Mortgage Q&A: âWhat is home equity?â You’ve probably heard the phrase “home equity” thrown around, likely during a fast-paced radio or TV commercial urging you to pull the equity out of your home. So what the heck is it, and why do mortgage lenders keep bringing it up? It must be important, right? Let’s learn [&hellip
The post What Is Home Equity? first appeared on The Truth About Mortgage.
Today, the Treasury and U.S. Department of Housing and Urban Development (HUD) announced the much anticipated extension of the Home Affordable Modification Program (HAMP). The program, which was originally launched in March 2009, was set to come to a close on December 31, 2013, but thanks to this most recent extension it will be open [&hellip
The post HAMP Gets Extended for Another Two Years first appeared on The Truth About Mortgage.
Itâs common knowledge that home buyers are interested in purchasing properties in good school districts. After all, many individuals purchase homes because they either have kids, or plan to in the near future. Simply put, families and families-to-be need more space, and a house is where you get that. But even if you donât have [&hellip
The post You Might Get a Better Deal If You Buy a House Where Kids Live first appeared on The Truth About Mortgage.
The National Association of Realtors will always be the first ones to tell you that housing is either highly affordable, still affordable (!), or that buying a home remains a great move even if housing affordability is low. After all, they represent real estate agents, or rather, Realtors®, whose livelihood depends on selling homes, lots [&hellip
The post Chart: Housing Affordability Set to Fall Off a Cliff first appeared on The Truth About Mortgage.
What a difference a year makes. As I reported back in September, 2011 was the worst year in mortgage lending since 1995. Just 365 days later, we experienced the best year since 2007, according to data from Lender Processing Services, yet another sign things are getting back to normal. In 2012, loan origination volume increased [&hellip
The post Mortgage Origination Volume Up 34 Percent in 2012 first appeared on The Truth About Mortgage.
If you ask most people, theyâll probably say you should save up a good chunk of money before buying a home, possibly even 20% of the purchase price. A mortgage underwriter might share similar sentiment, even if their very own loan programs allow for low or even zero down payments. The general thinking is that [&hellip
The post Why a Low Down Payment Mortgage Might Be the Safer Move first appeared on The Truth About Mortgage.
I feel like Iâve been going on and on about mortgage rates lately, but for good reason. After hovering at or near record lows for such a long period of time (it seemed indefinite), the party finally came to a sudden halt, and now weâre seeing extraordinary rate increases. This sudden reversal of fortune has [&hellip
The post Look: Mortgage Rates Are Still Historically Cheap first appeared on The Truth About Mortgage.
Marriage or Mortgage? The premise of the new Netflix show “Marriage or Mortgage” is simple. It pits a wedding planner against a real estate agent. The prize, if you want to call it that, is getting the spouses-to-be to go in one direction over the other. In this case, an over-the-top wedding versus a dream [&hellip
The post Marriage and Mortgage May Not Mix first appeared on The Truth About Mortgage.
As many had predicted, the popular Home Affordable Refinance Program (HARP) was extended today until December 31, 2015. The program was set to expire at the end of the year, but apparently the FHFA isnât satisfied with the more than two million homeowners who have already refinanced via HARP. FHFA Acting Director Edward J. DeMarco [&hellip
The post HARP Refinance Program Extended Until 2015 first appeared on The Truth About Mortgage.
Mortgages can be viewed very differently. Some see them as a positive financial instrument, a way to free up their money so it can be invested elsewhere, ideally for a better return. Then there are those who view mortgages as the root of all evil, as a debt overhang that must be terminated as quickly [&hellip
The post The Power of Extra Mortgage Payments first appeared on The Truth About Mortgage.