Your home is the largest asset most people will ever own. As the value of your home increases, it’s tempting to tap that equity to pay off credit card debt. This can be a good idea, but it can also be dangerous to your financial future if you’re not careful. Andrew Housser, co-founder and CEO of Bills.com, reviews the four primary considerations before applying for a mortgage refinance loan to consolidate debt.

Duration : 0:2:20

Technorati Tags: bills.com, card, consolidation, credit, debt, finance, mortgage, personal, refinance, refinancing, Video

Duration : 0:2:2

Technorati Tags: bank, cbsepisode, economy, fed, Forclosure, home, House, interest, loan, mortgage, recession, SEC

Duration : 0:3:30

Technorati Tags: Colorado mortgage lenders, Colorado Mortgage Loan, Denver Mortgage Loan, FHA, home buyer, home seller, mortgage loans, mortgage rates, Realtor, va

Duration : 0:4:4

Technorati Tags: Adam Bold, economy, mortgage rates, The Mutual Fund Store

Have you heard the news? It seems too good to be true and most likely it is. Believe me, having our economy jump started by creating a home purchase flurry sounds wonderful on paper and I would love to see it happen if it could work, but my concerns are laid out in the video. The biggest concern I see in the preliminary talk on this just accounts for new home purchases, not refinances. If this is true, the same critical problem that is occurring with FHA insured loans which had to put safeguards in place to stop this problem is a practice called “Buy and Dump”.

In some markets and more as this idea spreads, it is where a person would be living in a neighborhood and their neighbor’s home went into foreclosure on top of the decline they have already seen in their home value and they could get the same cookie cutter house for a 1/3 or more of what they owe or their value. Then they get qualified to buy the neighbors home stating they are going to keep the current as an investment and than once the deal closes, they stop making payments on their last home.

Add to the equation they can do this AND get a rate at 4.5%, this unethical phenomenon would continue at a scary pace. So as good as it sounds, there is a lot of safeguards to be worked out. Also, another concern is that people will get into homes they cannot afford because of the low rates and end up buying too big of home the cannot afford and when the economy does turn around and the rates are back at an average level, they will be in a home they could have not afforded without the rate drop.

So a lot to digest with this concept, stay tuned….

Please watch the video for more details of the financial and mortgage market happenings today.

Be Blessed!

Duration : 0:4:56

Technorati Tags: and, buydown, Feds, financial, interest, market, mortgage, oil, prices, rates, to, unemployment, update

You can view the action plan here: http://www.ratesupermarket.ca/blog/rate-hike-action-plan-for-canadian-consumers/

Duration : 0:3:31

Technorati Tags: Canada AM, Higher mortgage rates, Kelvin Mangaroo, mortgage rates canada, RateSupermarket.ca

Duration : 0:0:55

Technorati Tags: mortgage, rates

Duration : 0:4:51

Technorati Tags: maggie, mortage, rates, rodriguez, tilson, whitney

This video short is a response with Chart of resets to Second Wave Banking crisis 2010 -2012

Duration : 0:0:41

Technorati Tags: collapse, economic

Duration : 0:5:45

Technorati Tags: avoid foreclosure, Bankruptcy, foreclosure rescue, Home Loan, Loan Modification, loan mortgage, loss mitigation, Mortgage Modification, short sale