Home prices ebb further as industry struggles
Scroll down toward the bottom of this page for a truly "insightful" look at our chart relating to FHA mortgage search keywords and keyword-types. Information that could prove useful in your next article on mortgages. Also, if you need article content, sign up here!
This David Streifeld NY Times article, Builders of New Homes Seeing no Signs of Recovery highlights one builder's innovative methods of drumming up business. Further proof of how devastating the subprime-fueled recession was to our economy. What it also means is, if you're in the market to purchase a home. now is as good a time as any in the last 26 years. Come back to this website from time to time for real estate tips and article content.
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TPJavetonSelect newsletter recently launched. It is the best method of gaining access to TPJavetonSelect Web Network for internet newcomers who need to learn more about Web use and best practices. If this sounds like something you'd like to do, click Here to get started on what could be an enlightening and rewarding experience! The Secret To Selling Your Home In Just 3 Weeks Or Less In A Down Market. Easy Step-by-Step Real Estate Program Is The Perfect Solution For Hard-To-Sell Homes. Used By Both Realtors & Fsbo Homesellers. Click Here!
Where is the economy headed? What's the outlook for real estate & mortgages? Gold? US/China relations? Get interpretive answers from this In-depth and Insightful Interview by Max Kiezer of the Edge who recently chatted with Edward Harrison (Seeking Alpha) and creator of the Credit Writedown Blog was Interviewed: See it here!
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When the original article was being written back in 2008 no one could have foreseen the severity of the disaster that would hit the real estate market and overall economy or the extent of damage that would be done. I certainly couldn't; but I remember a passage from that article relative to the 'safeguards that were built into the FHA mortgage program' and now, in the aftermath of the “Sub-Prime Mess” and having to deal with the present economic crises (disaster), I can't help but reflect back in disbelief at all that has happened to change the entire country and , indeed, the world as a result of recklessness and greed. I think we can safely state now that 'Sub-Prime' is over with. Gone! Done! Over and done with, we hope.
Although the events leading up to the crash of the financial markets - led by the risky sub-prime loans - were widely discussed, written about and aired on all the TV networks worldwide, I have to believe that the hard-working, every day, nine-to-fivers who went about doing their jobs and supporting their households probably have a lot more to say about what exactly caused the sub-prime mess and who is to blame, because it wasn't this group as some would have had you believe...
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First time home buyer loans are loans that are structured so that a first time buyer can attain a home more easily. A first time home buyer may not need to go for a first time home buyer loan. If your credit is good enough or if you have purchased large items in the past you may qualify for other loans. Another type of loan may be better because it has less restructuring and strings attached to it and the first time home buyer loan could be very restrictive to your financial future with regard to the resale of the property. You have to look at your own financial situation and see if a first time home buyer loan is right for you.
Almost all of us have debt of one sort or another today and borrowing money to support our lifestyle has become a normal way of life. But how do you decide just how much debt is acceptable and whether or not you have reached the limit as far as your borrowing is concerned? This is not an easy question to answer and will vary from one individual to the next. However, there are some basic guidelines which you can follow.
Credit card companies and other lenders know only too well from their extensive lending history just when it is safe to lend money and when it is not and they have a very strict set of rules which they have devised and refined over the years. It is not a bad thing therefore when looking at your own debt to try to think a little bit like a credit card company or other lender.
A good place to start is by looking at your own credit history and the amount of money you have borrowed over recent years and the ease with which you have coped with that debt. If you have had no problems meeting your repayments on time and have not had to penny pinch in order to support this level of debt then you might well feel that you could take on additional debt. However, if you have struggled to keep on top of your debt and have run into problems making repayments, perhaps making some payments late or having to re-schedule some of your credit agreements, then the chances are that you have already taken on more debt than you can handle and should be looking to reduce your debt rather than to increase it.
As well as looking backwards however you also need to look forward because circumstances will change in all our lives and even if you could not afford to borrow money last year that does not mean that you cannot afford to borrow this year. However, your forward predications need to be based on more than just wishful thinking.
For example, expecting a promotion or a pay rise is not the same thing as knowing that you are getting a promotion or pay rise because you have received written notice of your good fortune. Similarly, money expected from the sale of stock which you are currently holding in six months time cannot be relied upon until the sale is actually made.
One very important and often difficult aspect to borrowing is trying to predict just what is going to happen to interest rates in the future. A 3 year variable rate loan today at 5% might look great but could prove to be disastrous if in 12 months time interest rates have doubled to 10%. And if you think that this would never happen then just take a look at history and the millions of people who have been caught out by just this situation in the past.
When it comes to figuring interest rates into the equation there must inevitably be some guesswork but look to the professionals and see what they feel about the market. Look for example at things like the bonds and futures markets. If you see that 5% bond option prices are falling then the professionals are signaling that they believe that interest rates are on the way up.
At the end of the day only you can decide whether or not you can afford to take on more debt, have it about right now or should be looking to reduce your level of debt, but putting yourself in the position of a lender when assessing your current position is often a good way to make that determination. In simple terms ask yourself whether, if you were a lender, if you would loan yourself 15,000 at 6% over the next 3 years or 150,000 over the next 25 years.
Remember too that it is very easy to get yourself into too much debt but far harder to get yourself out of debt. A growing number of people today are finding themselves in the position of having to ask for debt assistance and you do not want to find yourself in that position.
HUD/FHA Refunds Info
You know, not everyone knows this, but if you owned a home and had a FHA mortgage, you might be entitled to money back from the government paid directly to you. It's not free money (we both know that is a rarity), despite all the claims made by others that you can get free money from the government. No, this is money you would have paid into the FHA mortgage insurance fund via your MIP (Mortgage Insurance Premium) payments if your home was financed with a FHA mortgage.
There is no charge imposed by us for this service, and HUD/FHA certainly does not charge a fee for sending you your own money. We provide the service as an added benefit for your visit to this website, and of course we hope you come back often; but more importantly, we hope your name pops up on the HUD/FHA list of folks who are eligible for a refund. So Click here to check! ...Good Luck!
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