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| | June 30, 2009 | | Economy caught in a vicious cycle |
Last week, the numbers showing that new home sales decreased in May came out. This has been followed up by some less than desirable housing market data. On top of that unemployment continues to inch toward 10%. These issues are weighing on consumer confidence. Today's reading showed the consumer confidence index sitting below 50, which shows that consumers are still concerned about the economy.
This represents a bit of a vicious cycle for the recession. Consumers need to have the confidence to start spending money again, but they won't have the confidence until unemployment starts to improve and the housing market picks up. But unemployment can't improve until consumers start spending and creating a need for jobs. Likewise, the housing market won't pick up until consumers feel good about buying a home.
If you are looking to buy ski resort real estate, now is a good time to do it. With the housing market struggling, prices are lower and it is possible to find some good deals.
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| | June 29, 2009 | | Remember to pay your mortgage first | Things are getting somewhat depressing in the world of credit cards and personal finance. Many Chase credit card account holders (especially those with low interest rates) are finding that their minimum payments have been increased. This is because Chase is adjusting how it figures minimum payments on credit card accounts. Instead of charging 2% of the balance as a minimum, Chase is now charging 5% of the balance. This means that some customers will have to pay $200 or $300 or more per month as a minimum.
This move represents Chase's move to
- Encourage higher payments (and faster payoffs) to limit risk.
- Force those with lower interest rates to agree to higher rates by offering them the chance to keep lower minimums.
- Make more money and change terms at will before February 2010, when new credit card regulations take place.
However, even if this means a financial hardship for you, it is important to remember the cardinal rule of repaying debt: Make payments on secured debt first. If you cannot afford your mortgage payment and your new credit card minimum, pay the mortgage first. Then you can worry about unsecured debt like credit cards.
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| | June 17, 2009 | | Barack Obama proposes regulatory reform | Today the news is all about the financial sector -- especially the mortgage market. Senators are trying to push a new $15,000 tax credit for home buyers, and President Barack Obama just announced a proposal for regulatory reform. The mortgage industry could be affected by his proposals.
Indeed, the proposals could require mortgage lenders to be more straightforward with borrowers, and see to their interests. The Wall Street Journal reports on the possibilities under regulatory reform:
Mortgage brokers also could be charged with new duties, such as
presenting homeowners with the best available mortgage loans and
ensuring consumers can afford the mortgages. And the new agency could
ban certain practices like prepayment fees or "yield spread premiums,"
blamed for incentivizing brokers to steer borrowers to costly loans.
Any new requirements would be applied uniformly to all lenders in
the industry, including banks, nonbanks and mortgage brokers. And the
states would have the power to offer tougher rules than the federal
agency.
So far, though, consumer protection measures are already meeting stiff opposition from the banking and mortgage industry.
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| | June 12, 2009 | | Removing inaccurate information from your credit report | One of the most important things you can do for your financial life is to keep a good credit score. This is especially true if you want to buy a home. A second home is even harder to get approved for than a primary residence, so your good credit score becomes indispensable when you are trying to buy a ski resort home. One of the things that can damage your credit score is inaccurate, negative information on your credit report.
Because your credit score is based on your credit report, it is important to make sure that the information on your report is accurate and up to date. You should check your credit report regularly -- and at least 60 days prior to applying for a home mortgage loan. If you find inaccurate information, you should write all of the credit bureaus listing this information separate letters. Real Estate Pro Articles offer insight into these letters:
This letter is basically telling the bureaus that you do not agree with
the information they are reporting. The credit dispute letter that you
are writing should have your account number, your name, address and
social security number. You also need to state the reason you do not
agree with the account information. ...
Once your letter is received the bureaus under Federal Law must
investigate this information with the original lender. If the original
lender does not or will not provide proof of the information then the
bureaus must remove the item. Once the negative item is removed from
your report your scores should increase.
It is best to do this in advance of your home mortgage loan application, since it can take 30 - 60 days for the issue to be resolved and have an effect on your credit score.
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