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House Committee Votes to End Two HUD Programs
HOW LOANRATEUPDATE WORKS
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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
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House Committee Votes to End Two HUD Programs
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
House Committee Votes to End Two HUD Programs

March 4, 2011 (Chris Moore)
mortgage-bombs-image
The House Financial Services Committee voted Thursday to end two new Department of Housing and Urban Development (HUD) programs that would provide assistance to troubled homeowners citing the need to stop funding government programs that spend more to save a single borrower than it costs to buy a home.

The first bill is the FHA’s “short refinance” option, which was announced about a year ago and has been available since last September. It requires investors in mortgage-backed securities to reduce the borrower’s primary mortgage by at least 10% to help homeowners whose property values have fallen dramatically.

The program, however, has gotten off to a slow start. Only 44 loans have been refinanced as of mid-February, and only 245 applications have been submitted. Just Wednesday, FHA Commissioner David Stevens said 23 lenders have signed up to participate in the Short-Refi program.

Originally estimated at possibly being able to help between 500,000 to 1.5 million homeowners, the program has been hampered by a lack of participation from mortgage giants Fannie Mae and Freddie Mac. The two companies have been reluctant to write down mortgage balances for troubled borrowers and the handful of banks that have signed up for the program only want to refinance loans they hold.

The other bill would end the Emergency Homeowner Loan Program. Through it, HUD provides mortgage assistance to unemployed borrowers in the form of 0% interest loans for up to $50,000. The $1 billion program was included in the Dodd-Frank financial overhaul passed last year and had yet to be launched. Applications for the program were to be accepted starting this spring.

Rep. Judy Biggert (R-Ill.), who co-sponsored both bills passed by the committee Thursday, said, “A government program that spends more to save a single borrower than it costs to buy a home is no help at all – it’s just a waste of taxpayer money. We need to stop funding programs that don’t work with money we don’t have.”

Rep. Maxine Waters (D-Calif.), who helped HUD develop both the NSP and the EHLP program, stated, “I am very disappointed in my colleagues on the opposite side of the aisle, who in their mania to achieve fiscal austerity at all costs, moved to cut two nascent programs designed to really help struggling homeowners.”

The committee also heard testimony on whether or not it should continue funding billions of dollars for two other programs, the Home Affordable Modification Program and the Neighborhood Stabilization Program and will hold a vote on discontinuing those programs next week.

Tags: House Financial Services Committee, HID, FHA short-refi, EHLP, Dodd-Frank, mortgage-backed securities, borrowers, investors, Fannie Mae, Freddie Mac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

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March 4, 2011 (Chris Moore)
mortgage-bombs-image
The House Financial Services Committee voted Thursday to end two new Department of Housing and Urban Development (HUD) programs that would provide assistance to troubled homeowners citing the need to stop funding government programs that spend more to save a single borrower than it costs to buy a home.

The first bill is the FHA’s “short refinance” option, which was announced about a year ago and has been available since last September. It requires investors in mortgage-backed securities to reduce the borrower’s primary mortgage by at least 10% to help homeowners whose property values have fallen dramatically.

The program, however, has gotten off to a slow start. Only 44 loans have been refinanced as of mid-February, and only 245 applications have been submitted. Just Wednesday, FHA Commissioner David Stevens said 23 lenders have signed up to participate in the Short-Refi program.

Originally estimated at possibly being able to help between 500,000 to 1.5 million homeowners, the program has been hampered by a lack of participation from mortgage giants Fannie Mae and Freddie Mac. The two companies have been reluctant to write down mortgage balances for troubled borrowers and the handful of banks that have signed up for the program only want to refinance loans they hold.

The other bill would end the Emergency Homeowner Loan Program. Through it, HUD provides mortgage assistance to unemployed borrowers in the form of 0% interest loans for up to $50,000. The $1 billion program was included in the Dodd-Frank financial overhaul passed last year and had yet to be launched. Applications for the program were to be accepted starting this spring.

Rep. Judy Biggert (R-Ill.), who co-sponsored both bills passed by the committee Thursday, said, “A government program that spends more to save a single borrower than it costs to buy a home is no help at all – it’s just a waste of taxpayer money. We need to stop funding programs that don’t work with money we don’t have.”

Rep. Maxine Waters (D-Calif.), who helped HUD develop both the NSP and the EHLP program, stated, “I am very disappointed in my colleagues on the opposite side of the aisle, who in their mania to achieve fiscal austerity at all costs, moved to cut two nascent programs designed to really help struggling homeowners.”

The committee also heard testimony on whether or not it should continue funding billions of dollars for two other programs, the Home Affordable Modification Program and the Neighborhood Stabilization Program and will hold a vote on discontinuing those programs next week.

Tags: House Financial Services Committee, HID, FHA short-refi, EHLP, Dodd-Frank, mortgage-backed securities, borrowers, investors, Fannie Mae, Freddie Mac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

March 4, 2011 (Chris Moore)
mortgage-bombs-image
The House Financial Services Committee voted Thursday to end two new Department of Housing and Urban Development (HUD) programs that would provide assistance to troubled homeowners citing the need to stop funding government programs that spend more to save a single borrower than it costs to buy a home.

The first bill is the FHA’s “short refinance” option, which was announced about a year ago and has been available since last September. It requires investors in mortgage-backed securities to reduce the borrower’s primary mortgage by at least 10% to help homeowners whose property values have fallen dramatically.

The program, however, has gotten off to a slow start. Only 44 loans have been refinanced as of mid-February, and only 245 applications have been submitted. Just Wednesday, FHA Commissioner David Stevens said 23 lenders have signed up to participate in the Short-Refi program.

Originally estimated at possibly being able to help between 500,000 to 1.5 million homeowners, the program has been hampered by a lack of participation from mortgage giants Fannie Mae and Freddie Mac. The two companies have been reluctant to write down mortgage balances for troubled borrowers and the handful of banks that have signed up for the program only want to refinance loans they hold.

The other bill would end the Emergency Homeowner Loan Program. Through it, HUD provides mortgage assistance to unemployed borrowers in the form of 0% interest loans for up to $50,000. The $1 billion program was included in the Dodd-Frank financial overhaul passed last year and had yet to be launched. Applications for the program were to be accepted starting this spring.

Rep. Judy Biggert (R-Ill.), who co-sponsored both bills passed by the committee Thursday, said, “A government program that spends more to save a single borrower than it costs to buy a home is no help at all – it’s just a waste of taxpayer money. We need to stop funding programs that don’t work with money we don’t have.”

Rep. Maxine Waters (D-Calif.), who helped HUD develop both the NSP and the EHLP program, stated, “I am very disappointed in my colleagues on the opposite side of the aisle, who in their mania to achieve fiscal austerity at all costs, moved to cut two nascent programs designed to really help struggling homeowners.”

The committee also heard testimony on whether or not it should continue funding billions of dollars for two other programs, the Home Affordable Modification Program and the Neighborhood Stabilization Program and will hold a vote on discontinuing those programs next week.

Tags: House Financial Services Committee, HID, FHA short-refi, EHLP, Dodd-Frank, mortgage-backed securities, borrowers, investors, Fannie Mae, Freddie Mac

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS