Mortgages Archives

How to Avoid a Mortgage Escrow Nightmare
By: Staff
By Philip van Doorn - sbup When you get a mortgage to purchase, build or refinance a home, most lenders prefer to set up an escrow account so they can pay your property taxes and insurance premiums for you. A monthly payment is added to your mortgage bill and analyzed once a year to cover any increases in taxes or insurance premiums. Read more»
Consider floating your mortgage rate
By: Staff
By sbup StaffInterest rates on 30-year fixed rate mortgages (FRMs) have shed close to 1.5 percentage points in the past three months, with no signs of reversing course. If you're applying for a mortgage, you may want to think twice about locking in your mortgage's interest rate. Read more»
By StaffPrepaying a mortgage can save tens of thousands of dollars in interest over the life of your loan. But with uncertain economic times and historically low mortgage rates, prepayments may not be the best use of your money. Read more»
Five tips for keeping closing costs down
By: Staff
By StaffThinking of refinancing? Refinancing may make sense, given today’s historically low rates. But refinancing costs money (normally around 2% to 3% of the total loan amount), including fees for an appraisal, loan origination, title insurance and much more. Closing costs can reduce the benefits of refinancing, so it's important to keep them as low as possible. Read more»
Cramer: A Bright Spot in Housing
By: Staff
By Jim Cramer Forget the crummy quarter that KB Home just reported. Forget that they still have plenty of liquidity, so, unfortunately for the housing market, they can still pump out new homes just when we want them to cut back. Read more»
Are Mortgage Rates Going Up Any Time Soon?
By: Staff
The Federal Reserve just one month ago surprised economists everywhere by cutting its key interest to nearly zero. The central bank's historic rate cut, in concert with its decision to buy up to $500 billion in mortgage-backed securities to help shore up the housing market, has gone a long way to lower mortgage rates across the country.Interest rates have continued to fall, with the 30-year fixed rate mortgage now averaging about 5.03% nationally. Read more»
by Jim Cramer The foreclosure spike in California, back to where it was before the California state government made it difficult to foreclose, are daunting for those looking for a bottom in real estate there.  There's plenty of real estate for sale and only a couple of areas in California that have reached levels of price equilibrium.What's equilibrium? I am using the term to mean: Read more»
A Big Tax Credit Could Cure Housing's Ills
By: Staff
By Jim Cramer Solve housing. Solve collateral. If the Bush administration and the Federal Reserve had found a way to stop house price depreciation, we would never have been in this jam. But they wouldn't, in part because they endlessly fretted about inflation -- which was all driven by China and speculation -- and they didn't see the sheer numbers of foreclosures coming. Read more»
Picking the right fixed-rate mortgage
By: Staff
By Peter McDougall- When choosing a mortgage, which loan term is right for you?If you’re buying a house, chances are you’ll look for a 30-year fixed-rate mortgage (FRM). But for those refinancing an existing mortgage, there are more choices. For example, should you go with a 15-year FRM to pay off your home more quickly? And though a 30-year FRM may cost more in the long term, will the cheaper monthly payments make it a more attractive option? Read more»
Ahead of the Bell: Pending Home Sales
By: Staff
WASHINGTON (AP) - The November reading of an index that tracks pending U.S. home sales is forecast to fall for the third straight month as buyers held off on home purchases while the stock market sank and the economy worsened. Read more»
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