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Are Interest-Only Loans Legit?

Posted On: 04/27/2016
QUESTION: Before the mortgage meltdown it was possible to get interest-only financing. I thought such mortgages had gone away, but our lender says they’re still available. Why are they still allowed and why would I want one? ANSWER: An interest-only mortgage is a form of financing...

Loan Lags: How Real are They?

Posted On: 04/20/2016
QUESTION: We want to buy a home and lock-in today’s rates. Our lender warned us that because of new government regulations it may not be possible to close within the lock-in term, so we may want a floating rate. Just how bad are the closing delays? ANSWER: Mortgage lenders and...

Too Old to Refi?

Posted On: 04/13/2016
QUESTION: We’re looking for our first home. My father offered to provide us with 20 percent down, enough so that we will not have to pay mortgage insurance. We know this is an incredibly generous offer and we are very lucky, but we are worried. He wants to get the money by refinancing...

How Much is Too Much?

Posted On: 04/06/2016
QUESTION: We were driving around looking at houses and came across a $400,000 property that was very interesting. It had been on the market for six months and the price had been reduced from $500,000. We thought maybe the owners might be motivated to sell. We did a little more research and...

Points Versus Fees

Posted On: 03/30/2016
Question: We want to buy a house and have been looking at loan choices from different lenders. They all seem to require an origination fee. One lender says it will waive the 1 percent loan origination fee if we will accept a .25 percent rate increase. Should we go for the higher...

What’s the Deal with ‘Nonbanks’?

Posted On: 03/23/2016
Question: In the course of looking for a mortgage we met a loan officer who said he worked for a “nonbank.” What happens if we get a mortgage from a nonbank and the company goes out of business? Answer: For you as a borrower, nothing. In general terms, a bank is an institution...

We Struck it Rich!

Posted On: 03/09/2016
Question: We recently came into a lot of money. Does it makes any sense to use our once-in-a-lifetime windfall to pay off the mortgage? Some of our friends say we’d be better off investing the funds. ANSWER: With mortgage rates near historic lows, the effective cost of borrowing is...

Quest for a Short-Term Loan

Posted On: 03/02/2016
Question: We need a temporary loan to move from the house we’ve got to the house we want. We have a limited amount of equity. Which would be better for us, a reverse mortgage or a bridge loan? Answer: If you do not have significant equity in your home, it may be that neither...

Will New Rules Slow My Closing?

Posted On: 02/24/2016
QUESTION: We know that new lending rules began a few months ago. Will this delay our ability to get a mortgage or slow down a home sale? ANSWER: There have been a lot of claims that the latest mortgage rules will slow the lending process but it’s not entirely clear that they will....

Do You Know Your 3 Cs?

Posted On: 02/17/2016
QUESTION: We spoke with a loan officer who said our mortgage application would be a success because we did well with “the three Cs.” This is code to us. What are the three Cs? ANSWER: Every business has shortcuts and that’s true with lending. Some lenders will tell you...
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