Mortgages
More Americans are Behind on their Mortgage Payments
posted: 3 DAYS 6 HOURS AGO
filed under: Mortgages
Now that one in eight people are behind on their mortgages, the "it's not so bad" crowd seems to have quieted down a bit. But here's the reason that we should relax:
Houses at $299k Sell Better Than $301k
posted: 2 DAYS 23 HOURS AGO
filed under: Mortgages
Corbis
In a piece on selling your home in a hurry, Money Magazine staff reporter Beth Braverman offers some good tips -- but then there's this clunker...
The Failure Of The Mortgage Modification System Threatens Housing
posted: 37 DAYS 6 HOURS AGO
filed under: Mortgages
AOL
The theory was simple and elegant. By offering homeowners who could not afford their monthly mortgage costs lower monthly payments, people could be able to stay in their homes. That would lower the US default and foreclosure rate, in turn building a foundation under the housing market.
The programs are simple, but they appear to be a failure.
A report about to be issued by credit rating agency Fitch says that a large number of the people who get better terms for their monthly payments still walk away from their homes. According to The Wall Street Journal, "Fitch said a conservative projection was that between 65% and 75% of modified subprime loans will fall 60-days or more delinquent within 12 months of the loan change." That makes the problem so severe that any effort to turn home prices back in the right direction is likely to fail. Click forward to see what more this means for you.
Dirt-Cheap Loans on New Homes
posted: 42 DAYS 1 HOUR AGO
filed under: Loans, Mortgages, Home Equity Loan
Corbis
Would you buy a brand-new home if you could lock in an interest rate of, say, 3.63 percent on a 30-year mortgage? Homebuilders who've offered to "buy down" buyers' interest rates hope your answer will be yes.
Interest-rate buy-downs aren't new. In fact, builders, private home sellers and buyers have long been able to pay an extra fee to buy down the interest rate on a home loan. The extra fee, payable upfront, is priced in "points," and each point is equal to 1 percent of the loan amount. For each point (or partial point) that's paid, the interest rate on the loan is reduced by a set amount that's determined by the lender. Homebuilders that offer the incentive pay the extra points on the borrower's behalf as an inducement for him or her to buy a home.
A buy-down may help some new-home buyers qualify for a loan because the lower monthly payment improves the borrower's debt-to-income ratio, says Dan Klinger. Click here to read the full article and see how buy-downs may help you too.
Get Yours: Mortgage Modifications
posted: 52 DAYS 1 HOUR AGO
filed under: Mortgages
NEW YORK (CNNMoney.com) -- Two months ago, Ivan Coleman was struggling, his mortgage payment having ballooned to $1,200 - more than half his income. Starting June 1, his monthly payment will fall to $725. "My mortgage company was helpful, eager to have me stay in my home," said Coleman, who first fell behind on his payments after losing his job.
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Refinance, If You Can
posted: 52 DAYS 2 HOURS AGO
filed under: Banking, Credit, Credit Reports, Credit Score, Debt, Loans, Mortgages, Personal Loans, Recession, Refinancing
The good news: mortgage rates are going to stay for a while near 5%, the lowest they've been in our lifetimes. The bad news: Unlike a couple of years ago, merely having a pulse is no longer enough to get a mortgage refinanced. Demand is high, standards are tougher, and approvals are relatively scarce. Read on to learn what you should know before you refinance.
Time for the Return of ARMS?
posted: 2 DAYS 23 HOURS AGO
filed under: Mortgages
jupiterimages
"We might even be back to looking at adjustable-rate mortgages," says Bob Moulton, president of Americana Mortgage. Have we learned absolutely nothing from this mortgage meltdown? Find out more.
Is a Reverse Mortgage a Good Deal?
posted: 7 DAYS 8 HOURS AGO
Companies are promoting a reverse mortgage as "the answer". Watch today's video to learn whether a reverse mortgage is right for you, and get a few warnings about the potential risks.
Portland Mayor Headed for Foreclosure?
posted: 16 DAYS 2 HOURS AGO
filed under: Mortgages
Corbis
Portland, Oregon Mayor Sam Adams is five months behind on his mortgage. And now his default notice is all over the state's foreclosure website!
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Mortgage Basics
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Interest Rates
| Type | Current | APR |
|---|---|---|
| 30 yr fixed mtg | 5.34% | 5.59% |
| 5/1 ARM | 4.94% | 4.65% |
| $30K HELOC | 5.06% | 0.00% |
| 36 month new car loan | 7.14% | 0.00% |
| 1 yr CD | 1.73% | 1.74% |
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