Real Estate

Right now, for homeowners who are looking to refinance and homebuyers taking out a purchase mortgage, there’s a lot of good news when it comes to closing costs. Closing costs have fallen this year almost as much as they rose last year, though they can vary dramatically depending upon where you live. Plus, if you’re [...]

A divorced couple should sign a promissory note for the full amount owed. If one ex won't sign, that partner should quit claim the interest. Q: I have heard you speak many times on WGN radio and last year you were kind enough to respond to an email question regarding foreclosures. Here is another true [...]

Mortgage interest rates are at historic lows during economic and political uncertainty. When the world's economies stabilize, mortgage rates may rise. Mortgage interest rates dropped again this week, hovering near all-time lows, according to the Freddie Mac weekly primary mortgage market survey. This week, the 30-year fixed-rate mortgage averaged 3.55 percent, with an average 0.7 [...]

Homeowners may qualify for the Home Affordable Refinance Program (HARP) if they fail to get a HAMP (loan modification) from their lenders. Q: Long story short, my house is underwater. I am currently talking to my mortgage company for a HAMP or HARP. I collect Social Security disability as my only source of income. My [...]

Prevent further hurt to your credit history and credit score by continuing to make mortgage payments to your bank during a short sale. Q: I lost my job in Atlanta, but I have been offered a position in another state. I am currently working with a real estate company trying to sell our home. I [...]

When a home equity line of credit (HELOC) stops a person from refinancing, they should pay off or pay down the HELOC so they can refinance. Q: I recently attempted to do a FHA streamline refinance and was denied because I have a home equity line of credit (HELOC) that is maxed out. The lender [...]

The percentage of American homeowners is the lowest it has been in nearly 50 years. Home prices are rising due to investors buying homes. How many Americans own their own homes? It depends on how you count. The officially tally is about 65.5 percent. But according to Sean Fergus, a manager with John Burns Real [...]

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 [...]