The reports paint a dark picture. According to the Mortgage Bankers Association more than 2.1 million Americans missed at least one payment on their home loan at the end of last year, taking the rate of new foreclosures to a record high. It’s even worse for borrowers with scuffed credit and adjustable-rate mortgages. More than 14 percent of them were behind on their payments. But the worst is yet to come according to the MBA. The association predicts that least $300 billion in subprime … [Read more...]
Refinancing Your House in Today’s Market
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The days of 100 percent financing with no down payment are gone thanks to a record number of foreclosures and collapse of the sub-prime mortgage industry. Now if you are looking to refinance your house you will find the standards a lot tougher unless you have a FICO score roughly above 620 and a stable income. Most experts say that with a strong record of paying bills on time, a documented, steady income, you should be able to borrow easily and at a low rate. However if you find that you … [Read more...]