The advantages of preapproval

The housing market is warming up in many areas, with multiple offers becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a preapproval. The differences between mortgage prequalification and preapproval are significant. Prequalifying for a mortgage is based solely on what …

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Refinance or modify while it’s still possible

Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …

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Industry’s Shadow Inventory of Distressed Homes Shrinks

Housing has become an industry afraid of its shadows. That shadow inventory of repossessed and soon-to-be repossessed homes has professionals from every side of the business worried about the impact such a sizeable volume of distress will have on property values and overall market fundamentals. But according to Standard & Poor’s (S&P), the obscurity hiding …

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Home improvement loans

FHA and Fannie Mae offer loans for home energy improvements. The FHA’s PowerSaver program allows those homeowners who are eligible to borrow up to $25,000 for “green” improvements, while Fannie Mae has an add-on program to mortgages specifically for energy-improvement. You can read all about these two loans at the Los Angeles Times.