Mortgages

How to Get the Best Mortgage Rates

May 29, 2012

The Wall Street Journal had a report this weekend on how to snag the best mortgage rates. While some of the tips you’ve probably heard before, I thought it was worth sharing. With rates at historic lows and real estate prices ready to rebound, it seemed like a good time to review the basics. Repair [...]

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Mortgage Points and Fees, They Are a Changing

May 22, 2012

If you’ve ever applied for a mortgage, you know just how convoluted the whole process can be. Just trying to read a HUD-1 statement is enough to send you over the edge. And then there are origination fees and discount points. Discount points are fees charged that generally result in a lower interest rate on [...]

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Should You Pay for a Biweekly Mortgage Payment Plan?

April 2, 2012

Recently we refinanced our mortgage. With a rate of 3.875% fixed for 30 years, it was just too good to pass up. About a week after the refi closed, we got a letter from our bank offering what it called the EMPP–Early Mortgage Pay-Off Plan. The letter promised that we could lower our interest rate [...]

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Which FICO Scores Do Mortgage Lenders Use?

March 14, 2012

As I’ve mentioned before, I’ve been on a refinancing binge. My wife and I have refinanced our home twice in the last 12 months, and my business partner and I are doing the same with three rental properties. With mortgage rates at an all time low, these deals were just too good to pass up. [...]

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Your Mortgage Statements May Be Changing

March 6, 2012

Our mortgage statements might soon be changing because of a recent proposal by the Consumer Financial Protection Bureau. The mission of CFPB is to ensure consumers receive the appropriate information so they can fully understand their agreements with financial companies. In an effort to fulfill their mission, the CFPB is proposing that our mortgage statements [...]

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Where and How to Refinance an ARM into a Fixed Rate Mortgage

February 17, 2012

Welcome to our week-long series on refinancing your mortgage. In this last of five articles, we look at when and how you should refinance from an adjustable rate mortgage into a fixed rate loan. Adjustable rate mortgages are a two-edged sword. You get an initial mortgage rate lower than what you’d find on a fixed [...]

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7 Obstacles to Refinancing Your Mortgage (And How to Overcome Them)

February 16, 2012

Welcome to our week-long series on refinancing your mortgage. In this fourth of five articles, we look at some obstacles to refinancing and how to overcome them. With current mortgage rates at historic lows, refinancing your home loan can be a really easy way to save a bundle of money. Unfortunately, there are a number [...]

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FHA Streamline Refinance

February 15, 2012

Welcome to our week-long series on refinancing your mortgage. In this third of five articles, we look at the FHA Streamline Refinance program. Yesterday we looked at the Home Affordable Refinance Program. Called HARP, this program helps homeowners who have an underwater mortgage lower their interest rates. But it only applies if your mortgage is [...]

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Home Affordable Refinance Program (HARP) Revamped

February 14, 2012

Welcome to our week-long series on refinancing your mortgage. In this second of five articles, we look at the Home Affordable Refinance Program, better known as HARP. As the real estate market hit bottom, it created a significant hurdle to refinancing–home values. Many homeowners owe more to the bank than the value of their home. [...]

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