The Key to Buying a Second Home

Mortgages

The Key to Buying a Second Home

The Key to Buying a Second Home

If you’re looking to buy an additional home, you may be facing a big hurdle: your other debts. The percentage of your income that you pay toward your debt is a critical factor in determining how much house you can afford. If your total monthly debt payments, including your current house payment and your proposed… Read More

Should Student Loan Refinancing Be Mandatory?

Students

Should Student Loan Refinancing Be Mandatory?

Should Student Loan Refinancing Be Mandatory?

In a recently published research paper, three professors from the University of Chicago and Brigham Young University asked a provocative question: Should consumer-borrowers be forced to refinance their mortgages when it is in their best financial interest to do so? After studying a random sample of 1.5 million residential mortgages that were outstanding in December… Read More

How to Pull Cash From the Home You Just Bought

Mortgages

How to Pull Cash From the Home You Just Bought

How to Pull Cash From the Home You Just Bought

As this exuberant housing market takes shape, the chance to harvest equity – to tap into idle cash – from your home may prove to be a worthwhile endeavor. In March 2011, Fannie Mae lifted the requirement that you had to hold title to a property for six months before you were allowed to access your… Read More

HARP Extended Through End of 2015

Mortgages

HARP Extended Through End of 2015

HARP Extended Through End of 2015

The federal program designed to help consumers with underwater mortgages avoid losing their homes and make their monthly payments more affordable has been extended for another two years past its original proposed end date. The Home Affordable Refinance Program is designed to help consumers who owe more on their mortgage than their property is currently… Read More

Can I Refinance My Car Loan?

Auto Loans

Can I Refinance My Car Loan?

Can I Refinance My Car Loan?

There are two main reasons why people refinance auto loans: 1) To lower the interest rate they are paying and 2) to reduce their monthly payment. You may be able to do both when you refinance, and save hundreds or thousands of dollars in the process. As you look into refinancing, keep in mind that… Read More

5 Big Things Standing Between You & a Refinance

Mortgages

5 Big Things Standing Between You & a Refinance

5 Big Things Standing Between You & a Refinance

Mortgage rates are beginning to creep up, but they’re still well within the kind of range that makes longtime homeowners shake their heads in disbelief. The average interest rate on a 30-year fixed-rate mortgage hit 3.63 percent for the week of March 10, marking the highest point since last summer. So while a seller’s market… Read More

Fewer Refinancers Interested in Shortening Loan Terms

Mortgages

Fewer Refinancers Interested in Shortening Loan Terms

Fewer Refinancers Interested in Shortening Loan Terms

Refinancing a mortgage has become a popular option for current homeowners in the last year or so, as rates have held steady at well below 4 percent for some time. However, new data show that in general, the number of people who also use the refinancing opportunity to shorten their loan terms is shrinking. In… Read More

Refinances Jump Markedly to End 2012

Mortgages

Refinances Jump Markedly to End 2012

Refinances Jump Markedly to End 2012

The number of borrowers throughout the U.S. who want to refinance their mortgages continues to climb, as new data reveals homeowners headed to lenders in droves at the end of 2012, particularly during the final month of the year. According to data firm Ellie Mae, 69 percent of mortgage activity in December was related to refinancing…. Read More

3 Loans That Are Tough to Refinance

Personal Loans

3 Loans That Are Tough to Refinance

3 Loans That Are Tough to Refinance

Advertised rates for car loans, mortgages and even some credit cards are tantalizingly low, promising big savings for borrowers who can refinance. But just because you see that rate advertised doesn’t mean you’ll qualify. Here are three loans that can be difficult to refinance, as well as strategies for lowering your rate if you are… Read More

Mortgage Rates Slip As Refinancing Drives Activity

Mortgages

Mortgage Rates Slip As Refinancing Drives Activity

Mortgage Rates Slip As Refinancing Drives Activity

Home affordability has been high for much of the year, as mortgage rates have been at less than 4 percent for all but one week in 2012, and that trend continued in the period ending Dec. 7 as well. At the end of that week, home loan rates slipped to just 3.47 percent on 30-year… Read More

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