Back in the day, people didn’t get home loans to pay for their houses. When someone new moved into the area, all of the locals got together and helped chop down trees and the whole community helped you build a cabin. Generally speaking, it was quite an event, and provided a much needed social outlet for people who were otherwise somewhat isolated. With any luck, they’d help you put up a barn, too.

These days, those kinds of things just don’t happen. Even if Habitat for Humanity (a very worthy charity) helps you build a house, you still need to take out some form of home loans to pay for it. Here are some of the few remaining options of homes the average person could construct without taking out home loans:

1. Cardboard box: if you live in the city, these are in plentiful supply. Unfortunately, they don’t offer much shelter from the elements. Fortunately, when one cardboard box becomes too ragged for shelter, it isn’t usually too hard to find more. Try putting several boxes together for optimal comfort.

1. Igloo: Believe it or not, these domed snow huts are not all that difficult to construct. The average person could learn how to do it with very little trouble. You do face a couple of problems, though. First, you need a place to put your igloo. Most city ordinances discourage these kinds of accommodations. Secondly, you’ll need to find something else when spring hits, unless you live in Antarctica.

1. Tree house: If you can get enough scrap lumber, you can build yourself a very nice little residence up in the trees. Of course, you need to find someone who doesn’t mind you living up in their tree, and building permits can be tough to get for tree houses, but if you can get away with it, who wouldn’t want to live in a tree house? You can build a veritable tree mansion for under $1,000. And on top of that, you’ll likely have the best view in the neighborhood. If you live in a neighborhood with lots of second story homes and don’t mind the occasional chat with your local police officers, might I suggest binoculars are a must have item for those choosing to live in tree houses?

Assuming most of us can’t or won’t accept those kinds of living conditions, and don’t want to throw money away on rent, we’re going to have to accept that home loans are a necessary part of life. Oh well, at least the price of housing is down.

Image by Caza_No_7

Due to the current economy many people are facing foreclosure. Getting a home loan modification can help you to keep your home and get out of foreclosure. If you are not sure what a home loan modification is you can find out here. These blogs will help you to understand what a loan modification is and how you can apply for one. Also find out what happens if loan modification doesn’t work for your situation. Take a look at the risks and benefits of doing a modification.

1. What is a Loan Modification Program?: Learn what a loan modification program is and who would qualify for one.
2. Free Loan Modification Help: Get help to stop foreclosure now. Find the tips you need to help put off foreclosure and get your loan modified.
3. Mortgage Loan Modification: This is becoming the choice for many home owners today. They may be facing foreclosure and are trying to keep their home while forgoing the foreclosure.
4. Obama’s Plan to Help Homeowners: Check out the presidents new plan to help home owners with their loan modifications.
5. Modification Help: Learn how a loan modification may be able to help you save your home.
6. Understanding Loan Modifications: One realtor explains what a loan modification is and what you need to know about it.
7. Understanding the Government’s Program: Get information on what the governments program is about and how it works for modification of your home loan.
8. FAQ on Loan Modification: Find the answers here to your questions about loan modification. These are the most FAQ for anyone who wants to know about modification and what they need to do to get started.
9. Understanding Your Options: Discover what your options are when you are in foreclosure or are just considering a modification.
10. How a Loan Modification Program Works: Stop by here to get information on how these programs work. Many people are afraid they won’t qualify but that is not always the case.
11. Do I Need a Lawyer?: Find out if you should hire an attorney to help in getting yourself a loan modification.
12. Programs and Companies: Here you will find a list of some different programs available to you as well as some companies to help you in your loan modification.
13. The Loan Modification Process: Learn about the process of getting a modification and what you will go through. Also learn how to watch out for predatory lenders.
14. Understanding the Trial Period Under HAMP Guidelines: Find out what the trial period is for your loan modification under the governments new HAMP program.
15. Help Center: This is a great place to find information on loan modification processes. Get all the up to date news and programs that are out there.
16. Understanding Debt to Income Ratio in Relation to Loan Modification: Learn how your debt to income ratio can affect your loan modification process. Find out if it can stop you from getting a modification.
17. Myth and Facts: Get the whole story on what loan modification is and what it can do for you.
18. Understanding Loan Modification: Find help here on understanding the loan modification process and what it could really mean to you.
19. Know Five Most Common Mistakes: If you want to avoid the possibility of a denial for your loan modification, then check out these five mistakes that are often made.
20. US Treasury Modification Plans: Learn what the plans are for the government to help with loan modifications.
21. Loan Modification Hardship: If you are unsure what this is, then you should read here. You may find this is something you should do if you are facing foreclosure.
22. How Does it Work?: Discover how loan modifications work and who will qualify for them. See if this could help you save your home.
23. Foreclosure and Loan Modification Predators: Beware of those who are just trying to get your money out of you and will do you no good. There are those out there that claim to want to help but have no intentions of getting you through this.
24. Get a Loan Modification if You Are Behind on Your Payments: Things do happen and you can become behind on your mortgage payments. If this is the case, it may be time to consider a loan modification.
25. Reasons Application Denied: Find out some of the reasons your loan modification application may be denied.
26. Hiring an Attorney: There are times when hiring an attorney to help you get through the modification process may help.
27. 4 Reasons to Choose Loan Modification: When facing bankruptcy, read here to find four reasons you should choose to do loan modification instead of filing for bankruptcy.
28. Modifications 101: Learn the basics of getting a loan modification and the process involved.
29. Modification Tips: Find a few tips on how to handle loan modifications in these troubled economic times we are in.
30. Loan Modification 101: Discover the basics of loan modifications and how to get approved for one.
31. Mortgage Loan Modification: Find out how a modification can help you when you are either behind on payments or possible facing foreclosure.
32. New FHA Loan Modification Program: Learn about the new FHA modification program available to help you keep your home at an affordable rate.
33. Modifications and Tax Implications: Get the truth about having a modification processed and the tax implications you may face if doing one.
34. Streamlined Program Announced: Read about the new streamlined program that has come out. Learn how you can cut your payments and keep your home.
35. How Does it Work: Go through the process of a home loan modification here. Find out what steps you should take and where to find help.
36. Beware of Scams: Be careful of loan modification scams that are out there now. Due to the large need of these loans there are some who are less than honest preying on home owners who really need help.
37. Hardship Letter Samples: Take a look at some samples of the hardship letters you will need to write when looking into a loan modification.
38. Hardship Letters: Learn about how mistakes in a hardship letter can cause a denial for your modification application.
39. Loan Modification Hardship Letter: See how a lender uses the hardship letter to understand the events that has led the homeowner to being behind in payments.
40. Secrets Uncovered: One writer reveals several secrets behind loan modifications you may never have known existed.
41. What is Modification and What are the Risks: Take a look at the process of getting a loan modification and the possible risks you may face.
42. Arizona Foreclosure and Modification Scams: Read about a few scams that are going on with people who are facing foreclosure and need loan modifications. Beware of these type scams and protect yourself.
43. What is a Modification and Who Qualifies: Find out if you may qualify to get a loan modification on your home loan. Those who are behind on payments or may be facing foreclosure may qualify.
44. How Much Will it Cost: Take a look at how much a loan modification should cost you.
45. What Can it Cost Per File: The cost can vary on each file. Find out what you need to know about the cost here.
46. FAQ on Loan Modifications: You are not alone when facing your mortgage crisis. Get the answers here to the most FAQ on modifications.
47. New Regulations: Find out what the new regulations are on home loan modifications.
48. Loan Modification: Learn how this could be the thing you need to save your home. If you are facing foreclosure or are just behind on payments, this could be your answer.
49. Requirements for Modification: Look here to see what the requirements are for getting a loan modification. Read here before applying.
50. Benefits of Modification: Take a look here at the five benefits of getting a loan modification. You can possibly save your home from foreclosure if you qualify.
51. Benefits You May Receive: One blogger takes a look at the benefits you can receive by getting a modification to your home loan.

Image Credits: PinkMoose

Say what you will about the housing bubble, and whether or not this is a good time to buy a house. The housing market, like any other market, will fluctuate. There will be good times, and bad times, times when those who invest for speculative purposes make money, and times when they lose it. For the overwhelming majority of the American people, owning a home is still an integral part of the American dream. And as long as home ownership is seen as a goal by most Americans, home loans will be part of our landscape.

These days, home loans are tougher to get than they have been in years past. Perhaps the biggest reason for that is that many of the subprime borrowers have defaulted on their mortgages, leaving banks with foreclosed property which they can’t sell for anything close to what they originally lent out on the property.

But don’t let that cause you to think that you can’t realize your dream of owning a home. Even in this economy, banks will make home loans to the right individuals. There are really only two things that you need:

1. You need a good credit history. If your credit score is already high, you’re in good shape. If, on the other hand, you’ve made some poor decisions, or if your circumstances left you unable to pay your obligations, you may have an uphill climb. The good news is that you can make it. Even if your credit is horrible, you can start rebuilding it. You’d be surprised how quickly you can repair your credit when you start making payments on your debts.

1. You need a sizeable down payment. Believe it or not, there was a time when banks would not even consider making home loans to anyone who didn’t have a 20% down payment. These days, even after the bubble burst, you should have very little trouble getting a home loan with a 10% down payment, if your credit is good. That said, the closer you can get to 20% down, the better off you will be in terms of having instant equity in your home.

The solution is simple if owning a home is part of your American dream. Work on paying off your other debts and start saving. If you do those two things, you’ll be in your own home before you know it, regardless of what the rest of the housing market does.

Image by Wonderlane

Federal and state employees can find the best home loan by learning as much as possible about all their options. Find the best home loan is all about understanding every step of the loan process. It starts with learning how to prepare yourself to apply for a home loan and continues on to how to close the deal. You will have to focus on finding the best interest rates and the right type of home loan. The more you know about home loans will help you in the end to get the best deal.

1. Rupee Times: Government employees may have the upper hand when it comes to getting approved for home loans.
2. Bank Vibe: Learn about the various mortgage rates available through a credit union especially for government employees.
3. Best Reverse Mortgage: A credit union for state or federal employees may be the best place to go for a reverse mortgage deal that offers good rates.
4. Reverse Mortgage Daily: Credit unions are offering government employees more mortgage loan options.
5. Long Beach Real Estate Home: A nice overview of how to best present yourself to a lender so you can approved for the best home loans.
6. First-Time-Home-Buyer-Solutions: First time homebuyers can qualify for some of the best home loans. Learn more about FHA loans.
7. Lender Rate Match: Sometimes you only think that you are getting the best home loan. Find out how to be sure you are getting the best loan.
8. Buy-and-Sell-House-Fast: Getting pre-qualified for a home loan is often the best way to get an overall good deal when buying a home.
9. Home Buying Institute: Understanding the different types of home loans can help you to figure out which is best for you.
10. Mortgage-X Knowing how to shop around for mortgages will help you to get the best rates.
11. Surf Rate: Figure out if you are a prime or sub-prime borrower. Prime borrowers get the best mortgage rates.
12. Lendersmark: Buying a home for the first time can be an intimidating process.  That is why first time home buyers need some special advice on how to get the best rates.
13. Mass Real Estate News: A straightforward guide to getting the best home loan.
14. Top Mortgage Loans: Learn about the different types of loans and home loan options.
15. Echo Bay Loans: Advice for those with bad credit about how to get the best home loan.
16. How Much Answers: The best home loan is the one that matches your situation.
17. Mortgage Loans Bad Credit: Having bad credit can limit your mortgage loan options. Find out more about what you should do to get a home loan with bad credit.
18. Power Home Biz: How to get a home loan with bad credit.
19. Bad Credit Whiz: Shopping online can be one of the best ways to get a good mortgage loan when you have bad credit.
20. Find Local Mortgage Rates: A checklist to help you be ready to start shopping for the best home loan.
21. All Womens Talk: Preparing to get the best home loan starts with knowing what you can afford.
22. Homebuyers Digest: Great advice on how to get your mortgage loan approved.
23. Manufactured Home Site: Tips to ensure you get the best home loan.
24. Top Mortgage Tips: A general article filled with tips and advice on how to make sure you are getting the best mortgage loan.
25. Mortgage Fit: If you have been through a foreclosure you can still get a new home loan. Find out how to get the best new mortgage deals.
26. Collins Development: If you are building a new home then you need to take some special steps to get the best home loan.
27. Mortgage Place: Finding the best home loan means finding the best lender.  Find out how here.
28. Coupon Saver: Good tips on things you can do to ensure that you are getting the best home loan.
29. Stock Markets Review: There are many ways that you can get a better interest on your home loan to ensure you are getting the best deal.
30. Tipdeck: Find out the basics of getting a good home loan.
31. Money Smart Life: Finding the best home loan usually depends on getting a good interest rate.  Discover how to get the best rates.
32. Entourage-Group: Knowing these facts about FHA home loans could save you a lot of money.
33. Pssucai: Getting the best home loan is often about getting the best lender.
34. US Mortgage Rates: There are many details that go into getting the best home loan. Deciding about the type of interest rate you will get is one of them.
35. Refi Advisor: There are many tips and tricks to getting the best home loan. Here is one take on how to do it.
36. Five Cent Nickel: Find ways to ensure that you get the best possible rates on your home loan.
37. Get-Your-Best-Mortgage-Rate: If you are interested in a fixed-rate mortgage then find out how to get the best one here.
38. Monitor Bank Rates: Find out everything you need to know about mortgage interest rates.
39. Moolanomy: A guide to getting the best rates on a variety of different types of home loans.
40. Mortgage Research Center: If you are looking into a VA home loan then find out here how to get the best rates.
41. Refinancing Right: If you are trying to refinance, then learn about getting the best home loan refinance deal.
42. First Home Buyers: A nice guide for first time homebuyers on how to get the best home loan deal.
43. Consumer Tips Reports: In order to get the best home loan you have to understand interest rates.
44. The Best-Mortgage-Rates: A comprehensive guide to getting the best home loan interest rates.
45. Best Cash Cow: Did you know that saving up for your down payment can actually help you save on your home loan?
46. The Mortgage Insider: Top things to avoid so you can get the best home loan.
47. FHA Loan Pros: If you are considering a FHA home loan then read this to make sure it is the best loan for you.
48. Easy House Mortgage: To get the best home loan you need to choose the type of loan that is best for you.

Image Credits: Diana Parkhouse

Of course, like most freewheeling people, we married someone who had to have a house. The best apartment in the world wouldn’t do. So, for the sake of love, we bit the bullet and bought that first house. We really did it. We signed the papers for the home loan. We accepted with reluctance that grass mowing would be a weekly chore, and we set about trying to make the best of it.

If you’re anything like us, here are some things you can do to help make your house feel like a home to you:

1. Indulge a hobby you couldn’t in an apartment. One of the nice things about owning your own home is that you will probably have more space than in an apartment. Maybe even a basement or garage where you can put hobby equipment. Personally, we finally bought that drum set we’ve wanted since high school (another advantage to your own home is you can make a little more noise). Make room in your new home for your hobby. Maybe even start a new hobby.

1. Do some gardening. Even if you don’t have a green thumb, spending the time to pick out what kind of plants you want around your house and actually putting them in the ground and taking care of them can help you have a sense of ownership, like you had a hand in making the place the way it is. And believe it or not, apartment fans, it’s kind of a good feeling.

1. Paint. Why not paint the house your favorite color? And paint interior rooms any color you like. No more landlord white to deal with, it’s all up to you now. Just like changing the vegetation can help you feel like the place is your own, changing the color can, too.

Photo via MGShelton

Of course, you need to contact your lender. Companies that deal in home loans have all been given several programs they can use to help you to keep your home, while to continuing to operate profitably themselves. Call your lender and see what they can work out for you. It could save your home. Otherwise, here are some of your other options:

• Hide and hope the bank doesn’t find you. The problem is, the new homeowners will after the house has been sold at a foreclosure auction.

• Go out Ruby Ridge style. You might make the news, but this will end very badly for you, so we don’t recommend huddling up inside your house with an arsenal larger than some third world militaries.

• Slip your rich uncle a mickey. Even if you don’t get caught, you’re not in his will. We checked.

• Win the lottery. Actually, this one would work. The only problem is getting it done. If you do manage to win the lotto, congratulations. On the other hand, maybe that money would be better spent working on home loans modification.

We come right back to calling your lender. The truth is that your lender is as eager to keep you in your home as you are to stay in it. Maybe more so. Housing lenders are under tremendous government pressure, for one thing. For another, they lose money most of the time when houses are sold at auction. Of course, they can still legally come after you for the remainder of your home loans, but what good does that do them if you can’t pay them?

Photo via Paolo Camera

• Pink Houses: Midwestern rocker John Cougar Mellencamp (or John Cougar, or Johnny Cougar, or John Mellencamp, or whatever he’s billing himself as these days) brings home a picture of life in mainstream America that’s one of our all time faves. Of course, anyone who can keep small town sensibility alive while being a multimillionaire rock star is OK in our books.

• Who Says You Can’t Go Home: Bon Jovi cut their hair (somewhat) and toned down their sound, but this quasi-country/pop rock song still makes us want to pump our fists in the air. And really, when it comes down to it, wherever you go, you never really leave the place where you grew up.

• Mama, I’m Coming Home: Hearing perennial badass metal man Ozzy sing about coming home to Mama in ’92 was a little weird at first. When we found out the song was dedicated to his wife, it didn’t really become any more normal. We mean, really, shouldn’t he be looking for bats to eat or something more metallish? Then we saw the Osbourne’s reality show, and it all made a little more sense. Great tune, in any case.

• Sweet Home, Alabama: Lynyrd Skynyrd. The often imitated Southern Rockers. Nobody can make you rock out and long for home at the same time quite like the boys from ‘Bama. Even if you’re not from Alabama, this song makes you wish you were.

• Home Sweet Home: When it comes to kick ass hard rock and metal music, no one does it better than the feel good bad boys from LA. Mötley Crüe rocks as hard as anyone, especially for singing a song about coming home. This song is arguably the original metal ballad, the one that all others are measured against. And we don’t know about you, but it kind of makes us want to make sure our home loans are paid up on time so we’ll have a Home Sweet Home to come back to.

Photo via Ted Van Pelt

If you’re in the process of buying a home, make sure that you understand the particulars of any home loans you get involved with. This might mean educating yourself a little bit about the various kinds of mortgages, but believe us, it’s time well spent. The last thing you want is to find out that your mortgage payments could go up after the fact because you didn’t understand the terminology your mortgage broker was using.

Let’s face it, if you’re anything like most people who close on a home, you’re going to spend a couple hours in a flurry of document signing and initialing, with very little clue about what you’re actually signing. Knowing at least the basics about home loans going in can save your ass (not to mention your home) down the road.

Is an ARM loan a bad thing? Not necessarily. A few short years ago, when it seemed like interest rates were going to keep falling and falling, a lot of people swore by them. The problem is, when it comes to interest rates, gravity has a tendency to work in reverse: what comes down must go up. And if you have an adjustable rate mortgage and interest rates go up, you can rest assured the interest on your mortgage will go right up with it.

The opposite of that is often true as well. If interest rates go down, many ARM loans’ interest rates also go down, saving you money on interest. Unfortunately, though, not all ARM loans will automatically adjust downward. Believe it or not, some will automatically adjust upwards with rising interest rates, but won’t adjust back down when the rates go down, which could leave you in a rough situation.

Of course, there are some limits on ARM loans. Generally speaking, they have a cap on exactly how high they can go. If you do take out one of these kinds of home loans, you would do well to make sure that you know what your mortgage payment is going to be in the event that interest rates skyrocket and you have to pay the maximum rate.

If you can’t afford the house payment at the maximum rate (or don’t want to), stay away from the mortgage. One good idea is to always pay your mortgage payment as if the mortgage rate were the maximum. That way, you’ll always be budgeted for a worst case scenario, and when interest rates stay lower, you’ll be able to pay extra on the premium, which can significantly reduce the amount of time you spend paying off your house.

Photo via hectorir

You can’t get home loans if you’re knocked up.

Well, OK, the banks don’t exactly put it like that. If they did, of course, they would run afoul not only of the law, but of hormonal pregnant women everywhere (which would be considerably worse). But, like it or not, the banks are doing some things that end up having the effect of discriminating against pregnant women.

One of the things mortgage lenders ask when you are going to buy your home is whether you have any “expected income changes.” They want to know if you have any reason at all to believe that your income I going to rise or fall in the future.

For most pregnant women, that includes maternity leave. Unless your company offers paid maternity leave for two months (most don’t) or you plan on popping that baby out on a Saturday and reporting for work on Monday, chances are you’re going to have a dip in income.

Anyone up for some B-ball?

Apparently, several mortgage lenders are hesitant to take a chance on a woman’s statement that she plans to return to work after the baby is born. Of course, it’s illegal to even ask if a woman is pregnant, and you don’t have to mention it if you don’t want to, but let’s face it: if you step into a mortgage lenders office, chances are you’re dealing with a pretty smart cookie.

When you apply for home loans and state that your income will temporarily drop three or four months from now for a few weeks, he’s probably not going to conclude that you’re hiding a basketball under your shirt, even if that would explain why you only wanted to look at houses with B-ball hoops in the driveway.

What It Means

If you’re expecting a baby, this shouldn’t stop you from applying for home loans. If all of your other i’s are dotted and your t’s are crossed, your credit is good, and you have sufficient income for the home you are buying, you might still get approved for the loan. Worst case scenario, you might have to come back and reapply after the baby is born and you’re actually back to work.

Photo via halfmortimer

That said, however, the number of applications for home loans has risen dramatically in the past couple of months, giving home buyers some cause for hope that the value of the property they purchase might actually start to go back up, too. It’s too early to start a party over this, but those who are trapped upside down in home loans where they owe more than the house is worth at least have some glimmer of hope that things will come back.

The real question is whether we, as home buyers, will learn the lessons of the past five years. After all, it’s tough to teach an old dog new tricks, even if you beat the hell out of him. And people who have had it drilled into their heads that buying a house is good as an investment may still cling to the idea even though it’s been debunked with the collapse of the housing market.

Is that to say buying a house is a bad investment? Not at all. If you’re buying a house to live in, it’s a great investment. You’re going to be spending money for someplace to live anyway, so you might as well build some equity.

The problem comes in with our generation’s mindset. Our generation, which has always thrived on microwave-style, give it to me now solutions, stays in their home an average of 5 to 7 years. If you’re going to do that, you don’t build nearly enough equity to make up for the interest, taxes, and maintenance costs of owning a home. In fact, you’re probably better off renting.

If you’re going to stay in your home for the long run, though, you can probably count on it being worth more when you sell it that when you bought it. Who knows? Maybe it’ll even be enough more to cover most of the other costs you’ll incur over the years. At any rate, applications for home loans are going up, which indicates at the very least that people are trying to buy homes again, so you might actually be able to sell your home when you want to.

Photo via Aristocrats-hat