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Archive for January, 2008

Well, the Mortgage Insider, got cited in today’s edition of the Washington Post where I discussed the financially irresponsible practice of paying off credit card debt with home equity loans. The reporter, Dan Rafter, who interviewed me for his story, “For Every Loan, a Proper Use: There’s More Than One Way to Tap Home Equity” [...]

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Emergency Fed Rate Cut: Big Smoke Screen

The Fed rate cut this week came from and emergency meeting when the Dow futures were down almost 500 points. The rate cut came just in the nick of time stemming a stock market crash…or so we’re told. “Did you say “stock market crash”? Yes…at least that was how it was reported in the media… [...]

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Bush Caught Lying About Rate Freeze

President Bush in a press conference yesterday outlined a plan to help subprime borrowers facing upward rate adjustments (and potentially foreclosure because of the rate increases) some hope. Sadly, after a little investigation…it was all a big lie! He outlined a 3 part plan to “help” American homeowners: 1. Refinance using a private sector, conventional [...]

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Mortgage Refinance: What Is Your Goal?

I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last home mortgage refinance. Mortgage Refinance Loan Questions “Did you only look at lowering your payment as the primary determining factor as to whether [...]

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Private Mortgage Insurance (PMI) Tutorial

Private mortgage insurance or PMI protects lenders from loss on mortgages with less than 20% equity in the event of foreclosure. And you pay for it! Don’t confuse hazard or homeowner’s insurance with private mortgage insurance. Homeowner’s insurance protects you from a loss like a fire. They are insuring the actual structure. PMI protects the [...]

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Hazard Insurance Overview

Hazard insurance is homeowners insurance and it has to be in place with the appropriate amount of coverage for a lender to approve and close your mortgage. It covers replacement costs for damages caused by fire, wind or disaster that might affect the value of the home. It also includes liability and theft coverage. Do [...]

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Foreclosure Tax Reform Could Help Millions

The tax code allows for a foreclosure tax (for lack of a better word) when the lender forgives any part of the original mortgage debt. The IRS treats taxes the forgiven amount as income. For many facing foreclosure over the next few years, a loan modification called a “short sale” will seemingly be the proverbial [...]

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Find the Right Listing Agent to Sell Fast

When it comes to house selling tips, the best advice I can give is on how to find a good real estate agent. Most house selling tips come from self-serving listing agents. Mine do not. We posted an extensive article on how NOT to choose an agent a year or so ago. Now it’s time [...]

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Mortgage Insurance Deductibility Made Law

Congress passed and the President signed into law recently the tax deductibility of mortgage insurance premiums. Halleluiah! This is huge! I know I make a big deal about what most of you would almost surely ignore. The King of Real Estate Minutiae and all…but this one really is a big deal. So listen up, there [...]

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