I’ve asked my lender to modify the loan on my home because of a reduction in my wages. I owe more than the house is worth, so selling isn’t an option. The first set of paperwork — income, pay stubs, expenses, etc. — that I sent was acknowledged for about six weeks, at which point [...]
Two days after Moody’s moved to downgrade Bank of America’s mortgage unit the bank announced the opening of 28 new customer service centers for troubled homeowners. The 28 centers will open in metropolitan areas that were hit hard by the housing downturn. The bank will open seven of the 28 centers in California including locations in [...]
Mortgage rates may be at historic lows, but they’ve still jumped around somewhat in recent months, perplexing Americans mulling a home purchase this spring. It’s not always easy to pinpoint the cause of interest rate volatility, but much of it has to do with fickle capital markets, supply-and-demand dynamics, and even turmoil abroad. Outside investors [...]
The average rate on 30-year fixed mortgages fell to 4.78 percent this week, Freddie Mac said Thursday. Here’s a historical look at rates for fixed and adjustable mortgages for the last 52 weeks. Current week’s average rate Previous week’s average rate 52-week high 52-week low 30-year fixed 4.78 4.80 5.06 4.17 15-year fixed 3.97 4.02 [...]
Did you know that borrowers spend twice as much time researching a car purchase than they do a home loan, even though the average home costs five times more than the average car? It’s true. In a survey commissioned last year by Zillow and Harris Interactive, it was learned that the typical borrower only spends [...]
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