MORTGAGE RATES » Home Mortgage Loan News

The housing market is in a very different state than it was several years ago. Many people are walking away from their mortgages due to unemployment and an inability to pay, while others are watching their home values drop and mortgages fall underwater.

It’s tough for many to keep up with the changes of the mortgage industry, let alone think about keeping the home long enough to pay it off. With so much going on, does it make sense for those still in good standing to work toward paying off mortgage loans?

A reverse mortgage loan can be a valuable tool for retirement planning. For most people, Social Security won’t be enough and it’s important to have as many sources of income as possible when you stop working. Reverse mortgages can accomplish this, but there are several requirements that must be met before obtaining one.

Both the Federal Housing Administration and non-government financial institutions can be qualified reverse mortgages lenders. However, those who want to take advantage of a reverse mortgage opportunity must meet certain qualifications for a reverse mortgage loan, including:

While the sale of homes in some stage of foreclosure declined in the first three months of the year, they accounted for 28 percent of all home sales. According to RealtyTrac Inc., this is a share nearly six times higher than it would be in a healthy housing market.

Foreclosure Sales Hit Highest Share of Overall Sales in a Year

With auto loan rates as low as 3.00% APR, LA Financial Credit Union has made a name for itself as the financial institution with some of the best interest rates in Los Angeles, California. In fact, LA Financial won the “DataTrac Great Rate Award” because their auto loan rates beat 28 percent* of the market. Whatever your needs are, LA Financial can provide you an auto loan with a competitive rate.

Benefits of Financing an Auto Purchase with LA Financial

A new study conducted by credit bureau TransUnion found that a person who defaults on a mortgage, but no other debts, is considered to be a less risky borrower that some might expect. Since economic conditions played a huge role in why so many people have defaulted on their mortgages, lenders are much more lenient on borrowers in this circumstance.

Mortgage-Only Defaulters Are a Lesser Credit Risk

Everyone has their own individual goals for retirement, but no matter what vision you have for your future, money will be required to make it all happen. A reverse mortgage may be the loan you need to materialize your dream.

Reverse mortgages are a specialized type of loan that uses the equity in your home as collateral to provide you with a reliable cash flow when it is time to officially retire. Reverse mortgage loans are not for everyone as there are some specific qualifications that need to be met in order to obtain one. They include:

Over the past few years of economic distress, banks and credit unions have been failing left and right. Chevron Federal Credit Union (CFCU), on the other hand, has only been growing in size and assets. This history of stability and perseverance during even the toughest of times speaks to their reliability as a lender. Combine this with the excellent mortgage rates this credit union offers, and it’s easy to understand why CFCU is a top choice among borrowers.

Current CFCU Promotional Mortgage Rates

Americans are currently in the process of revising their concept of retirement.  People now accept responsibility for planning for their own future by setting up their own retirement accounts, putting off their golden years because of limited cash resources and tapping into alternative sources to finance their dreams. That is why reverse mortgage loans are growing in popularity.

So, what is a reverse mortgage? Reverse mortgages are simply a type of home loan that allows those over the age of 62 to borrow against the equity in their home. The borrowers must continue to live in their home, but in return, they can get either get a lump sum payment, decide to use the reverse mortgage buffer as a line of credit or opt for monthly installments.

Generally, when most people think of mortgage lenders, they think of banks first. While banks can be an excellent source of funding for your next commercial mortgage loan, it is important to understand that they are not your only option. A variety of commercial mortgage funding sources exist and choosing the best one depends upon your specific needs.

Time Versus Budget

The number of foreclosure filings dropped for the seventh straight month in April, according to a report released on Thursday by RealtyTrac. The company found that while filings fell a whopping 34 percent from a year prior, the housing market is not any closer to getting on the right track.

Banks Not Finished Filing or Repossessing