The Adjustable Rate Mortgages (ARMs) were introduced more than 30 years ago when the mortgage interest rates were hovering around 15 percent. Now that rates are creeping higher bit by bit, they are becoming increasingly interesting to many. Best features of an ARM is keeping the rate low for an initial period and after that …
Author: elegant
Many of us make the mistake of looking for the best deal, not a great place to live when we are shopping for a home to live in. This is the wrong approach to buy a home. Instead of focusing on a perfect deal, look for a great home for you and your family. Many …
It’s summer and the real-estate market is getting hotter. Fear that the historic low mortgage interest rates will begin to go up, also putting added pressure on the market. So, it is obvious that pre-approval hold the edge over pre-qualified when shopping for a home. What is the difference between pre-qualified and pre-approved? Pre-qualification is …
The Consumer Financial Protection Bureau (CFPB) has recently disclosed final rules aiming at those companies that deal with mortgage payments. These rules are intended to disclose cost and bring relief to deal with struggling home owners. This is a result of the financial crisis and abuses revealed in the past. Consumer advocates as well as …
Those who are 62 years or older, own and live in a home are eligible for a reverse mortgage. In a conventional mortgage, home owners pay a monthly mortgage payment that contains an amortized portion of the principal plus the interest. After each payment loan balance will be reduced by the amount of principal paid …
Two years ago when the Federal government investigated paperwork fraud of leading mortgage lenders, everyone thought that it will lead to a glut of foreclosed homes in the market driving the prices down and leaving years of inventory in the market. Lenders reached a $25 billion settlement with the Federal government. Two years later, the …
Home Equity Line of Credit (HELOC) is known as the homeowner’s ATM. Since 2006, they were in decline. Homeowner’s used HELOCs as their credit cards to buy luxury goods, vacations, and cruises. After a brief hiatus, once again they are back in business. In 2012, HELOCs are expected to climb to $79.6 billion and to …