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Mortgage & Finance

A mortgage, or a home loan, can come in many different forms. A 30-year fixed rate, a 15-year fixed rate, an adjustable rate mortgage, a jumbo loan. And what about prepayment or foreclosure? The articles, blog posts, videos and radio shows on this page will answer all your mortgage questions and help you find the right mortgage for you.

You need to consider the fees and closing costs that you may be charged in obtaining a mortgage, the length of the loan and the amount of the loan. In addition, while the interest rate you obtain is quite important, you need to understand all of the other issues involved in obtaining a mortgage loan for your home or investment property.

Take a look at our hundreds of articles on our site. Some of these articles are listed below. These articles relate to obtaining a mortgage, finding a low interest mortgage loan, the difference between a fixed rate or ARM loan, whether to pay points to buy down your interest rate, and avoiding prepayment penal

Condo Declarant Should Pay Expenses For Units They Own

By | June 30th, 2017|

When a condo declarant still owns unit in the building, they're responsible for ongoing maintenance expenses in the building. Q: We bought into a condo development five years ago. The condo documents said the declarant didn’t have to follow the condo rules or pay dues on his units until the last unit was sold. We [...]

How To Track Down Your Mortgage Transfer Records

By | June 30th, 2017|

When your mortgage broker sells your loan to another lender, there might not be specific mortgage transfer records for your loan. Q: Four years ago my husband and I refinanced our home with a mortgage broker, who immediately sold it to a big box lender, to whom we have been paying our mortgage payment for [...]

A New Report Shows Housing Market Strengths and Weaknesses

By | June 16th, 2017|

It’s been a decade since the housing market collapsed, and home prices have finally regained their previous peak. According to the State of the Nation’s Housing 2017 report, released today by the Joint Center for Housing Studies at Harvard University, U.S. home prices rose 5.6 percent in 2016, beating out their pre-recession highs. Across the [...]

How To Pay Off A Home Equity Loan With A Very High Interest Rate

By | June 8th, 2017|

What happens when your parents die and you discover an unpaid home equity loan with an extremely high interest rate? This person inherited a house, which is in probate, but also discovered what looks like a 30-year home equity loan that carries such a high interest rate that the loan balance is never paid down. [...]

When Is It a Mistake to Refinance Your Mortgage?

By | June 1st, 2017|

When is it a mistake to refinance your mortgage? Only if you don't know this mortgage secret: Your amortization schedule will "reset" each time you refinance your mortgage, unless you opt to refinance at a lower rate for a shorter term length. In this case, your monthly mortgage payment tends to rise, however.  Q: Did [...]

How Easy Is It To Finance Vacant Land?

By | May 19th, 2017|

How easy is it to finance vacant land? And, is it easier to finance vacant land if you're going to build a hour or a commercial-use property on the land within the first six months of owning it? Unfortunately, it's tough to finance vacant land and if you plan to live and work on the [...]

Lower Your Property Taxes in 3 Easy Steps

By | May 11th, 2017|

Ilyce appeared on WGN's Steve Cochran Show in Chicago recently, and was inundated by listeners who wanted to know how to appeal their property taxes. Here are three steps you shouldn't miss if you want to successfully appeal your property taxes. Q: I heard Ilyce on the radio recently talking about how to lower your property [...]

Who Owns The Water On My Land? Homeowner Questions Water Easement Rights

By | April 13th, 2017|

Who owns the water on my land? What are water easement rights? https://www.youtube.com/watch?v=TX5GO0eu77c It's important to document who owns the water on your land. In this question, the homeowner wonders who owns the water easement rights for land that his parents owned for 40 years but has changed hands several times since. Q: [...]

Prepayment Penalty: Will I Have To Pay a Prepayment Penalty If I Close Before The Penalty Period Is Up?

By | April 6th, 2017|

We often get questions about prepayment penalties and whether the penalty period will apply if a homeowner sells the home rather than just prepays the mortgage.  Q: I just signed a contract on my house with a closing at the end of next month. I also bought a new house with same closing date. I [...]

My Lender Backed Out Of My Mortgage. Can I Sue?

By | April 6th, 2017|

What can you do if your lender backs out of the mortgage commitment? A lot of buyers might want to sue the lender because it is difficult to close if, at the last minute, you're scrambling to find a new lender. There are advantages to working with recommended lenders (such as in incentives other lenders [...]

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