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Expect to see foreclosures on subprime or nontraditional loans – mortgages made to consumers with impaired credit – to accelerate, according to the Center for Responsible Lending (CNL) (http://www.responsiblelending.org), a nonprofit research organization.
A recent CDL report, which analyzed more than 6 million subprime mortgages made from 1998 through the third quarter of 2006, estimates that […]
At 64, and looking toward his retirement next year, Willie Lee Howard agreed to refinance his duplex in Northeast Washington, thinking that a fixed-rate loan would help stabilize his finances.
What Howard got instead was a mortgage he did not understand. Baffled by the loan documents he was mailed after the closing, he consulted an AARP […]
Seller financing has become more of a topic in potential real estate transactions recently. Property owners appear more willing to negotiate terms that help close a deal with a buyer who may not be able to meet the requirements of a regular mortgage lender, says Walter Molony, a spokesman for NAR. High lending rates in […]
WASHINGTON, D.C. December 22nd, 2006 — A new tax deduction will make homes more affordable next year by allowing many American home buyers to write-off premiums for private and government mortgage insurance.
The deduction, which will help families who can’t afford the traditional 20 percent down payment for a home mortgage, will be effective for the […]
Homeowners who pay less than 20 percent down must many times pay for private mortgage insurance (PMI), but a law recently passed by Congress makes that cost fully deductible on income taxes starting in 2007. It applies to new loans for households making less than $100,000 per year.
The change also applies to mortgage insurance issued […]
WASHINGTON – Nov. 27, 2006 — Mortgage rates around the country fell last week, with rates on 30-year mortgages sinking to their lowest level in 10 months.
Freddie Mac, the mortgage company, reported Wednesday that 30-year, fixed-rate mortgages averaged 6.18 percent last week.
That’s down from 6.24 percent two weeks ago and was the lowest rate since […]
NORTH PALM BEACH, Fla. — May 2, 2006 — The Methuselah of mortgages has arrived: the 50-year home loan.
Think of it as a mortgage that has been supersized. Like that other supersizer, McDonald’s, the massive mortgage was born in Southern California’s San Bernardino County. Statewide Bancorp of Rancho Cucamonga began offering the loan in late […]
SACRAMENTO, Calif. — April 3, 2006 — The California State Assembly will vote on a resolution early this week beseeching Congress to push through a bill that could save state home buyers as much as $630 million annually.
At issue is what’s called a conforming loan, the threshold at which government-sponsored corporations Fannie Mae and Freddie […]
Federal District Court Judge Lynn Adelman of the Eastern District of Wisconsin has ruled in favor of a Wisconsin couple who filed suit against Maryland-based Chevy Chase Bank for inadequately disclosing the terms of their option adjustable-rate mortgage.
Because the disclosure statement read “5-year fixed,” the couple believed the introductory interest rate of 1.95 percent was […]