May 16th 2012 1:30PM
Pay more now for a chance to save much more later? That's the idea behind paying "points" on a mortgage loan. But it doesn't necessarily make sense for every homeowner. Mortgage points provide an opportunity for borrowers to lower their monthly mortgage payments by paying a lump sum at a loan's closing in exchange for a... Continue Reading »
Nov 11th 2011 9:00AM
Federal regulators are asking for industry input on prototypes for a new, unified settlement disclosure form that will replace the separate HUD-1 Settlement Statement and Truth in Lending disclosure form currently in use. The Consumer Financial Protection Bureau -- which has also been asking for feedback this year on a... Continue Reading »
May 19th 2011 1:05PM
It's a Catch-22 if ever there was one. The very process of shopping around for a low interest rate on a mortgage can adversely impact your credit score and cost you your eligibility for the cheaper loan you're seeking. Each time a lender does what is known as a "hard pull" on your credit report, their action actually... Continue Reading »
May 12th 2011 10:30AM
A new survey reveals that more than half of homebuyers today don't know what the Good Faith Estimate is actually good for - namely, to shop around for the cheapest mortgage loans on the market. In a survey released by ING Direct on Wednesday, 56 percent of respondents did not use the GFE to compare lenders' associated... Continue Reading »
Apr 18th 2011 1:50PM
When Mark and his wife married in 2007, their one-bedroom Brooklyn apartment was just what the newlyweds needed. But when home prices took a dip in their hip Brooklyn enclave, they knew it was time to make a move. "It was great at the time," Mark says, "but we knew that it was small and we definitely wanted more... Continue Reading »
