Mortgages Archives

By sbup StaffKnocking a couple of years' worth of interest off your mortgage by making prepayments can save you a lot of money in the long run. But if you’re planning to refinance your mortgage, consider skipping those prepayments and using that extra money to cover the refinance’s upfront closing costs. Read more»
Opinion: Paradigm Shift in Mortgages
By: manybanking.com Staff
by Charles Shapiro, TheStreet.com Many analysts believe that President Obama's Housing Rescue Plan, although well conceived, may not go far enough. There is also an understandable concern about moral hazard implications of any rescue program. Read more»
Mortgage Rates Level Off This Week
By: manybanking.com Staff
By sbup Staff Capping a steady climb since mid-January, interest rates on 30-year fixed-rate mortgages (FRMs) shed 0.14 percentage points this week to an average of 5.33%, according to the manybanking.com Rate Index. The leveling out of rates likely comes as a relief to consumers delaying their mortgage applications in hopes of seeing a return to January's historically low rates of less than 5.0%. Read more»
By sbup Staff As more homeowners run into trouble making their monthly mortgage payments, help is on the way from Wall Street -- and 1500 Pennsylvania Avenue. Read more»
Who Gets Mortgage Help Under Obama's Plan?
By: manybanking.com Staff
by M. Gwertzman, sbupPresident Obama unveiled his $275 billion plan to provide mortgage relief to homeowners yesterday, but there are still many details to be announced. The full plan – called the Homeowner Affordability and Stability Plan - will be released on March 4th, but until then, homeowners who think they might benefit should examine their own finances and situation to make sure they meet the eligibility guidelines. Read more»
By JULIE HIRSCHFELD DAVIS and ALAN ZIBEL Associated Press Writers WASHINGTON (AP) — The same mortgage lenders that candidate Barack Obama accused last year of causing the housing mess would get a windfall from President Obama's government under his foreclosure rescue program.   Read more»
Don't Ditch That ARM Just Yet
By: manybanking.com Staff
By sbup StaffA rate reset on an adjustable-rate mortgage (ARM) can be stressful. But thanks to historically low interest rates, there's a good chance your rate will actually go down if it’s scheduled to reset in the next few months. If that's the case, you might be better off sticking with your ARM a little longer, despite the low rates on fixed-rate mortgages (FRMs). Read more»
Obama Unveils $75 Billion Mortgage Relief
By: manybanking.com Staff
By LIZ SIDOTI Associated Press Writer MESA, Ariz. (AP) — President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action — not only to save their homes but to keep the housing crisis "from wreaking even greater havoc" on the broader national economy. Read more»
New Kind of Virginia Lottery: Win a House
By: manybanking.com Staff
By MATTHEW BARAKAT AP Business Writer WOODBRIDGE, Va. (AP) — Just out of college and eager to move out of her parents' home, Karin Gagnon became giddy when her name was called out Tuesday in a unique lottery. Read more»
Residential Real Estate Will Lead the Way
By: manybanking.com Staff
by Norm Conley, RealMoneyI  really don't have much of an opinion on exactly when real estate prices will bottom, but even though I don't have a sense on the exact timing of a bottom, I do believe that the bottom in the residential real estate market (when it arrives) will be an important clue to the timing and magnitude of the eventual economic recovery. Read more»
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