Search results for mortgage
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Posted
Sep 22 2007, 09:17 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Lower property values are among the ripple effects of the subprime mortgage lending crisis, according to a report by Americans for Fairness in Lending.
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Posted
Sep 24 2007, 10:53 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Homeownership is the American dream, but it may not be right for everyone. Here are seven factors to consider before you decide to tear up that lease. The seventh is instability in many housing markets.
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Posted
Sep 26 2007, 02:22 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Industry analysts today reported further declines in the housing market: Home prices in 10 metropolitan areas fell 4.5 percent in July, the steepest decline in 16 years. Home resales in August were 4.3 percent lower than the previous month. Meanwhile, a major home builder announced a 35 percent reduction in its work force.
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Posted
Oct 02 2007, 09:55 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Faced with having to foreclose on a home, a lender may consider a "short sale," selling the home to a new buyer for less than the cash-strapped current owner owes. It could be a lengthy process, and you have to make a case for the sale. But you could end up getting more house for your money.
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Posted
Oct 04 2007, 07:21 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Friday's news about the FDIC takeover of online-only NetBank, the first bank to fail in the ongoing mortgage crisis, wasn't a shocker considering its recent history . My Money Blog had responded to a worried reader's question about NetBank earlier that week. " ... a diligent person would have known they were in trouble," MMB noted. Bloggers like Datageekgal are offering lots of advice to former NetBank customers: Most of you won't lose any money. And remember that the FDIC and ING , which will take over NetBank's online banking operations, won't e-mail NetBank customers asking for personal information. If you get one, don't reply . It's a hoax.
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Posted
Oct 05 2007, 11:48 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
How many people can utter these words: "I will be debt-free by Christmas"? Blogger Get Rich Slowly did so this morning, and we believe congratulations are in order. You don't get to that point without some careful deliberation, and now Get Rich logically asks about the next step: " How is living debt-free different than becoming debt-free?"
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Posted
Oct 19 2007, 01:22 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
J.D. of Get Rich Slowly and a friend compared notes over lunch about their respective decisions to "upgrade" to bigger homes. They both came to this conclusion: "Too much house is as much a problem as not enough." They both have space they don't use and chores that never seem to get done. They have larger mortgages and all of the extra interest that entails, and higher utility bills. So what were they thinking? Apparently the same things many of us do, or used to. A graph with J.D.'s post illustrates the gradual increase of the average American home from "modest" to "McMansion," a trend that may be in reverse .
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Posted
Oct 29 2007, 01:44 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Can you really afford a bigger mortgage? There's a good way to find out. Melissa's very thoughtful post at A Penny Closer describes how to live with the cost of a higher mortgage for six months before actually taking the plunge . She had $600 a month automatically deposited in a high-interest savings account. That amount represents the difference between her current house payment (mortgage, taxes and insurance) and the monthly payment on a new home. "At first, not having that money in the budget was difficult, but we have worked through the aches and pains and are comfortable now," she wrote. The family also finessed its budget to accommodate other expenses it anticipated with a new home -- more spending for things like electricity, water and furniture -- without putting less into debt payment and savings. Now Melissa knows her family can afford a new house , and has a bunch of savings in the bank to make the transition easier.
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Posted
Nov 15 2007, 03:12 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
The subprime mortgage fiasco has refueled the debate over whether it makes better financial sense to buy or rent a home. Rob at TwoWiseAcres makes a good case for buying (and this is from a guy who makes money investing in rental property). He writes about taxes, leverage and inflation, but his essential point is this: The value of your home will increase over time but your mortgage payment will be fixed. He includes this piece of advice a lot of people probably wished they had followed: "If it takes more than 10 words or so to describe the terms of a loan (as in, 'Your mortgage is a 6.5% fixed-rate 30-year loan.') be afraid, be very afraid." On the other side, Millionaire Mommy Next Door makes a convincing case for renting. After all, she is a millionaire and she rents. Mommy argues that if you invest the money you'd otherwise spend on a home , you'll end up with more wealth and free time. For her, the American dream is not a piece of real estate. It's freedom to do what she wants.
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Posted
Nov 15 2007, 04:11 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
If you've decided home ownership is right for you (see our earlier post about this difficult question), make sure it's also affordable. The Silicon Valley Blogger at The Digerati Life tackles what's been a painful lesson for many with her advice about buying a home without losing your shirt . "The real estate industry is full of creative loans and fancy mortgages that can make your eyes blur and your wallet bleed," she writes. Work with trusted professionals, know what you truly can afford , stick with a fixed-rate mortgage if you can, and have no illusions that "the future will take care of itself" if you go with a more exotic type of mortgage.
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