Smart Borrower Blog

Archive for December, 2007

The Bigger Picture

Dec 15th, 2007 @ 8:48 AM by Alden Smith

Anyone, unless they are living in an ice cave in the Antarctic, has heard so much about the mortgage crisis and the big meltdown that it has become blasé. From what we are hearing, no one should be able to get a mortgage at this time.  This is simply not true.  The focus on the […]

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Mortgage Relief only for Some Borrowers

Dec 13th, 2007 @ 4:20 PM by MortgageMentor

If you are one of the mortgage holders who has been hoping to get relief from the new mortgage relief plan, you should know that these are voluntary guidelines. Lenders are not forced to cooperate – and only some borrowers will get help with their mortgages. The Mortgage Bankers Association says that foreclosures are at […]

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All Down Payments Are Not Created Equal

Dec 12th, 2007 @ 9:10 AM by MortgageMentor

It is no secret that 100% financing is quickly going the way of dinosaurs in the mortgage market.  As such, many would be buyers are scrambling to figure out how they are going to come up with the cash to qualify for a mortgage. Many borrowers are fortunate enough to have rich uncles or parents […]

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Selling in a Down Market – Part 2

Dec 11th, 2007 @ 12:36 PM by MortgageMentor

Earlier I wrote about selling a house in a down market and the first important factor, price. You can find Part 1 here if you missed it. Today I would like to discuss the second most important factor: the condition of the home. Experts say that if you want to sell your home when the […]

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Election Issues & The Candidates

Dec 9th, 2007 @ 3:12 PM by Alden Smith

It seems like everything in this country right now is geared around the mortgage crisis.  It’s a good thing it is – we seem to be headed for a recession, and no one wants to see that.  Each week, it feels to me like all I report on is gloom and doom in the mortgage […]

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Too Little Too Late?

Dec 8th, 2007 @ 4:17 PM by Alden Smith

The Fed bailout is in the news, and the blogosphere is awash with topics on the subject. Although it may put an end to the horrible hemorrhaging in the housing market, that is about all it will accomplish.  Qualifiers and a gaggle of economists opposing the move will make it a lot less worthy than […]

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The Bailout – What It Means

Dec 7th, 2007 @ 11:06 AM by Alden Smith

December 6th, Treasury Secretary Henry Paulson unveiled the new bailout program that is reported to help homeowners that face resets on their mortgages and are looking at possible foreclosure.  Seen as a benevolent act by the Bush administration, the outline makes me feel like I am not so sure that it is of much help. […]

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Mortgage Rescue: Hope for Sinking Borrowers

Dec 6th, 2007 @ 4:41 AM by MortgageMentor

Today we’ll find out what is in store for the mortgage industry according to the President. There is a plan, an agreement made by the Bush administration in conjunction with the mortgage industry that will limit changes in borrowers’ rate increases. If they are not able to afford the increase, the payments can be frozen […]

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Higher Rates for Borrowers with Mediocre Credit

Dec 5th, 2007 @ 1:11 PM by MortgageMentor

Thirty year fixed rates have been falling quite a bit over the past couple of weeks giving many loan officers a mini refinance boom.    The media has also been buzzing regarding the Federal government stepping in to assist borrowers by freezing interest rates on many subprime loans.  However, lost in all this madness is that […]

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Protect Yourself from Predatory Lenders

Dec 4th, 2007 @ 7:03 PM by MortgageMentor

You hear a lot on the news these days about “predatory” lenders. Those are the lenders who use deceitful practices in order to cause people to lose their homes or their investment properties. They do things like: Ask borrowers to lie on the application. This could be a misrepresentation of their income, expenses, or even […]

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