Mortgage Program Would Benefit Borrowers
Last week I suggested that the standard mortgage was very difficult for many borrowers to manage because of its rigid payment obligation, the fixed payment period and payment amount, and the high cost of building a payment reserve.
Mortgage Rates Slip
Lenders were offering 30-year fixed mortgages to solid borrowers this week at an average of 4.01 percent, a Freddie Mac survey found, down a hair from 4.02 percent last week.
Interest Rates on Home Loans Could Increase
In mid-October, there were economic struggles in Europe, Ebola arrived in the U.S. and the stock market plunged.
Standard Mortgage Is Obsolete
Last week I wrote about the so-called wealth-builder mortgage, designed to marry the rapid balance pay-down of a 15-year mortgage with the low monthly payment of a 30-year mortgage. I concluded that without the lender or government providing a subsidy, the wealth-builder doesn't work.
Rolling Improvements Into FHA Mortgage
Knoxville, Tenn., residents Fawn Harrison and David Haynes visited about 100 old houses before finding the home they sought: a two-story house built in 1910.
Why Mortgages Harder to Get
The housing sector today is not providing the economic stimulus we had come to expect during periods of economic recovery. A major reason is that the underwriting rules and practices that determine whether or not an applicant qualifies for a home mortgage are much stricter today than they were before the financial crisis.
Understanding FHA Reverse Mortgages
The kosher stamp on a food means that it has been certified as fit for human consumption. We need a comparable certification process for financial instruments sold to consumers, with the need most pronounced for the more complex instruments.
Cutting Mortgage Closing Costs
In a recent article I proposed that Fannie Mae and Freddie Mac be removed from limbo and given a new mission: to create a better primary mortgage market. Among other things, this would include the elimination of third party settlement costs.
More Than Rates to Consider When Deciding on FHA
Choosing between a conventional and Federal Housing Administration-insured mortgage is not an academic question. My calculations show that the wrong choice can cost as much as $33,000 over 15 years on a $200,000 loan, and as much as $66,000 on a $400,000 loan.
Fewer Seniors Seeing Mortgage-Free Retirements
When Tom Greco bought his four-bedroom home three decades ago, he assumed he'd pay off the mortgage before retirement -- just as his parents did.