A First time home buyer who is a student wants to buy a house and use most of his savings to purchase the real estate. Should he? Q: I am a first time home buyer and a 22-year old student who has been pre-approved for a loan to purchase a home. I have about $10,000 [...]
FHA announced Tuesday it will be lowering its refinance premiums for its Streamline Refinance Program, starting June 11, 2012. The Obama Administration is taking additional steps to further stimulate the housing market, according to a press release issued by the White House on Tuesday. The plan is part of President Obama’s overall strategy to support [...]
Three real estate summaries released this week, including the CoreLogic Negative Amortization Report and the S&P Case-Shiller Home Price Index, left me with a poor impression of the real estate 2012 outlook. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show March 4, 2012 on WSB [...]
Freddie Mac says fixed mortgage interest rates edged lower this week after last week's slight upswing. After a slight increase last week, fixed rate mortgage (FRM) mortgage interest rates edged lower for the week ending March 1, 2012. They remain near their 60-year lows, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). Thirty-year fixed [...]
Fannie Mae is asking for another bailout despite raking in billions in 2011, and another could be on the way if Bank of America doesn't pay Fannie Mae what they owe. Fannie Mae is requesting yet another bailout, this time to the tune of $4.57 billion. The news comes with the release of the government-sponsored [...]
Strategies for catching up on retirement savings when you're in your 40's. Creating a budget is key to maxing out your contributions. I recently returned to work after being laid off in 2008 and am enjoying the steady paycheck and return to full-time benefits – especially a retirement savings plan. When you’re living paycheck to [...]
The U.S. stock market had another good week, based in part on the announcement of another Greek bailout. The Dow flirted with 13,000 and American investors remain encouraged despite a mixed bag of economic news. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show February 26, [...]
Paying off mortgage early with lump sum cash payment may be a good solution for some, but loss of that cash for emergencies may limit options. Q: I have a certificate of deposit (CD) worth over $70,000. I wonder if is wise to take my CD out when it matures and pay off my house [...]
Bankruptcy discharge of mortgage debt does not release lien on property and payments on mortgage loan may not benefit credit history. Q: We successfully signed a loan modification with our lender two years ago. It took forever to get the loan modification. The problem is that our lender (one of the so-called “big box” lenders) [...]
Closing Costs Influence Decision To Refinance Office Condominium. If the costs outweigh the savings, refinancing is not the right option. Q: I listen to you when I come home from church each Sunday. I enjoy your radio show. I have a dilemma that I would appreciate your advice on. We have an office condo that [...]
