Will a debt settlement adversely affect our credit rating? - DebtSmart Online

Habitat for Humanity plans second 2×2 home build (Benton Courier)
Habitat for Humanity of Saline County seeks volunteers as the organization plans its second 2×2 home build for this year. Habitat will build two houses simultaneously in two weeks in Jamie Lynn Village subdivision off South Richards Street in Benton.

Housing market falls, valuations rise - Baltimore Sun

Ask the expert: Self-build property - BBC News

BBC News

Ask the expert: Self-build property BBC News, UK - Dec 29, 2005 … is whether you can afford to pay two sets of mortgage payments while the new property is being built, and a lender will only offer you a second mortgage if it …

Lanesborough REIT announces the acquisition of Fort McMurray
Canada NewsWire (press release), Canada - Dec 15, 2005 In the interim, LREIT will provide an $8.5 Million second mortgage loan, which will be credited towards the purchase price on closing.

Janesville woman gets hearing implant
4 Hearing Loss, NY - Dec 17, 2005 Dan’s company, Dairy Land Seed Company in Clinton, offered to pay half the cost. The couple took out a second mortgage on their home for the rest.

All I want for Christmas are some decent schools
Seattle Times, United States - Dec 21, 2005 tree are mere trinkets compared to what parents tell me they need: a decent education for their son or daughter that doesn’t require a second mortgage or a new

Former Moore Mansion Owner Indicted
KVEW, WA - Dec 15, 2005 money. According to court documents, Bitton sold the mansion before the fire, but also held a second mortgage on the building. Court

Spending a last Christmas in new home
Myrtle Beach Sun News, SC - Dec 18, 2005 Conner also charged the Utters $12,500 in a second mortgage the Utters say they didn’t know they would have to pay until the day of their loan closing.

Wells Fargo Home Mort. opens in FM
Fort Morgan Times, CO - Dec 8, 2005 The company is a full-service mortgage company that is a branch of Wells Fargo which provides a variety of first and second mortgage lending, and the Fort

If You Wait, Christmas Shipping Will Cost More
NBC 10.com, PA - Dec 16, 2005 You can wait till the last minute to ship your holiday gifts if you are willing to take out a second mortgage to cover the shipping fees.

Corning music store expands on Market St.
Elmira Star-Gazette, NY - Dec 10, 2005 It is secured by a second mortgage on a property in the town of Caton owned by Stephen and Jensen Monroe, parents of Sean Monroe.

Parkbridge announces year end results
CNW Telbec (Communiqu s de presse), Canada - Dec 16, 2005 The Operating Facility is secured by first mortgages on two selected properties and a second mortgage on an additional property.

Should You Own a Hotel Room?
BusinessWeek - Dec 8, 2005 return.”. If you’ll enjoy visiting your condo-hotel unit and you can afford a second mortgage, then it might be a good purchase.

Bond Strategists: Mortgage Bonds Will Underperform, Lehman Says - Bloomberg

McKeesport homeowner wins mortgage-free year (The Daily News)
A recent McKeesport home buyer has gotten a good head start on a happy new year, courtesy of a local finance company. Someone else will be making her mortgage payments for all of 2006.

Home loan applications fall to over 3-1/2-yr low (Reuters via Yahoo! News)
U.S. mortgage applications slid to a more than 3-1/2-year low last week amid a sharp drop in refinancing demand even as interest rates held steady, an industry trade group said on Wednesday.

Group challenges M&I purchase - Milwaukee Journal Sentinel (subscription)

Fitch Rates CWALT's $998.4MM Mtge PT Ctfs Series 2005-77T1 - Business Wire (press release)

Getting a refinance on your mortgage is common practice nowadays due to the drop in interest rates and the receptiveness of borrowers toward the idea of refinancing. Although many have vouched for its benefits, house owners should evaluate their personal preferences, financial standing, and current mortgage status and compare these with the various options available before planning their next move.

There are many facts surrounding the concept of refinancing and this article will provide you with an insight of important aspects which you need to know in order to make an informed decision. Refinancing your mortgage is for the long-term and thus needs to be a choice that is thoroughly considered.

1. Penalty Costs
The process of refinancing basically means paying off your current mortgage and obtaining another mortgage at a different interest rate (usually at an adjustable rate) and loan term. This causes penalty costs to be imposed on your current mortgage by your current lender, as you have opted to pay off your loan earlier than agreed upon. Occasionally, depending on the status of your current loan, penalties incurred may be higher than the cost savings obtained from refinancing your mortgage, therefore making the idea of refinancing no longer attractive.

2. Savings on monthly repayments
When you refinance your mortgage, you may most likely switch to a new mortgage structure that will benefit you in the long run, especially with lower monthly repayments. With the availability of Adjustable Rate Mortgages, interests incurred are relatively lower than the traditional Fixed Rate Mortgages, which has been incentive enough for home owners to switch their mortgage loan plans. However, although interest rates may seem to be lower at first glance, home buyers should practice due diligence in tabulating the actual amounts paid over the long term in comparison with their current mortgage repayments.

3. Transactions costs
As with any mortgage transactions, a refinancing exercise will involve transaction costs such as attorney fees, points, appraisal fees, inspection fees and prepayment penalties. All these hike up the cost of refinancing, which need to be balanced out with the cost savings obtained from switching loans in the first place. As a rule of thumb, if you plan to stay in your current property for the long-term, transaction costs will be offset with savings in repayment amounts over the long-run. Therefore, refinancing will then be a good option for you.

4. Tax deduction possible
Refinancing may help you regain tax deductions on interest if you have already used up your allocated amount for tax deductions. Therefore, with a new mortgage, you will be able to deduct interests paid from your taxable income, thus helping to reduce your taxes payable.

5. Get cash out of your equity
If you have paid up most of your outstanding equity, refinancing will be a good way for you to acquire cash out of your high value equity, incorporating increases in the market value of your property as well. This way, you will have the flexibility to use the extra cash for children education, short term debt repayments or renovations.

6. Increase your home equity
On the flip side, refinancing your mortgage can also work for you if you decide to pay more on monthly repayments and pay off your home equity within a shorter period of time. Another benefit of a shorter loan term is the cost savings gained from lesser total interests paid to the lender.

7. Alternatives to refinancing
Refinancing may not always be the only option for everyone. Other financing products such as a home equity line, allows you to keep your current mortgage but instead have the flexibility to withdraw up to a certain percentage of the current value of your home equity, minus the unpaid portion of your equity. Interests are only charged on the amount withdrawn and not on the approved line of credit. Another option would be to take up a second mortgage, which will be based on a shorter loan term, but with higher interest rates.

About the author:
Chris Edison is a successful author and regular contributor to http://www.mortgage-traps.coma home mortgage loan information site, that reveals mortgage traps for home buyers.

Miracle continues on 38th Street
Indianapolis Recorder - In 2001, Rev. Stephen J. Clay and the Messiah Missionary Baptist Church congregation expressed an interest in purchasing their current facility located at 5640 E. 38th St. from then occupants Light of the World (LOTW) Christian Church. While Messiah

Throw the book at government’s rotten apples
Marion Star - Rep. Randy “Duke” Cunningham, R-Calif., resigned recently after he admitted he took millions in bribes from defense contractors. Most elected officials are worthy of our trust. Cunningham deserves the maximum penalty. It was a pathetic image: a

Better Than Selling Mortgages
Kerala Next - Minneapolis, MN December 12, 2005 Edify Group, L.L.C. announced today that, according to its recently released report Consumer Realty Financing Market Demand and Competition that the markets for mortgage refinancing, second mortgages, and

The gift
St. Petersburg Times - Five-year-old Daniel Jevon Schouler gives Santa Claus a hug after opening his present at the annual family Christmas party Saturday in Land O Lakes. Bob and Darcel Schouler tried for more than two years to find a son. The Schoulers play pingpong

Second Mortgage Financing - Home Equity Loans and Home Equity
This page has been prepared to help you make the important decisions involved in buying and financing your home.

Second Mortgage 2nd Mortgages Bad Credit Quotes
Second Mortgage - We are specialized in low-rate second mortgage loans, Mortgage Refinancing, 125% Home Equity Mortgage Loans, Home Equity Lines of Credit,

Canada Mortgage Refinancing, debt consolidation loans, second
Canadian mortgage refinancing tips. Learn how to cut your monthly payments in half.

CFIC - Second Mortgage Refinancing - 2nd Mortgage - Home Equity Loan
Are you considering second mortgage refinancing? For a free, personalized 2nd mortgage or home equity loan quote, click here or call CFIC Home Mortgage toll

Mortgage 101.com - Answers to Your Home Loan, Mortgage Interest
Using Your Home As a Credit Source · Avoid Any Payment Surprises · Rates for Second Mortgages · How long should the second mortgage be? Buy a Home

Second Mortgage Versus 401K Loan
Second Mortgage Versus 401K Loan. July 10, 2000. “I need $10000 for a home improvement. I can either take out a home equity loan or I can borrow from my

Venice without a Second Mortgage
If you’ve dreamed of seeing Venice but you don’t want to take out a second mortgage to do it, here are some money-saving tips to help out in one of Europe’s

second mortgage Definition
second mortgage - definition of second mortgage - A mortgage on real estate which has already been pledged as collateral for an earlier mortgage.

Mortgage Rates, Home Loans, Home Equity Loans, Debt Consolidation
Loan Payment Calculator | Mortgage Refinance | Home Equity Loan | Home Purchase | Adjustable Rate Mortgages | Second Mortgage

Mortgage 101.com - Answers to Your Home Loan, Mortgage Interest
Using Your Home As a Credit Source · Avoid Any Payment Surprises · Rates for Second Mortgages · How long should the second mortgage be? Buy a Home

If you’ve got a wallet full of credit cards, and monthly payments on them that total more than 25 f your monthly income, chances are that you’ve considered debt consolidation loans or some other means of taming your credit card debt. But did you know that a home equity loan is another way to get the money that you need to pay off your creditors, reduce your monthly payments, and get out from under the weight of all those monthly payments?

A home equity loan is essentially a second mortgage taken out with your house as the collateral. Because the loan is secured, you’ll have a much more favorable interest rate. And those lower rates will translate to a lower monthly payment overall. You’ll wind up with one creditor, one monthly payment, and more money in your pocket each month.

There are some definite advantages to taking out a home equity loan or line of credit to get out of debt, and one very big danger. By trading your unsecured loans (your credit card debts) for a secured loan, you are putting your house on the line. Why? Because if you don’t make the payments, the lender has the right to take your home from you and sell it in order to collect on the loan. But if you’ve got at least 20 quity in your house, and are certain that you’ll be able to meet the monthly payments, then taking out a home equity loan to pay off your debts may be a good choice for you.

Once you’ve decided that a home equity loan is an acceptable risk for you, you’ll have a few other decisions to make.

All home equity loans are not created equal! There are two types of loans, and you’ll need to decide which one is right for you.

A flat home equity loan is a standard loan for a fixed amount. The amount will be limited by the amount of equity you’ve invested in your house. If you use up the entire amount of your loan and need more money, you’ll have to apply for another loan.

A home equity line-of-credit is usually the better choice. With this type of loan, you will be able to write ‘checks’ against the amount of the line-of-credit, which may be as much as 125 f the value of your home. For example, if you obtain a $10,000 line of credit secured by the equity in your home, and use $2,000 of it to pay off an outstanding credit card balance, you’ve essentially only borrowed $2,000, and that’s the amount on which you’ll pay interest.

When looking for your loan, it’s essential that you shop around–not only for the best interest rates and terms, but for a company that you can trust. Ask for referrals from your bank, friends and coworkers. In addition, you can check them out on the Internet.

You will need to determine the value of your home so will know how much money you will able to borrow against it. It’s a good idea to get a current appraisal of your home, and always smart to have it appraised by several different companies.

Finally, in order for you to get the most out of your home equity loan, you will need to choose the lender that offers you the best interest rates. Remember that fees and other charges can vary widely from company to company, so make sure you do some comparisons.

Once you’ve been approved, you can use all or part of your home equity loan to pay off your current unsecured debt. Keep in mind that you’ll only STAY out of debt if you avoid the temptation to run those credit card balances up again!

About the author:
To see a list of recommended home equity loan companies online, visit this page: http://www.abcloanguide.com/homeequityloan.shtml- Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.

HUD Announces Mortgage Assistance for Disaster Victims 
Real Estate News - Dec 05 2:12 PM
RISMEDIA, Dec. 6 Help is on the way for up to 20,000 families displaced by Hurricane Katrina and other recent disasters, Department of Housing and Urban Development Secretary Alphonso Jackson announced. Under the Mortgage Assistance Initiative, HUD will make mortgage payments for up to one year for disaster victims with FHA-insured mortgages who want to start living in their homes again.Save to My Web

Spending a last Christmas in new home 
Myrtle Beach Online - Dec 18 12:10 AM
Kathy and Russell Utter will spend their Christmas holiday packing their belongings and looking for a new place to live. Their manufactured home in the Bright Leaf subdivision in Loris is scheduled to go on the foreclosure auction block Jan. 3.Save to My Web

Let it show, let it show, let it show 
St. Petersburg Times - Dec 18 10:14 PM
Now that school’s out (or almost out) and you’ve got some time on your hands, here’s a list of the must-see movies. And one must-miss.Save to My Web

Winter: 
Rocky Mountain News - Dec 09 11:11 PM
Do you agree? Every household needs a thermostat thug. At my place, it’s me. You touch my thermostat, I cut your hand off. That’s because I don’t want to have to take out a second mortgage to pay the heat bill. (Xcel Energy estimates the average December residential bill will be $220.83.)Save to My Web

OCC Guidelines to Mortgage Lenders Show High-Risk Loans Have Put Millions of Homeowners in Financial Jeopardy 
[Press Release] PR Newswire via Yahoo! Finance - Dec 21 8:15 AM
In response to the Treasury Department’s new guidelines on non-traditional lending to homebuyers, North Carolina Fair Housing Center Director Stella Adams issued a statement today urging regulatory vigilance and consumer awareness to borrowers, especially in the current rising interest rate environment:Save to My Web