photo credit: mhofstrand

If you’re getting into trouble with your home mortgage repayments, you might be interested to know what kind of compromises lenders are prepared to make to find a way to keep your loan viable and avoid selling your house. Apparently, foreclosing on a loan can cost the lending authority around $50,000, so there’s often a real incentive for them to find a way to get the borrower paying back the loan on a regular basis. Plus, with house prices falling in some areas, the lender will be trying even harder to work out a loan rather than foreclose, because they may not fully recoup their money if they sell the property. (more…)

credit: shonk

With so much trauma in the loans market, things were looking difficult for students for a while there: with many lenders crashing out of the market altogether, getting cheap student loans was starting to look impossible for some college students. But thanks to a new legislation recently passed through congress, there shouldn’t be any college students who find it impossible to get a reasonable college loan now. (more…)

credit: Dan_H

If you’re steadily paying off your mortgage, you often don’t think about changing anything about the loan you have – you just keep paying, month after month, looking forward to the day in twenty years when the house will be yours. But there are some situations when it can be really advantageous to refinance your mortgage.

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