The idea of being upside down on a vehicle is not that new. This commonly occurs when a consumer makes the decision to purchase a new vehicle before they have paid off their existing one. As a result, the balance of the loan on the existing vehicle is added to the note for the new [...]
Many of the novelty type home mortgages — such as the "payment-option" loan — have disappeared in the wake of the housing bust. But homebuyers and homeowners who want to refinance still have several types of loans from which to choose. The most basic choices include: fixed-rate mortgages, adjustable- or variable-rate mortgages and hybrid mortgages [...]
Great Benefits, Serious Risks – A loan secured by a homeowner's "equity" can be an economical way of borrowing money because the interest rate is typically low and, for many people, the interest paid will be tax deductible. However, there's a big risk… Have questions about home equity loans not answered here? Use our comment [...]
If you are having trouble paying your mortgage for any reason, or expect problems, you should work with your loan servicer (the company that collects payments on your mortgage) or other experts to find a solution now. If you fall behind and don't take action, the lender will foreclose on your home. If that happens, [...]
One of the reasons banks favor short sales over foreclosures is that lenders are taking too long to repossess a home. According to RealtyTrac, a firm that monitors the foreclosure market, homes in the U.S. spent an average of 318 days in some stage of foreclosure before a bank formally regained ownership during the second [...]
Here's how parents can help with the downpayment, satisfy lenders and not pay any gift tax. Have questions or comments about this video? Just use the comment link below to post your question or comment.
While shopping for a mortgage, you will need to decide whether to take a fixed-rate mortgage or an adjustable rate mortgage (ARM). As the name implies, the interest-rate of a fixed-rate mortgage will remain the same throughout the life of the loan. If interest rates are low when you are buying or refinancing a home, [...]
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