Lenders loosening requirements for home buyers

Online mortgage originator LendingTree’s monthly Credit Accessibility Report shows the average accessibility score for U.S. borrowers rose from 103 to 106 between July and August, indicating that borrowers had easier access to mortgage credit. The Credit Accessibility score is benchmarked at 100, using data from the full year of 2012, which is where it stood …

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Three scams to avoid when locking your loan

Q: I’m trying to get a better understanding of private mortgage insurance (PMI). I understand the fundamentals and that it usually equals 1/2 percent-1 percent of the mortgage, but what I’m not sure about is how it is paid. Is the PMI paid each year until you reach the 20 percent mortgage-to-value ratio? Can you …

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Four steps to buying a house in 2012

Q: I am on a mission to buy a home. I’ve wanted to own a home my entire life, and thought I would miss the opportunity to buy while the market was down, because I had no real savings when the market crashed. I think I’m ready, though, and prices still seem low. What should …

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More mortgage relief from the White House – but congressional ‘ok’ doubtful

An summary update (by CAR.org) on the mortgage relief plan by the federal government, covering an article by The Mercury News: In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the …

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