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House Votes to Kill Short-Refi Program
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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 Votes to Kill Short-Refi Program
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 Votes to Kill Short-Refi Program

March 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

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March 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

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 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

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