Jan 09
Fixed rate loans have been predicted to rise to 4.5% by the end of 2014. According to the October forecast by the MBA, the mortgage rates will stay fairly consistent throughout the next couple of years and will make a slow progression to 3.8% at the end of the year. In 2013, the rates have …
Dec 10
In order to reduce the budget deficits, both democratic and republican parties seem to agree that eliminating certain tax breaks is the way to go. Homeowners are allowed to deduct mortgage interest from their yearly tax. When the tax cuts come under congress’ microscope, mortgage interest deduction will most likely be discussed. The authorities may …
Nov 15
An estimated 4.4 million homeowners were deemed eligible for the Independent Foreclosure Review that provides a chance to have an “independent” third party review their foreclosures. After numerous claims of mistakes and abusive servicing practices, bank regulatory authorities and mortgage companies came up with the program to ensure transparency in foreclosure. However, the results have …
Oct 29
Our series continues by exploring the topic of mortgage forbearance and the information homeowners should know when requesting forbearance. Homeowners facing imminent foreclosure can request their lending financial institution to delay the foreclosure, and can catch up with their payments within an agreed upon time frame in order to avoid the foreclosure altogether. The delaying of the …
Oct 15
The second last and much awaited article in our series on important terms used in the mortgage industry has finally arrived. In this article, we shall discuss mortgage repayment, its benefits, and if it is the right option for you. Homeowners who suffer a short term financial hardship and miss a few payments usually struggle to …
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