Should You Prepay Your Mortgage?

Mortgages

Should You Prepay Your Mortgage?

Should You Prepay Your Mortgage?

Having debt, even “good” debt like a mortgage, can be a major stress in your life. It can be especially frustrating when you see how much of your hard-earned cash is going to pay off interest on your loan and not the home’s principal cost. You could end up paying as much as double your… Read More

How We Paid Off Our Mortgage in 7 Years

Mortgages

How We Paid Off Our Mortgage in 7 Years

How We Paid Off Our Mortgage in 7 Years

The idea behind paying off a loan faster than scheduled is pretty simple: It saves you money. That’s a huge part of the reason Andrea Stewart and Jerimiah Honer decided to repay their 30-year mortgage in just seven years — by doing so, they saved more than $130,000 in interest. Now the couple has an… Read More

10 States With the Highest Foreclosure Rates

Mortgages

10 States With the Highest Foreclosure Rates

10 States With the Highest Foreclosure Rates

The national foreclosure rate increased 1% in May from April and increased 16% from May 2014, reaching a 19-month high, according to RealtyTrac, a housing-data company. One in every 1,041 housing units in the U.S. had a foreclosure filing in May, which includes notices of default, scheduled auctions and bank repossessions. For the third month… Read More

How to Refinance a Jumbo Mortgage for Less

Mortgages

How to Refinance a Jumbo Mortgage for Less

How to Refinance a Jumbo Mortgage for Less

If rising mortgage rates have spooked you into refinancing but your loan size is more than $417,000, pay particularly close attention. Traditionally, these loans cost homeowners more, but there are new investors in the marketplace offering better rates and deals on larger mortgages. The Big Question to Ask It doesn’t matter where you apply to… Read More

How Buying a Home Can Help Your Credit

Mortgages

How Buying a Home Can Help Your Credit

How Buying a Home Can Help Your Credit

If you have never owned a home before or it’s been a few years since you have, you’re missing out on some potential credit advantages. A mortgage loan is the largest debt most people carry in their life, and it can have a big impact on your credit score – for better or worse. It’s… Read More

A Bad Habit From the Real Estate Bubble Resurfaces

Mortgages

A Bad Habit From the Real Estate Bubble Resurfaces

A Bad Habit From the Real Estate Bubble Resurfaces

During the heyday of the housing bubble, mortgage sellers made a killing via kickbacks. They often got bonuses for steering borrowers toward more expensive mortgages. Financial reform, including a strict rule that took effect in 2011 from the Federal Reserve known as the “Compensation Rule,” banned the practice of giving mortgage brokers or loan officers… Read More

4 Housing Costs That Could Go Up

Mortgages

4 Housing Costs That Could Go Up

4 Housing Costs That Could Go Up

One of the nice things about living in the same place year after year is the consistency: You know the best routes home from work, how to prepare the place for seasonal weather changes, where everything belongs and how much it costs to maintain everything. At the same time, the comfort of familiarity isn’t immune… Read More

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