Recent Mortgage Articles

For years, millions of Americans have been prevented from undertaking a mortgage refinance because their home loans were "under water," "upside down" and in "negative equity." Those three terms all mean the same thing: the value of the home on which a loan is secured is lower than the amount owed on that loan. Refinancing now possible for millions more However, as house prices rapidly rise, that situation is changing quickly. On May 6, Lender Processing Services published its March Mortgage Moni.... Read More...

Tax planning is a complicated business, and it's not possible to describe in a short article all the different rules that apply in every situation. If you'd like more information on points raised below, please visit Publication 936 on the IRS's website. 1. Interest deductions on home loans aren't for everyone According to the Tax Policy Center, only about 30 percent of American taxpayers itemized their deductions in 2010, the rest preferring to claim their standard allowance. True, you might thi.... Read More...

Our recent article about the benefits of Veterans Administration mortgages (VA mortgages) listed a number of reasons veterans find it easier to get approval for home loans than most people. That remains true in the sense that lenders tend to set the bar lower in terms of credit history, down payment requirements (frequently zero) and so on. However, they still expect prospective borrowers to comply with a demanding bureaucracy that's likely to require a high volume of supporting documentation. S.... Read More...

If you are looking to purchase or refinance a home, it's important to understand how a mortgage rate lock-in can help you get the most competitive interest rate. In the broadest sense, they are designed to help you save money by locking in a favorable mortgage rate, but some of the details of these agreements can potentially cost you if you are not aware. Mortgage quotes, mortgage rates and lock-ins When you get a mortgage quote, it generally shows the rate and points (additional charges) that a.... Read More...

Back in May last year, the Woodrow Wilson Center published survey data showing that home ownership is still an integral part of the American dream. If you are like 90 percent of the respondents under 45 who indicated they are renting but want to purchase their own home in the future, now might be a perfect time to buy. But how do you determine if buying now makes sense for your financial situation? It is a good idea to do some very simple research -- laid out step by step below -- to help you re.... Read More...

If the prospect of saving money is motivating you to refinance your home, you might consider shortening the term of your loan as well. But should you reduce the term (cut the length) of your mortgage when you come to refinance? It's not an easy question, because a shorter term involves a trade-off between higher monthly payments and very substantial savings in the long run. Only you can decide whether you can afford to -- or afford not to -- do it, but here is some information that could help yo.... Read More...

You're an eligible veteran, wanting a mortgage, who has had some problems in the past with credit. Just how bad must things be before you stand no chance of getting approved for a VA mortgage? Well, different lenders use different criteria to reach their decisions, but some mortgage brokers place the current cut-off point as a credit score of about 620. Unfortunately, that's not a fixed number. Your "debt-to-income ratio" (how comfortable you're going to find it making mortgage payments after yo.... Read More...

Whether you're looking for your first home loan or you're one of those super-savvy serial refinancers who have been through the process many times, you still have the same problem: How do you source the best mortgage deal possible for you today? There isn't a simple answer to that, but exploring your options might save you some serious sums. Best mortgage lenders? No such thing… True, some mortgage lenders are generally better than others, but the one that's going to meet your particular .... Read More...