If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage … [Read more...]
S&P Case-Schiller Indices Report Record Rise in Home Prices
Home prices continued to rise at record rates in May according to S&P Case-Shiller Home Price Indices. National home prices rose by 16.60 percent year-over-year in May as compared to 14.80 percent year-over-year price growth in April. The 10-City Home Price Index reported home prices rose 16.40 percent year-over-year and 1.90 percent month-to-month. 20-City Home Price Index Reports 17 Percent Home Price Growth Year-Over-Year S&P Case-Shiller’s 20-City Home Price Index reported … [Read more...]
FHA Cash-Out Refinance – Are You Eligible?
If you have equity in your home, you may wonder how you can access it. You don’t want to sell your home, but you know you’ve earned a profit from it. We have many options to secure your home’s equity, one of which is the FHA cash-out refinance. Unlike the FHA streamline refinance, you don’t have to be a current FHA borrower. As long as you meet the requirements below, you can use an FHA loan to cash into your home’s equity. Qualifying for the FHA Cash-Out Refinance … [Read more...]
Homeownership And The American Dream: Is It Changing?
There are a few parts of American culture that people believe define this country. One element is the dream of homeownership. There is a strong belief that people need a place to call home. Therefore, since the dawn of this country, the government has tried to incentivize people to purchase a home. At the same time, there are some people who are looking at the younger generation, wondering if this American Dream is starting to change. Is homeownership still a part of the American Dream? … [Read more...]
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