Now is actually a pretty good time to buy a home. If you can afford a home, here are 3 reasons that now is a good time to buy:

Government tax credit: If you are a first-time home buyer, then you are likely eligible for a tax credit of $8,000 when you buy. This is a tax credit that can actually be applied now, and used as part of your down payment. You may be too late to get the tax credit, though: Your home has to close by November 30, 2009. However, Congress is considering extending the tax credit …read more

Those who missed out and did not refinance their mortgage earlier this year when mortgage rates were at longtime lows may soon have another chance. The average 30-year-fixed rate mortgage stands at 5.2 percent, down from 5.32 percent last week, compared to an average of 6.37 percent just a year ago.
 
The main cause behind the falling mortgage rates seems to be the struggling job market, with skyrocketing unemployment numbers creating market concerns. Unemployment is at 9.5 percent, the highest rate since 1983, and 467,000 jobs were shed across the country in June alone.
 
People are already taking advantage of the situation. …read more

Where are you with your personal finance goals?

Although mortgage rates had been steadily decreasing for quite some time now, they may be on the rise again, much to the chagrin of homeowners that have been waiting for even lower rates before they refinance. Unfortunately for them, the opportunity may have passed.
Some mortgage brokers have reported a dramatic increase in mortgage rates, as much as 1 percent on Wednesday, and the trend does not appear to be reversing any time soon. April featured record low mortgage rates, a phenomenon that may have come as quickly as it has gone.
Rebounding mortgage rates may be a consequence of the nation’s …read more

How can you get the best mortgage interest rate?

The word is that even if you aren’t buying a home, now is a good time to refinance. There are government programs designed to help people refinance, and mortgage interest rates are the lowest they’ve been in a looong time. With some mortgage interest rates at 4.65% (15-year fixed at my local credit union), it really does seem like now is the time to lock in the savings that come with refinancing to a lower rate. But, as with all financial decisions, you need to be careful. There are some refinancing fees that you need to watch out for.
Refinancing fees …read more

A home is the single largest investment most people will make in a lifetime. Wouldn’t it be nice to know who owns the mortgage?
Your monthly mortgage statement may come from the lender you bargained with, but that doesn’t mean your lender owns your mortgage. They may service the loan instead.
Many lenders, through a process known as securitization, sold mortgages to third parties as investments. Mortgage payments were used to provide a stream of cash flows to investors who purchased the new securities.
Like all securities, as long as there is a market for them, they can be bought and sold. So your mortgage could have …read more

One of the ways that some mortgage lenders are trying to comply with the president’s foreclosure prevention plan is by offering no appraisal refinancing.

Contrary to popular belief, the President’s foreclosure prevention plan isn’t just designed to help “losers.” Indeed, in addition to loan modification for those who had an affordable mortgage to begin with, there is help in there for those of use who have stood helplessly by while home values dropped. In order to take advantage of some of the amazing refinancing rates available right now, under the new plan, here is what is required:

Less than 20% equity in your home.
Owe no more than 5% of what your home is worth.
Be making your mortgage payments on time.
Have good credit.
Have a loan serviced …read more

Why has our country become so cold-hearted? Isn’t it a fair tradeoff to help some who are undeserving if we can prevent hard-working families — at least some of them — to avoid losing their homes?