Welcome to Home Mortgages
Mortgage Rates For First Time Buyers Article
This is a selection made from among articles on Mortgage Rates For First Time Buyers. For a permanent link to this article, or to bookmark it for future reading, click here.
Mortgage Tips from Me to You
from: Seymore Hennigan
We have all heard the stories in the press about elderly people losing their homes due to unfair lending practices. Most reputable banks would never consider bilking their customers out of their life savings but there are many small, private lenders that would only be too happy at the opportunity to do it. The act of lending money under conditions unfair to the borrower is referred to predatory lending. Let’s examine the finer points of predatory mortgage lending.
Predatory mortgage lending has become a major policy issue for financial institutions throughout the nation. Nearly every federal financial services regulatory agency has denounced the practice, and has attempted to address the problem by pressuring legislators to enact laws that protect consumers from these fraudulent practices. Many states have enacted laws to protect their citizens from unfair banking practices, in part due to the policy papers issued by the major financial institutions
Predatory mortgage lending is characterized by the following: excessively high interest rates or fees, abusive or unnecessary provisions with no benefit to the borrower, large prepayment penalties, and underwriting that ignores the borrower’s ability to repay the loan in question. As the details and conditions of each financial transaction differ, high interest rates alone do not constitute predatory lending. To qualify as predatory lending, the transaction must contain three of the above stated conditions.
Many predatory lenders use fraudulent target marketing to identify their potential customers. These unscrupulous financial institutions tend to concentrate on people that are lacking a sound understanding of finance. Predatory lenders almost exclusively look for people with limited education that are unable to grasp the finer details of their loan conditions. They also regularly prey on the elderly, as they have limited incomes and significant equity in their homes.
If you or someone you know is considering borrowing for a mortgage, please take some time to educate yourselves about the potential pitfalls. Always deal with reputable financial institutions. If you have any concerns about the business practices of a particular financial institution, you can always try investigating them at the "Better Business Bureau". If you are not comfortable doing business with them, be sure that you do not sign anything. Take some time to speak with friends or family, and try to do business with companies that they trust and have put their faith in. In this day and age, it pays to be an educated consumer.
About The Author
Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for mortgageguide101.com – an independent mortgage guide filled with extensive information about Countrywide Mortgage - http://www.mortgageguide101.com/countrywide-mortgage.aspx, GMAC Mortgage - http://www.mortgageguide101.com/gmac-mortgage.aspx, Wells Fargo Home Mortgage - http://www.mortgageguide101.com/wells-fargo-home-mortgage.aspx and more.
Mortgage Rates For First Time Buyers Specific links
Ripe Tv
- Hottest Video portal on the internet. Every Kind of Video - Supermodels, Martial arts, Cool shows, Pick Miss Ripe and More!
-- http://www.ripetv.com/
EBAUMS World
- Cippi, the farting chipmunk - A snake gets iced in Cippi's latest adventure!
-- http://www.ebaumsworld.com/
Free Online Kids Games
- Hundreds of fun free online games for kids.
-- http://www.alfy.com/
Mortgage Rates For First Time Buyers News
S&P hits session low after poor services data - Reuters
NEW YORK (Reuters) - The S&P 500 hit session lows on Wednesday after data showed the service sector hit a record low in November, adding to pessimism fueled by a gloomy outlook from BlackBerry maker Research in Motion. * The Institute of Supply ...
Read more...Lower mortgage rates help but jobs, prices key - Reuters
NEW YORK (Reuters) - The lowest mortgage rates in three years are luring first-time buyers and cost-cutting refinancers, but falling home prices and mounting unemployment will keep U.S. housing in its deepest slump since the Great Depression ...
Read more...Lower US mortgage rates help but jobs, prices key - Guardian Unlimited
NEW YORK, Dec 3 (Reuters) - The lowest mortgage rates in three years are luring first-time buyers and cost-cutting refinancers, but falling home prices and mounting unemployment will keep U.S. housing in its deepest slump since the Great Depression ...
Read more...China property slump threatens global economy - Business Standard
Construction of homes, offices and factories fell at least 16.6 per cent in October after rising 32.5 per cent a year earlier, according to Macquarie Securities Ltd. That's squeezing an economy already slowed by recessions in the US, Japan and Europe ...
Read more...Mortgage rates fall for 2nd day; won't help all - Miami Herald
MIAMI -- Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven't seen this year. That drop is what the Federal Reserve was aiming for when it announced a plan Tuesday to buy $600 ...
Read more...Foreclosure is not the only option for buyers - New York Daily News
Q: I’m dying to get into the housing market, but even with today’s low prices, I think the only way I’ll really be able to afford a home is to buy a foreclosure. But I’m too nervous to buy a bank-owned property. What are the options for ...
Read more...Mortgage rates fall for 2nd day; won’t help all - Buffalo News
MIAMI — Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven’t seen this year. That drop is what the Federal Reserve was aiming for when it announced a plan Tuesday to buy $600 ...
Read more...Anatomy of a Breakdown - Reason.com
It was not an absence of federal intervention that produced the Great Financial Panic of 2008. Contrary to the assertions of those clamoring for new regulations (see "Is Deregulation to Blame?," page 36), the liquidity shortage and credit freeze that ...
Read more...Stock buyers go shopping - Pueblo Chieftain
NEW YORK - Wall Street climbed again Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic ...
Read more...Extra support for those struggling to pay mortgages - Financial Times
Homeowners facing repossession or struggling to meet mortgage payments after losing their jobs will receive extra support from the government following yesterday's pre-Budget report. The government focused its attention on helping existing borrowers ...
Read more...