What Is Refinancing?

I was recently reading a news article about the fact that there has been a flurry of refinancing activity over the past year. There are so many homeowners that are trying to refinance that lenders are having trouble actually keeping up with the requests. The reason for the refinancing slowdown can be attributed to new government regulations and layoffs in the mortgage servicing industry. Lenders are now required to manually process refinancing requests to verify information dealing with income, credit, and employment. Lenders are understaffed because they laid off a large number of the employees that handled refinancing loans. The result is that the refinancing process is taking longer than ever with some loans taking over 90 days to process. Let’s take a look at the refinancing process and address some of the most frequently asked questions. [Read more...]

Is Buying Real Estate A Smart Investment At The Moment?

In the past buying a home was seen as something only the wealthiest families in the neighborhood were able to afford. Over the past few decades home ownership has become increasingly common. Many purchasers see it as a good investment, as well as providing a level of security not offered by renting. However, with the economy still swinging wildly at the moment and property prices rooted to rock bottom, is now a good time to consider buying?  [Read more...]

You Paid Too Much For Your Home, Now What?

During the housing boom, buying a home seemed like a smart move as real estate prices skyrocketed. Individuals with good and bad credit alike were cashing in on the boom. It was a risk free investment since real estate can only increase in value. At least that was the thinking before 2006. Real estate prices have come crashing down to earth and homes are only worth a fraction of what they were before the crisis. Many homeowners are scrambling to stave off foreclosure. So, what are your options if you paid too much for your home? [Read more...]