Financial Foundations» Mortgages

Is A Reverse Mortgage Right For You?

Steve Baker — Fri, 13 Mar 2009 16:20:49 +0000

Reverse Mortgage Nightly News Report

If you would like more information or to find out if a Reverse Mortgage is right for you fill out the “How Can I Help You” form to the [...]

How are Credit Scores Calculated?

Steve Baker — Fri, 13 Mar 2009 15:23:54 +0000

Fair Isaac and Vantage Score hold their credit scoring formulas as a close secret much like the formula for Coca-Cola or your grandma’s legendary double chocolate-chip cookies. This can be very frustrating for consumers when they see remarks on the credit report like “too many revolving debt accounts” and not knowing exactly that means.

Fortunately, Fair Isaac [...]

Money Merge Account Overview

Steve Baker — Sun, 22 Feb 2009 02:21:58 +0000

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Imagine Getting A Check Each Month Instead of Writing One

Steve Baker — Fri, 20 Jun 2008 23:19:08 +0000

Here is a great article and video on Reverse mortgages, from MSNBC.

Imagine getting a check each month instead of writing one

REDFORD, Mich. – For 88-year-old Mort Linick, a red scooter symbolizes financial freedom. He bought the scooter with money he and his wife, Fran, get from the mortgage company, instead of sending the mortgage [...]

The Mortgage Crisis

Steve Baker — Fri, 13 Jun 2008 12:24:06 +0000

WHAT JUST HAPPENED?

How did Americans progress from being the world’s economic leader to becoming the world’s economic anchor?

Friends and clients keep asking me, “What happened? Three years ago our economy was booming and our home values were rising at an intoxicatingly dizzy rate. Last October, the US stock market was making historic highs. Today, home prices [...]

7 Steps to Avoid Foreclosure

Steve Baker — Sun, 25 May 2008 03:09:24 +0000

If you have missed fewer than three mortgage payments or are anticipating that you might have to miss them in a month or so because of life circumstances, put your smarts in action and implement this simple plan to avoid foreclosure. Don’t confuse simple with easy; avoiding foreclosure can take time, patience, money and effort, but [...]

Fannie Mae, Freddie Mac will tack new fee onto home loans next year

Steve Baker — Sat, 24 May 2008 23:04:04 +0000

Low-credit borrowers aren’t the only people who’ll pay a price for the rising number of mortgage defaults. Ordinary homebuyers will take a hit as well, through higher fees at closing.

Fannie Mae and Freddie Mac, the government-sponsored companies that back 40 percent of American mortgages, have decided to impose a new fee of one-quarter of [...]

Foreclosures jump 30 percent in 3rd quarter 2007

Steve Baker — Sat, 24 May 2008 23:01:51 +0000

Congress, White House debate solutions to help people keep their homes By John W. Schoen Senior Producer MSNBC

As Congress and the White House continue to work toward solutions to help embattled homeowners, home foreclosure filings took a big jump in the third quarter, according to the latest data from real estate Web site RealtyTrac.

Foreclosure actions were reported [...]

Who are the winners in mortgage mess?

Steve Baker — Sat, 24 May 2008 22:59:30 +0000

I found this article on MSNBC and thought it was worth sharing… The financial markets are pretty skittish these days as banks and other mortgage lenders continue to report big losses from mortgage loans gone bad. But in any market, one person’s loss is often another person’s gain. So where did all those “losses” from bad mortgages [...]

Facing foreclosure? Fight is better than flight

Steve Baker — Sun, 18 May 2008 04:31:08 +0000

Financially stressed homeowners have options instead of just moving out

It’s the toxic fallout from the “subprime meltdown”: More and more Americans are losing their homes to foreclosure.

Sadly, many could escape this fate if they’d just talk to their lenders. Instead, they hunker down and hope against hope that something will happen before the [...]

Overview of Current Reforms and Reform Legislation

Steve Baker — Sun, 18 May 2008 04:06:18 +0000

Reform legislation

The Expanding the American Homeownership Act, H.R. 1852, known as FHA Reform or FHA Modernization, was approved by the U.S. House Financial Services Committee on May 3, 2007. The bill now awaits a vote by the full House of Representatives. It will enable the FHA to reach more prospective borrowers and allow millions more low- [...]

FHASecure Fact Sheet – Refinance Options

Steve Baker — Sun, 18 May 2008 03:57:50 +0000

YOU WORKED HARD FOR HOMEOWNERSHIPThe Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive.

We provide mortgage insurance on loans made by FHA approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily and manufactured homes and [...]

How FHA Could Help Borrowers Refinance and Avoid Foreclosure

Steve Baker — Sun, 18 May 2008 03:55:33 +0000

This is such good news I decided to include it here in it’s entirety!

How FHA Could Help Borrowers Refinance and Avoid Foreclosure

By Deborah Solomon

RISMEDIA, August 27, 2007- (The Wall Street Journal Online)–As the subprime-mortgage crisis ripples through the broader housing [...]

Credit Problems for Young Buyers

Steve Baker — Sun, 18 May 2008 03:51:14 +0000

Start building credit early.

Last week I had to do something that I really didn’t like. I had a young couple come to me wanting to buy their first home. They were so excited, and so was I. Until we hit a snag, and not just a little one.

They didn’t have a great [...]

Mortgage Broker or LO…. What’s the Difference?

Steve Baker — Sun, 18 May 2008 03:50:23 +0000

Mortgage Broker vs. Loan Officer When you’re looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the [...]

New tax law tweaks home-buying math

Steve Baker — Sun, 18 May 2008 03:48:37 +0000

I recently read an article on CNN Money that was so important because it is going to help so many people. It was about a new piece of legislation that Bush signed that makes PMI deductible for many homeowners. Here it is…

A $40 billion tax bill signed into law Wednesday [...]

Buyer Don’ts (What NOT to do before buying a home)

Steve Baker — Sun, 18 May 2008 03:47:35 +0000

Things to avoid before buying a home

Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are [...]

Reverse Mortgages Aid Older Americans

Steve Baker — Sun, 06 Apr 2008 04:20:54 +0000

Here is a great article and video on Reverse mortgages, from MSNBC.

Watch Video

Imagine getting a check each month instead of writing one

11 Reasons to Apply for a Reverse Mortgage Loan

Steve Baker — Wed, 26 Mar 2008 04:14:41 +0000

A reverse mortgage is a loan or line of credit you take against your house from the equity in your house that you do not have to repay, as long as you live there. You can choose to pay it off if you sell your home or you can simply live in your home until you [...]

Avoiding Mortgage Fraud

Steve Baker — Sat, 15 Mar 2008 03:46:54 +0000

Mortgage fraud is becoming more common. To protect your home and your home equity it is important to understand and recognize the signs of mortgage fraud. It’s also important to know how to report fraud to state and federal authorities so they can stop scam artists from preying on innocent borrowers.

Scam artists will often target homeowners [...]