. For the week of July 13, the average rate for 30-year...
Read MoreDown Payment Assistance for Home Buyers
Summary: Where can first-time home buyers find down payment assistance in the current economy. In this article, we will talk about the different programs and options that are available in 2009. So, you’ve decided to enter the housing market and buy your first home. You’re excited about finding a place of your own, so you start talking to mortgage lenders. It doesn’t take long to...
Read MoreHow to Apply for an FHA Loan – A Guide to FHA Mortgages
Reader Question: “I do not have enough money for a 20% down payment, so I am considering an FHA home loan. My question is, how can I apply for an FHA loan online? Is there a government website for this, or do I apply through a regular lender?” I promise to answer all of your questions in this article, but I’d also like to expand on this topic for the benefit of other readers. So...
Read MoreHow Much of a Home Loan Can I Afford?
How much of a home mortgage loan can you afford to borrow? Here’s a hint. A mortgage lender cannot answer this question. You must answer it for yourself, before you even apply for a home loan. In today’s lesson, I’m going to explain one of the most important concepts a home buyer should understand. Failing to understand this concept can lead to financial problems down the road,...
Read MoreHow Does Peer-to-Peer Lending Work?
Peer to peer lending is a fast-rising trend in the financial world, and it’s one that I find fascinating. Also known as person-to-person lending, this is a unique financing strategy in which one person gives a loan to another. It has come a long way over the last few years, and is now a widely accepted method for personal financing. How does peer-to-peer lending work anyway? What are the...
Read MoreGovernment Mortgage Assistance Programs in 2009 – A Homeowner’s Guide
Thus far, 2009 has been a year of massive spending bills designed to help struggling homeowners avoid foreclosure. As a result, there are several new government programs for mortgage assistance that homeowners should know about. Collectively, these programs fall under the Homeowner Affordability and Stability Plan, announced in February of 2009. Many people are confused by this plan, and...
Read More