Mortgage & Finance

If the situation suits you, consider refinancing your mortgage, but continue to pay the same amount as before and pay down the principal. Q: The question in your "Real Estate Matters" article in the paper was of interest to me. You advised a reader that asked about refinancing her $87,000 loan from 5.25 percent to [...]

Negative equity—owing more on your mortgage than your house is worth—has been a devastating multi-headed hydra over the past six years. Negative equity makes homeowners vulnerable to foreclosure should they hit hard times. It has sapped the primary source of retirement wealth for working families, and it has frozen owners in place, making it difficult for them [...]

If you close on your underwater mortgage before 12/31/12 and your lender forgives your debt, you don't have to pay a phantom income tax. We've received quite a number of letters recently from readers that are trying to determine their best options given their status as underwater homeowners. Some of these letters clearly indicate that [...]

Follow these new rules to refinance your home mortgage and make sure you ask the right questions about refinancing to get the best deal. Q: llyce, I listen to you on the radio every chance I get. Thanks for all your advice. I owe $86,717 on my mortgage, which is a 30-year fixed-rate loan with [...]

In a surprise move, mortgage interest rates rose this past week while NAR reports indicated that median home prices were rising as well.  Mortgage interest rates rose a bit this week, but not enough to make a meaningful difference in the price you’ll pay to own a home. When you’re talking about a 30-year fixed [...]

A couple is looking to refinance their home. They should recognize they may pay more interest later to lower their monthly payment now. Q: I need some advice on my current housing situation. I am a married woman that bought my house almost 4 years ago. Two years ago, I had a baby and my [...]

Sometimes there are mortgage payoff fees, including unpaid closing costs. Review your mortgage docs, call your lender or state for more info. Q: My wife and I purchased deeded timeshare about five years ago. Approximately two and a half years ago, we paid off the note to avoid the high interest rate. A couple of [...]

Would bailing out Main Street by forgiving most residential mortgage and home equity loans help the housing crisis? Or make it worse? We recently received the following letter: Instead of the Eminent Domain proposal in California, how about this: Create the Bail Out Main Street Act 2012. Congress would immediately write and approve legislation to [...]