Q: You recently pointed out a slew of problems now faced by borrowers who took out home equity line of credit-style loans, or HELOCs, before the financial crisis.
You have identified the mortgage lender with whom you wish to work, based at least in part on a price quote. You probably know that the price quote doesn’t mean anything until it is locked, but few borrowers know all the steps required to get to the lock and the possible costly missteps in the process.
Mortgage rates rose slightly this week on mixed economic news, with Freddie Mac’s weekly survey of lenders showing the average rate for a conventional 30-year fixed loan at 3.68 percent, up from 3.65 percent last week.
Senior homeowners looking to shop the HECM reverse mortgage market for the best price, meaning the lowest interest rate and origination fee, have a major problem.
Q: We have a rental property that we’re trying to sell to our tenant. He’s having problems with financing, so we want to give him a short-term loan.
Q: I recently rented a condo in Boca Raton, Fla. Last weekend there was a major sewage backup outside the building, and the apartment above mine got flooded and leaked through to my unit. Almost everything in my condo now needs to be replaced — the carpeting, drywall and even some of the own…
The Consumer Financial Protection Bureau deplores the fact that almost half of the home buyers it recently surveyed did not shop for a mortgage but dealt with a single loan provider
Mortgage rates rose this week on news of an improving economy, Freddie Mac said, with lenders offering conventional 30-year home loans at an average of 3.69 percent compared with 3.59 percent last week.
Donna Smallin’s book "Clear the Clutter, Find Happiness" (Storey Publishing, $10.95) is practical. You can open to any page and find a quick tip that will help you get a handle on the things you own — and shouldn’t.
The regulator for bailed-out housing finance giants Fannie Mae and Freddie Mac told lawmakers Tuesday that new programs to back mortgages with down payments as low as 3 percent had enough safeguards to make them as safe as loans with higher down payments.
Q: For the last five months, I’ve been renting a house that has been in foreclosure since 2011. I received a notice in the mail that the property is going to foreclosure auction next week. I have seven more months on my lease, and the rent is great. What happens to me?
Closing out a year of surprisingly low mortgage interest rates, the average rate for a conventional 30-year home loan was 3.87 percent this week, Freddie Mac said, up slightly from 3.83 percent a week ago.
One important reason the home loan market works so poorly is that borrowers have no reliable way to select the loan originator — the individual who takes the borrower through the loan process.
Because of the widespread belief that homeownership is valuable, the recent decline in the homeownership rate has generated some dismay.
Fannie Mae and Freddie Mac on Monday spelled out the terms under which they will accept mortgages with down payments of as low as 3 percent from first-time buyers, but it may take time to see how many lenders will sign on.
Financial planners are assiduously courting seniors whose wealth is large enough to generate attractive fees for the planner who gets to manage it but not large enough to eliminate the possibility the senior will run out of money. A favorite planning tactic is to calculate an annual asset li…
Q: I have been a resident of a condominium for many years. For the last several years, one of my neighbors has constantly flaunted the rules, bothering visitors and getting drunk and belligerent at the pool. Our board has warned him to stop and has fined him, but he did not pay the fine and …