adjustable rate mortgages - Articles

Should an Investor Bankroll Your Dream Home?

Shutterstock By Mitchell D. Weiss Houses and college degrees have two things in common: Both cost of lot of money and both depend on specialty financing products to help make them more affordable. But which came first? High prices or budget-friendly payment plans? Consider the latest offering in consumer financial... Continue Reading »

Home Mortgages: Housing-Boom Loans That Are Still Out There

Shutterstock You don't hear much about certain types of mortgages these days. Option ARMs, interest-only, stated income, no-money down, teaser rates -- many of the most popular types of mortgages from the days of the housing bubble have virtually disappeared. But are they really extinct? Or have they simply gone into... Continue Reading »

Risky Adjustable-Rate Mortgages Are Starting to Make a Big Comeback

Getty Images The dramatic rise in interest rates that has occurred over the past two months has had a big impact on the mortgage-loan market. Rates on standard 30-year mortgages have gone from below 3.5 percent as recently as late April to well above 4.5 percent currently, according to Bankrate, significantly increasing... Continue Reading »

Mortgage Rates Rise Again, To Nearly 4%

By Marcy Gordon WASHINGTON -- Fixed U.S. mortgage rates rose for the sixth straight week, putting the average rate on the 30-year loan just shy of 4 percent. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 3.98 percent. That's up from 3.91 percent last week and the highest since... Continue Reading »

Facebook CEO Mark Zuckerberg Refinances Mortgage Loan Down to 1%

Mortgage rates have fallen to record lows. But if you're in the market for a home loan, you're going to have a tough time matching the deal that Facebook founder and CEO Mark Zuckerberg got on his mortgage. Like millions of Americans have done in recent years, Zuckerberg decided to refinance his mortgage. But according to... Continue Reading »

Mortgage Rate Falls to New Record Low -- Again

WASHINGTON -- The average rate on the 30-year fixed mortgage fell again this week to a record low. The eighth record low in a year is attracting few takers because most who can afford to buy or refinance have already done so. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage... Continue Reading »

Fixed Mortgage Rates Fall to New Record Lows

WASHINGTON -- The average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows. Freddie Mac said Thursday that the average on the 30-year home loan fell from 3.94 percent the previous week. The 3.91 percent rate is the lowest average for... Continue Reading »

101-Year-Old Woman Evicted in Foreclosure

DETROIT -- A 101-year-old woman was evicted from the southwest Detroit home where she lived for nearly six decades, after her 65-year-old son failed to pay the mortgage. Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said that he didn't pay the bill for several... Continue Reading »

Current Mortgage Rates: Fixed-Rate or ARM?

Until recently, the only dilemma for home loan seekers was what kind of mortgage to take on: a 30-year fixed rate mortgage or adjustable rate (ARM). A gentle upward climb of current mortgage rates -- as well as home prices -- was looking inevitable. The smart money was predicting that home prices had dropped as low as they... Continue Reading »

Cheap Mortgage Rates: Don't Miss Out

With cheap mortgage rates topping 5 percent for the first time since April 2010, it's time to start getting serious if you're thinking of buying a home. While rates are still historically low, as the government begins to make decisions about what to do with Fannie Mae and Freddie Mac, you can be certain of one thing --... Continue Reading »

Adjustable Rate Mortgages: Time to Reconsider?

Mark Shapiro, owner of a public relations company in San Diego, went shopping last month for a mortgage to buy a house near Poway, Calif. Shapiro, pictured left, had every intention of following his mortgage broker's advice and choosing a 30-year fixed-rate mortgage. But then he looked at the difference between what he'd... Continue Reading »

Adjustable Rate Mortgages Fall Out of Favor

Adjustable rate mortgages were a popular option when housing prices were soaring a few years back. But they fell out of fashion by early 2009, when they represented just 3 percent of the market, as compared to the 70 percent market share they enjoyed in 1994, according to a New York Federal Reserve report. These days,... Continue Reading »

Mortgage Jargon in Simple Terms

Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair. But not... Continue Reading »

Mortgage Applications, Refis Hurt by Job Market Stagnation

Minnesota homeowner Matt Kreger refinanced his $168,000 mortgage into a 4.75 percent 30-year fixed-rate three weeks ago, to get out of a 5-year, interest-only ARM with a 5.7 percent rate, which was set to change at the end of September. Borrowers such as Kreger were part of a push before Labor Day to close on the... Continue Reading »

Adjustable Rate Mortgages: Why They Make Sense Again

Even with a potential double dip recession underway and fixed-rate mortgages boasting all-time low rates, some homebuyers are taking a shot at adjustable-rate mortgages (ARMs). While 30-year fixed-rate loans are hovering around the 4.5 to 4.75 percent interest mark, buyers who opt for 5/1 adjustable-rate products will... Continue Reading »

When to Refinance

A woman in her seventies called Clearpoint Credit Counseling Solutions because she could no longer afford her mortgage at a 6.75 percent rate and her house was underwater. The woman wanted to take advantage of the lower interest rates but couldn't refinance because she had no equity in the home. Karen Metoyer, a housing... Continue Reading »

First-Time Homebuyer's Guide

Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A 34-year-old financial analyst from New Rochelle, N.Y., he and his family had grown sick of living the renter's life. So two years ago he decided to test the market and find a townhouse for his growing family. But despite his financial aptitude, he... Continue Reading »

Key Video Takeaways Just one look at Dan and Barbara Nostros' Ridgewood, N.J. home tells you that the last thing this couple ever thought they'd do is downsize to a smaller house. Nearly 3,500 square feet with four bedrooms, the Nostros' home has the feeling of a warm cocoon that's slowly expanded over the 12... Continue Reading »

The Right Mortgage for Every Lifestyle

Who has the cash to buy a house in full? Hardly anyone. And that's why mortgages play such an important role in making homeownership a more attainable dream for more people. But that's not how many consumers looked at mortgages in the heat of the housing bubble. Too many consumers started to think of mortgages as just... Continue Reading »

A Bad Option: The Coming Threat of Option ARMs

Hold on to your Zoloft, yet another wave of bad real estate news is about to wash our already underwater housing market. This time, it's Option Adjustable-Rate Mortgage loans -- or Option ARMs, for short. What the heck are Option ARMs, you say? Simply put, they are mortgage loans that give homeowners the option to make... Continue Reading »

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