Dynamic Maps of Bank Card and Mortgage Delinquencies in the United States
by NY Federal Reserve
What are the delinquency rates of credit card and mortgages? You may be surprised to find out the facts.Use this interactive map to see what the delinquency rates are in your state--even in your county!
Household Math™: How Much House
by Scott Bilker
Sandy finds a bank willing to give her a 30-year, fixed-rate mortgage. They require her to give a 20% down payment on the purchase of her home. The interest rate (APR) is 8.4%, and she must pay 1.5 points, which will be rolled into the mortgage. After property taxes, PMI, etc., Sandy can afford $1,500 per month on the mortgage payment. What is the maximum price of the home that she can purchase?
FHA Mortgages to Save America's Homeowners
by Minh Nguyen
FHA mortgage programs are giving American homeowners an opportunity to refinance to low, 30-year fixed-rate mortgages amidst heavy guideline restrictions and worldwide credit tightening. The truth is, FHA programs have been existence since 1934, but profit-hungry mortgage companies preferred placing customers into higher margin, conventional mortgages.
Helping American Families Keep Their Homes
by George Bush
President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years.
Bush Administration to help 240,000 homeowners keep homes
by (FHA) Federal Housing Administration
President George W. Bush announced on 8/31/07 that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset--but are now in default--to qualify for refinancing.
Reverse Mortgage Basics
by Ralph Splendorio
Reverse mortgages are becoming very popular. There are many questions and myths concerning this helpful financial tool. The purpose of this article is to provide a broad overview of reverse mortgages as well as examples of loans. A reverse mortgage allows senior homeowners to turn some of their home ownership into tax-free income without selling their home.
Household Math™: Compounded Daily vs. Monthly
by Scott Bilker
You have $10,000 that you want to deposit in a money market account. Both accounts pay 5% APR (Annual Percentage Rate). One account is compound daily meaning that interest is paid daily to the account. The other is compounded monthly meaning that interest is paid monthly. After one year, how much more is earned by depositing the money in the account that is compounded daily?
How to Cancel PMI
by Gary Foreman
Gary, I have a problem with my PMI. I have contacted the mortgage company on four different occasions to talk about canceling it. I want the extra money to start paying down the mortgage. On call one I was told it was going to automatically drop that same month so I did nothing. When several months had passed I called again. Is this normal or am I just being BS'd again. I had read for a long time how difficult it is to get them to drop PMI. Now I know what they mean. What can I do to get it dropped? Are there any rules, laws or governing bodies I can talk to about this constant run around? Keith
Mortgage company overcharges Denver man $38,000
by David I. Ginsburg
J.P. had been paying his mortgage on time for 15 years. In all that time he never thought for one moment that there was a problem with the payments. J.P. like many people simply assume that the bank knows how to do the math. He also assumed that the bank valued his patronage. Little did he know that he was overpaying the bank thousands of dollars without even knowing it!
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