As we pause to reflect the season, we would like to wish you and your family a very happy holiday. Thank you for being a part of our blog family this year! We are taking a couple of days off now to spend with our families, and will resume posting more great information for you here in a couple of days.

May the spirit of Christmas bring you peace,
The gladness of Christmas give you hope,
The warmth of Christmas grant you love.
-Author Unknown

Please enjoy our Christmas Video Card….

See you soon!

Gift Shopping By Thrift Shopping

The perfect gifts for those last minute buys might not be in the mall, but may be waiting for you at your nearest thrift store. Money Editor Stacy Johnson explains…(Video runs 1:31)…

Have you purchased anything at a thrift shop this year? If not, do you plan to start shopping at one in the near future to try and save a few bucks? We'd love to hear your comments about it… just click the comment link below and sound off. Your email address will NOT appear anywhere on this website.

Foreclosure Relief: Not Until Obama Takes Over

Any use of $700 billion in financial industry rescue money to aid homeowners will come after President George W. Bush leaves office next month. That word came recently from Rep. Barney Frank, D-Mass.

While the Federal Deposit Insurance Corp. has proposed to use $24 billion from the financial bailout to help borrowers, Frank declined to specify how much should be spent but said it won't require new legislation.

Frank also threatened to tie up the remaining half of the $700 billion financial industry rescue money unless the Bush administration provides some of it for borrowers facing foreclosure.

Data released recently shows that more than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year already are in default again, raising questions about whether government money may be better spent on creating jobs, rather than averting foreclosures.

We want to know what YOU THINK. Use the comment link below to tell us… your email address will not be published with your comments.

Bailouts Galore

Is anyone out there besides us sick of all the government bailouts? Everyone and their brother seems to be getting in line to ask the government to "bail them out."

As the printing presses for the bailouts run at full speed, those in power are no longer even pretending that the new giveaways will fix our problems. Now that we are used to rewarding failure with taxpayer-funded bailouts, we are being told that this is “just a start,” more funds will inevitably be needed for more industries, and that things would be much worse had we done nothing.

The updated total bailout commitments add up to over $8 trillion now, and is anyone really thinking it will stop there?

HELLO!!!

The brutal truth that no one in Washington dares acknowledge is that our economic problems can only be solved by a reduction in consumer borrowing and an increase in savings.

What do you think? Leave your comments below.

Low Credit Score Home Loans

For the most part, you can obtain a home loan with fair credit. In some cases, you may even be able to get a low rate. Unfortunately, if your credit score falls below 500, homeownership may be impossible. Even with a credit score below 600, your loan options are limited. It's important for anyone contemplating buying a home to improve their credit rating.

Lenders will carefully review your credit report and score before approving your mortgage. Late payments, collection accounts, excessive debts, and inquiries contribute to having a high or low credit score. Mortgage rates are based on credit rating. Therefore, if you're hoping to get a great mortgage rate, which equals lower monthly payments, now’s the time to improve credit.

Save Enough Money for a Down Payment

Because it's difficult for hard-working people to save money for a down payment and closing costs, various loan programs will incorporate fees into the total loan amount. However, if you have bad credit, a down payment can improve your chances of getting approved for a home loan.

The ideal down payment is 20% of the home price. However, lenders are willing to accept smaller amounts. If possible, attempt to have a down payment of at least 3% to 5%. Aside from boosting approval chances, a down payment may help you secure a lower rate.

Use the Right Lender for a Bad Credit Loan

To obtain the best mortgage loan with a low credit score, you need to use a sub prime or high risk lender. Some traditional lenders offer sub prime loans. However, choose a lender that specializes in bad credit loans. You may obtain better rates with a bad credit mortgage lender.

If you have any questions about low credit score home loans, please use the comment link below to ask. Your email address will never be published here.