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  2. Mortgage
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Mortgage

Putting Mortgages into ‘Plain Language’

Bank of America has debuted www.BankOfAmerica.com/HomeLoans, a new Web site for borrowers that includes a calculator that determines not just what size loan people can qualify for, but how much they can spend without being stretched too thin. “We wanted to change the conversation to ‘How much house can I comfortably afford?’ rather than ‘What’s […]

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Buyers Shouldn’t Dismiss All ARMs

Potential home buyers in search of a mortgage are wary of all kinds of adjustable rate loans these days, but hybrid ARMs can be really good deals even in these times of historically low interest rates, some lending experts insist. Hybrids are “a great product at a great rate,” says Christopher Cruise, a mortgage broker […]

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U.S. to Offer Incentives to Modify Seconds

The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages. Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share […]

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Federal Housing Rescue Plan Launches

The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place. Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, […]

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Fed Report: Real Estate Stabilizing in Key Cities

While real estate and other industries remained weak in all 12 of the Federal Reserve districts, there is reason for optimism in several areas, according to the Federal Reserve, which released its periodic “Beige Book” report of economic activity on Wednesday. In Boston, Fed contacts reported “early signs of improvement” in the residential real estate […]

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Georgia Dream, NSP

I know I said this before…but really, NOW is a good time to buy. Take a look at what my mortgage specialist sent me: “DCA Allows up to $14,000 for down payment or repairs on foreclosed properties under Neighborhood Stabilization Program The Department of Community Affairs, better known as DCA, has come out with a […]

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Foreclosure Plan Doesn’t Reach Everyone

Not everyone was a winner under the program to help troubled homeowners announced Wednesday by the Obama administration. The refinancing plan does nothing for people whose mortgages have dropped substantially in value because it’s limited to borrowers who owe no more than 5 percent more than their home’s current value. Borrowers who are severely underwater […]

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Details of the $ 8,000 Purchase Incentive

This is current information comparing the previous Tax Credit and the Current First Time Home Buyer Tax Credit in place now due to the Stimulus Package signed today by the President.    Stimulus Plan First-Time Homebuyer Tax Credit: The Stimulus Plan was signed into law by President Obama. It contains a new tax credit for […]

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Housing Meltdown Hurts Minorities the Most

Minority Americans were the biggest losers in the subprime mortgage crisis, according to a study by an advocacy organization United for a Fair Economy. The study concludes that African-Americans and Hispanics lost as much as $213 billion in wealth over the last eight years because of predatory lending. “This was “the most massive loss of […]

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