When debt piles up, you have several options for paying it back, including debt consolidation. What is debt consolidation? Debt consolidation means taking out one new loan large enough to repay some or all of your outstanding debt. You get the money, pay off your accounts, and then make a single monthly payment to pay… Read More
Some hopeful homebuyers know they can afford a mortgage payment – in many cases it’s lower than rent – but struggle to come up with the down payment. Saving that much money is a challenge for most of us. In some metropolitan areas, average home prices are very, very high, requiring a down payment of… Read More
Here’s a snapshot of today’s housing market nationwide. Rising prices Home prices in 133 of 150 major metropolitan areas rose sharply in the first quarter of 2013, experiencing their biggest gains in many years. The national median price for an existing single family home is now $176,600 – up 11.3 percent from one year ago…. Read More
What is a jumbo loan? In most parts of the U.S., “jumbo” means a mortgage larger than $417,000. In some high-cost areas like New York, the threshold is $625,000. This is not a limit on purchase price, but rather on the loan amount. So to buy a home for $500,000 with 20 percent down, a… Read More
For passengers affected by air traffic delays caused by the recent sequester-related spending cuts, some rewards credit cards helped ease the pain. Sequester-related budget cuts Budget cuts forced the FAA to require employees to take an unpaid day every two weeks, which effectively reduced the air traffic controller workforce by about 10% each day. Cascading… Read More
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The housing recovery continues nationwide. Economic health and historically low mortgage rates continue to drive mortgage applications. Prices inch upward in every major city. Consumer credit Nationally, consumer credit default rates overall, including mortgage default rates, declined in February. The default rates for all loan types were lower in February than one year earlier. Consumer… Read More
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The glut of foreclosures is behind us in most states, but there will always be some percentage of homeowners who struggle with their payments for any number of reasons. And many Americans are still underwater on their mortgages, owing more than their home is worth. Foreclosures are disruptive and costly, and have put banks firmly… Read More
Do you know about the FHA’s 203(k) program? You can get a low (3.5 percent) down payment loan for the purchase price plus the cost of renovations on a single-family home or a multi-family property with up to four units. Your loan limit is based on the appraised value after the improvements have been made…. Read More
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Getting more for your money Can you get a free vacation just for doing home improvements? Maybe. Issuers competing for your business offer credit card rewards of every variety. You’ll find a reward program to match just about any hobby or interest – offering airfare, hotel rooms, concerts and sporting events, VIP upgrades, gifts, gift… Read More