Mortgage & Finance

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 [...]

You may not get a principal reduction during loan modification. A principal reduction would not wipe out fees and interest from your loan. Q: My lender told me I do not qualify for principal reduction on the loan I have with them. I contend that I am not asking for principal reduction but, rather, I [...]

The national foreclosure nightmare is moving north, away from the four states that traditionally have accounted for most defaults and toward markets that heretofore have avoided the brunt of foreclosures and the economic and social problems they cause. Here are some foreclosure factoids based on recent data from RealtyTrac that might surprise you: In April, [...]