Mortgage Payment & Rate Tips • Rates on 30-year mortgages fall for fifth straight week.Rates on 30-year mortgages fell for a fifth straight week, but other shorter-term rates edged up a bit, influenced by the Federal Reserve's decision to raise a key rate it controls for the sixth time since last June. • Rates on 30-year mortgages fall for a fourth straight week;Rates on 30-year mortgages fell for a fourth straight week as investors waited to see what the Federal Reserve will do next week with interest rates.
• Rates on 30-year mortgages fall for a third week.Rates on 30-year mortgages fell for a third straight week as investors' concerns about inflation were eased by reports showing that prices fell in December.
• Should you pay off your mortgage early?Many savvy homeowners know that making one extra mortgage payment per year, or paying an amount above that due each month, can save thousands of dollars in interest rates over the life of a mortgage. But is it always a good idea to pay off your mortgage early?
• Can I deduct the points I paid on my mortgage?I paid some "points" on my mortgage to get a lower interest rate. I know I can deduct the mortgage interest payments, but can I also deduct the points?
• Relocating? The case of the trailing spouse.In the process of a long-distance move, one spouse may be temporarily between jobs. How will this impact the process of financing a new home?
• Looking for the Best Mortgage.Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it's a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars. • Mortgage Shopping Worksheet
• Reverse Mortgages: Proceed with Care.Whether seeking money to pay for medical treatment, finance a home improvement, buy long-term care insurance, or supplement their income, many older Americans are turning to "reverse mortgages." They allow older consumers to convert the equity in their homes to cash while retaining home ownership.
• Adjustable or fixed rate mortgage? A fixed rate mortgage means you’ll always know your monthly payment. But in the long run, it can be more expensive. With interest rates still low, many homeowners are finding an adjustable rate mortgage, or ARM, worth the risk.
• Choosing between an adjustable and fixed rate mortgage.Most homeowners, looking for long term financial security, are inclined to lock into a fixed mortgage rate, which remains the same over the life of a mortgage. But is that always the wisest choice? Sometimes, an adjustable-rate mortgage, which changes interest rates down the road depending on fluctuations in the prime rate, can be a wiser choice.
• Guidelines on getting a condo mortgage.For a condo to be warranted by Fannie Mae or Freddie Mac, the condo project must have at least 60% of its units owner-occupied, and no more than 40% of its units occupied by renters
• Is an 80-10-10 mortgage for me?I'm buying a home and have just 10 percent for a down payment. My lender has suggested an 80-10-10 mortgage as an alternative to paying private mortgage insurance until I reach 20 percent equity. How does this work?
• Afraid of not getting a mortgage?If you’re hoping to buy a home, but you’ve got a nagging fear that your application for a mortgage won’t be approved, why not take steps now to improve your changes?
• New home? Don’t go overboard!As interest rates have risen, some families are looking for ways to hold down the cost of buying a home. One increasingly popular approach is the interest-only mortgage.
Consumer Protection • How to spot predatory loans. Warning signs of predatory, or abusive, mortgage lending, according to the National Association of Consumer Advocates, which provides legal representation to consumers in court and administrative proceedings. • Home buyers should watch out for excessive fees, 'junk' fees at settlement.Millions of Americans are taking advantage of low mortgage interest rates to buy new homes or refinance their existing loans. But some aren't getting the best deals they could because they're being charged excessive fees when they close their new mortgage loans, experts say.
Mortgage Calculators
• ARM vs. Fixed Rate Mortgage.Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
• Mortgage Loan Calculator. Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier.Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven.Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy.Are you better off buying your home, or should you continue to rent?. • Amortizing Loan CalculatorEnter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
