CHamler

In the fourth quarter of the same year, the numbers in housing delinquencies also rose according to the Consumer Credit Delinquency Bulletin of the American Bankers Association (ABA). Although there has been a slight rise in the delinquency levelsin 2016, it has still remained relatively low and should not be seen as a sign of a brewing mortgage crisis. This can be attributed to the employment growth and income increase and, most importantly, consumers being very cautious in keeping their debts current and managing their finances. There is only a 0.02% increase in the number of home equity loan delinquencies,…

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Who doesn’t dream of a leisurely life when they retire? Most of us dream of spending our golden years with days playing golf, playing with our grandchildren, on month-long vacations in the tropics or spending a sunny afternoon over tea. Some retired individuals are afraid to take a new mortgage or refinance one. No one wants to still be in debt at the age of 65. You just want to be worry and debt-free. In the recent years, this has changed. There are still many who have mortgages to pay at this age. Some seek new ones even after retiring.…

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Lenders and borrowers alike, there is a document that is the most important one of all to them – the loan application. Without it, all the other documents are useless. More than the figures, it tells a story. If you’re a borrower, you’re going to need to tell the story. If you’re the lender, you’re going to have to make sure the story is accurate. A home loanapplication is a document that details all the necessary information a lender needs to know about the borrower. This is where the lenders base whether to approve or decline the borrower from lending.…

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Government-Sponsored Enterprises (GSEs), Freddie Mac (FMCC) and Fannie Mae (FNMA), will pay the U.S. Department of Treasury a sum of $10 billion as fourth quarter dividends. This was seen as a sign of the housing market faring very well after the last housing crisis. The GSEs’ profits can be used to fund other government programs. A huge concern is brewing among lenders and community groups over  how the dividend would impact cash reserves. A letterto the US Treasury and FHFA was sent asking to suspendpayments of the said dividends. If these concerned groups were to have it their way, it…

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When you think of refinancing, you automatically think of saving. It allows you to lower your current interest rate and reduce the loan term. Some refinancing options even allow some cash-out. The goal is to save more money. While this is true, it is not always that when you refinance you actually save money. Situations vary per borrower. There may be times when situations aren’t suitable for refinancing. And that, instead of saving more money, it actually costs you more than just staying with your current loan. Here are five blunders which borrowers commit when refinancing. Learn about each one…

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