mortgage loans - Articles

Why Fewer Mortgage Refinancers Are Opting to Shorten Their Loan Terms

Refinancing a mortgage has become a popular option for current homeowners in the last year or so, as mortgage rates have held steady at well below 4 percent for some time. However, new data show that in general, the number of people who also use the refinancing opportunity to shorten their loan terms is shrinking. In the... Continue Reading »

Mortgage Loans: New CFPB Rule Lets Lenders Make the Call on Who Can Afford Them

By Mandi Woodruff When it comes to placing blame on mortgage lenders, regulators or consumers for 2008's crippling housing crisis, it's fair to say each played a role. Yes, banks issued millions of mortgage loans that homebuyers couldn't afford, targeted minorities for subprime loans, and made the entire lending... Continue Reading »

Mortgage Points Can Be a Good Idea in Today's Market

By Jeff Brown "Should I pay points, or not?" It's one of the first questions a mortgage borrower faces, and many simply reject the extra payment as an excessive cost with uncertain benefits. But in today's market, points can make good sense. The new Consumer Financial Protection Bureau has issued proposed rules to make... Continue Reading »

Mortgage Forms to Get Easier for Consumers

The Consumer Financial Protection Bureau advanced its overhaul of annoying, incomprehensible mortgage forms on Wednesday in its first regulatory maneuver since the agency was created by last year's financial reform bill. The CFPB rolled out two prototypes for a single, streamlined form to replace two complex and... Continue Reading »

Mortgage Approvals Update: New Rules Mean More Paperwork

Do you really need to show your mortgage broker a marriage certificate to prove that extra cash in your bank account came from a legitimate source? Yes, if you want to be sure your mortgage application will be approved. This is just one type of documentation prospective home buyers should be prepared to produce as they... Continue Reading »

Bank Sweepstakes Will Pay Off Your Home Mortgage Loan

Many banks give away plush animals and sports posters to lure in customers, but one East Coast bank is pulling out all stops amid the housing crisis with a sweepstakes that will pay off your home mortgage up to $250,000. The Big Three -- Bank of America, Wells Fargo and Chase -- could take a lesson or two from this... Continue Reading »

Bank Wrongly Seizes Home, Takes Parrot

Oops, they did it again! Bank of America wrongly seized a Pittsburgh home that it mistakenly targeted for foreclosure. This time, it took the parrot, too. The bank released a public apology on Wednesday to Pittsburgh resident Angela Iannelli for wrongly seizing her home and snatching her beloved pet parrot last October,... Continue Reading »

Fannie and Freddie: Jekyll and Hyde?

For many critics, watching the government pour more and more taxpayer money into Fannie Mae and Freddie Mac is like watching a slow motion horror flick. One critic likened the companies, which were seized by the government in 2008, to monsters like Godzilla, Frankenstein and Dracula. The reality is a little more... Continue Reading »

7 Ways to Snag a Home Loan

Home-shoppers might be forgiven for being nostalgic for the boom years, when credit flowed like water and anyone with a pulse could qualify for a home loan. These days, lenders have swung to the other extreme, denying credit to all but the very safest applicants. That's caused many people to shy away from applying. For the... Continue Reading »

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