Moneysmartz Personal Finance Guide and Blog

Mortgages Update

Sat, 22 Mar 2008 09:24:10 -0600

What a difference a year makes. The Moneysmartz Mortgages category has undergone a big change since last year. Most notably, several providers of mortgage loans are no longer listed as they are out of business. This category includes links to providers of mortgage loans, sites that compare mortgage loan rates, and informational resources like Wikipedia. If you are looking for a mortgage, then this is a great place to start to get the information you need to find or negotiate a great rate with the most reliable providers of mortgages. If you are not depressed enough by the news of the mortgage crisis, then click the Sub Prime Lending Crisis listing by Wikipedia.

Mortgages Update

Fri, 03 Nov 2006 10:59:36 -0600

Category: Financial Services > Mortgages
Recent Update: November 3, 2006.
Category Overview

Homeownership is as American as apple pie, with about two-thirds of American households owning a home. As the baby boom generation ages, more Americans will be buying second homes and considering products like reverse mortgages.

So, for most of us, understanding mortgage terminology, finding the right mortgage lender, and making sense of our financing options is fundamental to our financial well-being.

Unfortunately, using the Internet to research your mortgage options can be overwhelming with a seemingly endless supply of information and offers.

The recently updated Moneysmartz Mortgage category offers a place for you to avoid the tangle of offers and find relevant sources of information and reliable providers of services.

Tips for Getting Started

Get the big picture. Start with Wikipedia’s mortgage page or the Yahoo! Finance Mortgage Center.

Learn more about the terminology before talking with lenders. Important terms include jumbo mortgages, balloon payments, interest only loans, ARMs, reverse mortgages, and equity loans.

Don’t forget special programs from the FHA for first-time home buyers, fixer-uppers, and reverse mortgages for seniors.

Comparison shop for rates before getting serious. HSH Associates publishes mortgage rates and consumer loan information. MortgageLoan.com, Interest.com, Lending Tree, Bankrate, and LoanWeb offer more comparison services and interest rates on a state-by-state basis.

If you run into a problem, brush up on legal terms at the Legal Information Institute.

When you are ready to find a lender, consider providers with a lot of experience and a national reputation like E-Loan or Quicken Loans. Don’t overlook local providers who may be able to provide face-to-face assistance when you need it the most.

If you want to lower your long-term costs, consider bi-weekly payments.

Beware of fraud, particularly when considering a reverse mortgage.

Featured Custom Searches

Mortgage Fraud

Local Mortgage Rates

Mortgage Refinancing

Mortgage Calculators

Downside of Interest Only Loans

These steps may seem daunting, but with a few thoughtful clicks, you’ll begin meeting your mortgage needs and continue pursuing the American dream.

Zopa

Thu, 21 Sep 2006 09:41:38 -0600

Site Name: Zopa
Description: Removing intermediaries from transactions often benefits consumers. In the case of Zopa, banks are removed from the lending process to facilitate peer-to-peer lending resulting in lower transaction costs and potentially lower rates for borrowers and higher returns for lenders. Zopa introduced person-to-person lending in Europe 18 months ago and plans to launch in the United States soon. Once Zopa starts in America, interested borrowers and lenders should visit Zopa online and register as either a borrower or lender. According to Business 2.0, the average rate on a Zopa loan is 7%, beating CD returns for lenders and credit card or bank loan rates for borrowers.
Features: In addition to lending and borrowing facilitation, Zopa's site features a blog and discussion board.
Profile of Site Founders: Started by many of Egg's founders, Zopa's founders have experience in personal finance, banking, and risk management.
Bottom Line: After 18 months in the United Kingdom, Zopa is ready to conquer America. With over 90,000 members already, Zopa offers individual lenders and borrowers a convenient way to cut expenses and boost returns.