Mortgage Points Vs Rebates
Yes, U.S. mortgage lenders will pay rebates to borrowers. This is a potentially valuable option which, to my knowledge, is not offered anywhere else in the world.
Reverse Mortgage Policy Changes Impact Spouses
The United States faces a retirement funds crisis: a rapidly growing number of people who retire without the financial capacity to support themselves during ever-increasing life spans.
How to Avoid Balloon Mortgage Payment
QUESTION: Due to an illness, I had to work out a loan modification with my mortgage lender several years ago. The modification significantly lowered the payments, but it requires that we pay off the remainder of the balance at the end of the loan term as a balloon payment. It's coming up soon, and I don't have the money to make the payment. What can I do?
How to Pay Off Mortgage Early
Some schemes for paying off a mortgage early, such as bi-weeklies and bi-monthlies, are offered by lenders while others are entirely within the control of the borrower.
Adjustable Rate Mortgages Sometimes the Better Choice
The Mortgage Bankers Association reports that only about one of every 10 home mortgages being written today carries an adjustable interest rate.
Surviving Spouses Win from New Reverse Mortgage Rule
Former Sen. Fred Thompson and the Fonz may pitch reverse mortgages on TV as a way for people to live a better life in the twilight years, but there are pitfalls to the product that federal agencies are starting to fix.
The Value of a Pre-Approval Letter
With bargaining power shifting from homebuyers to sellers in an increasing number of local markets, buyers in competition with other buyers are looking for any edge they can get. One possible edge is a pre-approval letter, or PAL, from a lender.
Fixed Mortgage Rates Slip
Mortgage interest rates eased slightly last week, with lenders offering 30-year fixed-rate home loans to solid borrowers at an average of 4.17 percent, down from 4.2 percent a week earlier, Freddie Mac said.
Federal Program Cuts Borrower Costs on Mortgages
Home loans are about to go on the discount rack for first-time buyers willing to spend a few hours learning the ropes of homeownership, from applying for a mortgage to choosing a contractor for a kitchen remodel.
Determining Whether to Include Spouse on Application
Question: My wife and I are looking to purchase a $450,000 home, and I am wondering whether I should apply for the mortgage as an individual, or jointly with my wife. I make $84,000 a year and have a credit score of about 800. She makes $48,000 and has a credit score of about 680.