Home Ownership

CFPB makes mortgage sheets simpler

The Consumer Financial Protection Bureau, the Obama administration's agency being set up by adviser Warren, plans to bring greater transparency to the credit industry by requiring simpler purchasing sheet for mortgage lending.On Wednesday the bureau's site released two possible versions of the mortgage disclosure form for public viewing (also shown below) Reactions were mixed from industry and customer sources.

No Lookers? Could it be technology?

You've had your house on the market for months and have had a few showings and now.....nothing.

What has happened? Let's face it, technology has taken over the world. Facebook and Twitter are how the current generations are receiving their information. Most young buyers are being notified by phones, tablets and email, whenever there is a new listing available that meets their criteria. The first thing that they are going to do is look at the online photos.

Fewer mortgages being written for condominiums

On March 1 of this year, new guidelines about the types of mortgage loans the government can purchase went into effect. Many condo owners are also facing an increase in the maintenance fees they're required to pay. Condominiums aren't attractive to some home buyers due to the maintenance fees required. Now, the difficulty of getting a mortgage is making it an even less attractive option.

New mortgage guidelines for condos

Do You Need a Land Survey Before Building a Home?

The short answer is yes. In most cases, your lender will require a survey of your land before they give you the money to begin your building project. And even if they don’t, you would be well advised to do one anyway as a means of protecting yourself. Of course, you might not be too keen to spend additional funds on what you feel is an unnecessary precaution, especially if the bank doesn’t see fit to request it.

Is Buying a Home Cheaper Than Renting?

According to real estate search firm Trulia, buying a home is cheaper than renting in 72% of Big U.S. Cities. So if you live in Miami or Las Vegas, you may want to buy a home. Still all the rules apply when buying despite the low prices. Location is still important. Also when purchasing and making an offer on a home, make sure to factor in the cost to remodel it.

High credit card debt persists

Americans are more educated about credit than they were before the recession; however, their knowledge about personal finance isn't resulting in better decisions about credit and lending. A survey indicates that most Americans know the interest rates they are paying on their credit card and they know their credit rating. Even so, they continue to carry high interest credit card debt and many don't know how to improve their credit scores.

Earthquakes- more common than you think

Today's 5.8 earthquake in Virginia was felt by millions of people in Washington DC and the entire Northeastern U.S. Fortunately, no one was hurt and property damage was minimum. Earthquakes in the Eastern U.S. are different than in the West. Here in the East, the entire seismic plate is affected. So a quake in Virginia like the one today is felt all the way to Canada.

Remodeling Advice to Generation Y

I can't hold a candle to a Generation Y or Millennial guy or girl when it comes to computers and communication gadets. However, I can tell you a thing or two about buying your first place and remodeling. Unless you are relatively wealthy and buy a home, apartment or condo brand new, you will have to remodel it. Computers and gadgets are not going to help you, but I can offer some advice, especially in sizing up what it will take in dollars to get that gem in the rough turned into a home that you will enjoy.


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