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Most Recent Articles
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- Beat Rising Rates With Nontraditional Mortgage
Whether it's a dream home, vacation property or retirement condo, consumers face a housing market this year in which climbing interest rates are driving up the costs of buying a home.
Shopping for-and financing-an affordable home has become an increasingly daunting process in many frenzied markets. The median national home price now hovers around $224,000, but prices in hot areas often soar well above. - Renting Versus Owning: Building Equity And Tax Advantages
Homeowners who have already secured their dream home know what a great investment they've made. However, millions of renters continue to have misconceptions about the home- buying process, often delaying a home purchase by saying "it's too complicated" or "interest rates are too high." What renters don't realize is that in the long term they can't afford not to buy a home, particularly as rents start to increase in many parts of the country.
For many Americans, owning a home is the cornerstone of their financial wealth. Building equity in a home, combined with tax advantages offered by both federal and state governments, has driven home ownership to record levels. Currently, according to the U.S. Census Bureau, 68.7 percent of American households have chosen home ownership over renting for these as well as other reasons. - Don't Wait For Trouble-get Your Arms Around The Terms Of Your Mortgage
Are you among the millions of American homeowners who financed a home with an adjustable rate mortgage (ARM) loan? You aren't alone. Over the past several years, millions of Americans selected these loans to buy new homes or refinance their current homes. ARM loans account for about 24 percent of all mortgage loans in America. But these types of loans were not the best decision for every homeowner.
Typically, ARM loans offer a lower fixed rate in the early stages of the loan, and then adjust or "reset" to a rate in line with current market conditions. This happens after a period of time agreed to by the homeowner at the time the loan is made-usually one, two, three, five or seven years. These loans may be a great choice for you if you expect to move after only a few years in the home, or expect your income to climb significantly before the loan readjusts. - Tips On "fixing" A Problem Mortgage
There's good news for homeowners who fear their mortgage may hold a shocking surprise.
Unless you hold a fixed-rate mortgage, you could be among the millions of Americans who experience "rate shock" when the interest rates on their mortgage adjust in the coming months. - Offset Your Mortgage Costs By Saving On Insurance
Although experts expect the number of homeowners facing foreclosure to increase over the next two years, a better understanding of insurance may help keep you from becoming a statistic.
Surprisingly, homeowners insurance policies are a common bill many borrowers fail to save on; instead accepting insurance as just another cost of owning a home. As far as many new home borrowers have been concerned, their homeowners insurance policies are bundled into their mortgage payment. Homeowners insurance rates, however, can vary by hundreds of dollars from company to company; therefore, homeowners should shop for insurance the same way they would shop for any other product. - The Abcs Of Finding The Right Mortgage
Home ownership is at an all-time high, yet in a recent survey of U.S. consumers commissioned by the HSBC Center for Consumer Advocacy, 73 percent said they have limited or no knowledge about the mortgage process. In addition, the majority spend two weeks or less researching options for mortgages-the most significant purchase many people make. Here are some things to consider before seeking a mortgage:
Assess your credit. Lenders take your borrowing record and existing debt into account when they offer you a mortgage. Ensure your credit history is accurate. Obtain your credit information. You are entitled to one free credit report per year from each of the three national reporting agencies-Equifax, TransUnion and Experian. - "smarting" Your Way Toward A Better Mortgage
In recent years, low interest rates and creative home financing have helped create a generation of new homeowners, pushing the U.S. homeownership rate up to an all-time high of 75 percent. But the recent and steady rise in interest rates and "rate resets" for many adjustable-rate, low-payment mortgages is now cause for broad, national concern.
The federal government, in an attempt to curtail use of these loans among buyers who might be trapped by an unexpected spike in monthly payments, has issued new guidance for lenders offering nontraditional mortgages. Fortunately, less-risky mortgages that feature low down payments and low monthly payments are still available. - Your Money Matters: Buying First Home Need Not Be Overwhelming
Are you one of those people who considers life pretty good? You're thinking about getting married and you have a good job, a nice car and money to pay off the student loans. You have spare time to spend hangin' out with your friends.
The only negative in your life right now is having to pay rent and dealing with roommates. For many Americans in their late 20s and early 30s, the "whoosh" sound of paying rent each month eventually turns to thoughts of owning their own piece of the American dream. However, the process of actually buying a home can seem overwhelming--even daunting--to some. - Is There Money Hiding In Your Mortgage?
According to a recent study, many homeowners are not taking full advantage of the financial potential hidden in their mortgage. Fortunately, doing a little homework can change that.
Here are some tips to help you discover your mortgage's full potential from the experts at Countrywide Home Loans: - New Law Makes Mortgage Insurance Tax Deductible
Private mortgage insurance has always been an easy and predictable way for informed buyers to finance the purchase of their home. Now, it's also tax deductible, making it an even better choice in many cases.
Mortgage insurance allows borrowers with a less than 20 percent down payment to purchase a home by providing lender coverage against borrower default. - New Mortgage Insurance Tax Break For 2007 Homebuyers
There is good news for people looking to buy a home this year: Mortgage insurance is now tax deductible. The new deduction will provide an average savings of $200-$400 for new homebuyers seeking safer forms of low down payment financing than "piggyback" mortgages and other creative loans, where monthly payments can skyrocket when interest rates adjust.
For the past few years, low monthly mortgage payments on interest-only and adjustable-rate loans have put previously unaffordable homes within reach for many homebuyers. Now, as short-term interest rates reset from historical lows, rising monthly payments are creating a growing wave of foreclosures.
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