Columbus Loans & Home Mortgages

Modifying a mortgage loan has become much easier since the implementation of the Obama administration’s loan modification plan.  This plan provides incentives to lenders to change the terms of an existing loan to make payments on Columbus houses more affordable to homeowners.  In the past, getting a mortgage modification was far more difficult, since lenders [...]

Less than a week ago President Obama signed the American Recovery and Reinvestment Act of 2009 in law. It is more commonly known as the economic stimulus bill. For first time homebuyers it contains a $8,000 tax credit which could mean real cash in your pockets, if you buy a Columbus House. Here is how [...]

When subprime loans disappeared in 2008 home buyers found alternatives with government secured loan programs. The Veterans Administration (VA) and the Federal Housing Authority (FHA) have replaced subprime lenders when it comes to zero down financing and low credit score qualifying. VA and FHA loans are especially effective in when you want to buy a [...]

A week ago we had another “no money down” closing. The buyer was an Iraq veteran who purchased a 1700 sqft home on a lake right here in Ohio, with almost no cash out of his pockets. Many different Columbus loans are available, but VA loans are simply the best. The Veterans Administration takes care [...]

Yesterday was a great day on Wall Street. The Dow gained almost 500 points. Earlier in the day the government announced its plan to deal with so called toxic assets. These are basically home loans on homes in default, which banks can’t sell on the secondary market, i.e. to other banks or investors. We all know [...]

That’s correct! In today’s tough housing market, you can still buy homes with no money out of your pocket. Last week one of our customers purchased a completely new 4 bedroom, 3 bathroom home (similar like the one in this image) directly from a builder and received $500 cash back at closing.   You may [...]

Read this post before you file your 2008 tax return – it may save you thousands.  $7,500 to be exact, or twice that amount, if the proposed stimulus bill will pass next week. I am talking about a tax credit for buyers of Columbus Houses. The government offers first time home buyers a $7,500 tax credit, [...]

Mortgage interest rates are the single-most important factor determining the borrowing power of a potential house buyer. When rates are very low, a borrower can service a large amount of debt with a relatively small payment, and when interest rates are very high, a borrower can service a small amount of debt with a relatively [...]

The most egregious examples of predatory lending occurred when interest-only loan products where offered to subprime borrowers whose income only qualified them to make the initial minimum payment (assuming the borrower actually had this income). This loan program was commonly known as the two-twenty-eight (2/28). It has a low fixed payment for the first two [...]

When lenders develop new loan programs, they assume borrowers are sophisticated enough to understand the product and disciplined enough to use them properly. Both assumptions are bad, and these bad assumptions caused lenders and investors to lose a great deal of money during the Great Housing Bubble. addthis_url = ‘http%3A%2F%2Fwww.columbusloans.info%2Fcolumbus-loans%2Fhome-mortgage-borrowers-are-not-that-sophisticated’; addthis_title = ‘Home+Mortgage+Borrowers+Are+Not+That+Sophisticated’; addthis_pub = [...]