Ilyce Glink talks about how we have the lowest mortgage rates in history and what this means for the economy. It’s difficult to believe that mortgage interest rates are now officially at the lowest point in history. Or, at least history as defined by the Freddie Mac, which has been keeping track of 15-year fixed [...]
If you missed a mortgage payment, you might want to know how it affects your credit score. Missing mortgage payments can hurt your credit score. Q: I met Ilyce at a speech she was giving last year about financial planning and retirement. Last week, I was laid off by the company that sponsored the speech. [...]
The loan modification process can be very frustrating. If your loan modification is rejected, consider selling your house in a short sale. Q: We are currently underwater on our primary home mortgage. Our mortgage has been modified twice and all payments were added to the back of mortgage. Our loan was once $216,000 and the [...]
Do you know the 1031 exchange requirements? It's up to you to know the requirements of a 1031 exchange and have a back-up plan. Q: During the process of completing a 1031 exchange, my mortgage broker told us the day before our 180 day limit for closing on our purchase that our lender didn't approve [...]
Wondering if your lender allows mortgage prepayment? Most lenders today have stopped carrying out mortgage prepayment penalties. Q: You recently answered a question about a rental property owner deciding whether to refinance into a 15-year vs. a 30-year loan. I bought my house in 1976 for $70,000 with a 30-year loan where the mortgage payment [...]
If you want to buy a building, then you should check out these five ways to successfully invest in real estate. Home buyers and real estate investors have been in a good mood for years, since around 2007, when the housing crisis began. And why not? Historic low interest rates combined with home values that [...]
Retiring by the time you turn 40 might sound impossible, but it most definitely can be done. With some careful retirement planning and creative savings strategies, you can begin your retirement while you are still young and spunky. Getting started on your retirement savings as soon as possible is most important. The longer you have [...]
Want to know your options for an underwater mortgage refinance? Here's what to do when you can't refinance your underwater mortgage. Q: I built my home in 2006 for $750,000. I have a loan with a balance of about $525,000 and an interest rate of 6.625 percent. I have been trying to refinance my mortgage [...]
When going through a divorce and breaking up your mortgage, a mortgage loan assumption might be an option that could help. Q: I read your recent column in my local paper titled “Giving up interest does not free you from mortgage obligation.” The ex-wife was willing to give up her claim on the home to [...]
Ilyce Glink gives her advice on how to avoid common mortgage refinance scams in today's Real Estate Minute. If you don’t pay your mortgage, it’s much more likely you’ll fall victim to a refinancing scam. When you fall behind on your mortgage payments, your lender files a notice of default. This makes your financial problems [...]
