January 14, 2008
It’s in the news daily…banks closing their mortgage divisions, lenders writing off billions of dollars in subprime mortgage debt, the Federal Reserve holding auctions to inject more money into the financial system. With all the doom and gloom, you might think that the prospect of …
January 7, 2008
It happens in the insurance industry all the time. You have a car accident, then boom…your insurance company raises your auto insurance premiums. The greater the risk…the more you pay for your insurance. In the wake of the subprime mortgage …
December 17, 2007
Last week, after the Federal Reserve announced it would cut the fed funds target rate and discount rates by 25 basis points each, equity prices plunged, with the Standard & Poors dropping 2.5% on the day. Investors and many analysts, …
December 10, 2007
No one likes to hear about people losing their homes in foreclosure, but industry analysts predict that real estate markets across the country will see a rash of home foreclosures through 2008 and into 2009. Many homeowners with sub-prime adjustable-rate mortgages …
December 4, 2007
On Friday, the Wall Street Journal reported that the Bush administration is working with some of the big mortgage lenders on a plan to reduce foreclosures and loan defaults by freezing interest rates on subprime adjustable-rate mortgages (ARMs). Treasury Secretary Henry Paulson and …
November 2, 2007
If you are in the market for a new home, you may want to look into the energy efficiency mortgage program, also known as EEM. This type of home loan program helps borrowers qualify for loans to purchase homes with specific energy-efficiency improvements. …
October 26, 2007
When a home-owner decides to borrow more money on built-up home equity as a second loan rather than refinancing the original loan, it’s referred to as second mortgage. The original mortgage taken out on the property is the primary lien until it’s paid …
October 19, 2007
Ironically, escrow is not a requirement by most lenders in the sub-prime mortgage market. The reason is simple. The majority of sub-prime loans are marketed to less experienced borrowers and loans with lower monthly payments without escrow appear more attractive and are easier …
October 12, 2007
With interest-only home loans, borrowers have the option of paying only the interest on their scheduled monthly mortgage payments. With the Interest-only (IO) option, borrowers pay on the principal when it’s convenient for them. Typically, IO options last for a period of five to ten years. Even though the borrower can opt to …
October 5, 2007
If you’re a first time home buyer, beware of falling into the monster mortgage trap. It’s perfectly normal for a buyer to want the very best new house they can afford. Just make sure it’s a new home that fits within your comfort zone of affordability. There are many lenders that will expand …
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WoodHaven Log & Lumber WoodHaven Log and Lumber, located in Northern Michigan, is a supplier of premium grade pine and cedar log siding, knotty pine paneling and log home accessories.
