Home Loan

Home Loan

A Home Loan or mortgage loan is to borrow money to purchase a home with the legal obligation to repay the loan as well as interest to the lender. A lien is placed on the home to secure the property until the home loan is paid in full.Email this to a friend?Tweet This!Share this on [...]

HUD explains new rules on closing costs

August 14, 2009 FHA Mortgages

The U.S. Department of Housing and Urban Development has posted clarifying frequently asked questions (FAQs) concerning implementation of new rules designed to give mortgage borrowers better understanding of closing fees.
Under the new Real Estate Settlement Procedures Act (RESPA) rule, HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly [...]

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Mortgage rates jump up in latest Zillow Mortgage Marketplace survey

February 25, 2010 Mortgage Financing

All types of mortgages saw their average interest rates increase notably during the final full week of February, offsetting decreases that had been seen in recent weeks.
According to the latest Zillow Mortgage Rate Monitor released on Tuesday, the average interest rate for 30-year fixed-rate mortgages increased by 0.05 percentage points to hit 4.84 percent compared [...]

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FTC proposal would ban up-front payments from for-profit mortgage modifiers

February 6, 2010 Mortgage Financing

The Federal Trade Commission has proposed a new rule that would aid homeowners looking to modify their mortgages from falling victim to fraudulent modification services by banning some services from charging up-front fees.
The proposed rule comes after the FTC has handled 28 different cases during the financial crisis involving fraudulent or deceptive companies that claimed [...]

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Bank regulation reform has uncertain path forward

August 5, 2009 Mortgage Financing

Sweeping reforms to the financial system proposed by the Obama administration have an uncertain path forward in Congress, as disagreements within the administration present challenges to enacting a regulatory response to the market collapse of last September.
The financial crisis that disrupted markets, put a tight lid on credit and undermined confidence in the financial system [...]

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Appraisal Institute defends home valuations

June 25, 2009 Mortgage Financing

The Appraisal Institute yesterday defended home valuations by appraisers in a forceful response to a comment by Lawrence Yun, chief economist of the National Association of Realtors (NAR), in which Yun said faulty appraisals had hurt existing home sales last month.
Bill Garber, director of government and external relations for the Appraisal Institute, said the group [...]

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A new National Retail Federation survey has found that consumers will reduce the amount of money they spend on their significant other this Valentine’s Day as they try to recover from bad credit and increase savings.

February 12, 2010 Mortgage Financing

Whether due to successful interventions of government loan modification programs, or simply due to seasonal trends, fewer homeowners fell behind on their mortgage payments and into foreclosure during January, RealtyTrac reported Thursday.
According to the website’s January 2010 U.S. Foreclosure Market Report, foreclosure filings for the month were listed at 315,715. The figure represented a decrease [...]

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