RECENT ARTICLE

Recasting or Shortening Your Mortgage – Pros and Cons

Thumbnail image for Nunc ullamcorper, dolor sed elementum.
Mortgage & Refinance:  What would you do if you had a little windfall come your way? Would you spend it all, or would you look for ways to improve your finances, such as paying off some of your debt? Right now, many people are struggling with this question as they decide how to use their tax return and/or their $8,000 first-time homebuyer tax credit. Some fraction of these people will (like us) be looking to pay down their mortgage loan with their tax refund. Instead of simply paying extra principal toward their mortgage, however, there’s another option to consider… They could recast, or re-amortize, their mo...

on June 8, 2010 0

Share |
ALL ARTICLES

Mortgage Rates Steady As Tax Credit Fades

Thumbnail image for Nunc ullamcorper, dolor sed elementum.
Mortgage & Refinance:  For the first time in two years, the housing market will have to do without aggressive federal incentives. But so far, mortgage rates have remained low. For the third straight week, mortgage rates went nowhere fast. The benchmark 30-year fixed-rate mortgage edged down 1 basis point this week, to 5.21%, according to the Bankrate.com's national survey of large lenders. (A basis point is one-hundredth of 1 percentage point.) The mortgages in this week's survey had an average total of 0.45 discount and origination points. One year ago, the mortgage index was 5.2%; four weeks ago, it was 5.23...

on May 14, 2010 0

Share |
ALL ARTICLES

How To Amortize Your Mortgage

Thumbnail image for Nunc ullamcorper, dolor sed elementum.
Bank Insider:  If you are considering buying a house, you will have to figure out, first, how much you can spend? If you are not buying the house straight out with cash, then you will need to seek a mortgage. Most mortgages are amortized loans, meaning they are made up of payments that go toward reducing the principal as well as paying off interest. Read below for more information on amortized loans-the most popular variety of mortgages these days. What is amortization? Amortization is paying off a predetermined amount (principal) plus interest over a fixed period of time. At the end o...

on January 26, 2010 0

Share |
ALL ARTICLES

When and Why Should I Refinance a Mortgage?

Thumbnail image for Nunc ullamcorper, dolor sed elementum.
Mortgage & Refinance:  Mortgage refinancing can save a homeowner a lot of money over the course of the loan. However, this is only a good thing to do if it is done properly, and at the right time. Here is some basic advice as to when to get a refinance, and how to ensure you do not get ripped off. Deciding When to Refinance a Mortgage When deciding if a refinancing is the right thing for you, take the following things into consideration: 1)How long do you plan on living in the home? If you are not planning on living there for much longer, a refinance may be too costly to see any benefit from. Alwa...

on November 25, 2009 0

Share |
ALL ARTICLES