Earlier today, Rohit Chopra, Student Loan Ombudsman for the Consumer Financial Protection Bureau, responded to questions from readers about applying for schools and comparing financial aid packages. In this second part, he deals with the many issues involved with repaying your student loans. [More]
While interest rates for 30-year fixed-rate mortgages have been hovering around the 4% mark for around a year — and 15-year fixed loans have dipped below 3% in recent months — nearly 7 out of 10 American homeowners are still paying at least 5% interest on their home loans. [More]
Yesterday, it was reported that bailed-out mortgage titan Freddie Mac had invested billions in mortgage-backed securities that would really only pay off if struggling homeowners were unable to refinance their high-interest mortgages; investments that appear to put Freddie in direct conflict with its goal of making it easier to own a home. Now the federal regulators in control of Freddie Mac say they have already put a halt to these trades. [More]
Even though the job of bailed-out mortgage backer Freddie Mac is supposed to be about making it easier to own a home, the traders at Freddie have reportedly been buying up investments that put the company at odds with homeowners who want to refinance their pricey mortgages. [More]
Your parents may assume they have more financial knowledge than you due to their extensive experience, but you shouldn’t assume the same. New scams pop up all the time to exploit needs and trick people looking for quick fixes. If you can’t protect your parents from these types of financial traps, there’s probably no one who can. [More]
The federal government announced on Monday an update to a program for homeowners that would let borrowers who were underwater – owing more on the mortgage than the house is worth – to refinance their loans at the new historically low interest rates of almost 4%. [More]
With loan rates bottoming out, borrowers may feel hurried to get out there and snag a low rate for a mortgage refinancing or debt consolidation as quickly as possible. But thanks to con artists out to take advantage of borrowers, a blind rush at the most appealing numbers could lead to disaster. [More]
It’s not all that interesting that Fifth Third Bank sent Jeff and his wife a letter encouraging them to refinance their mortgage: after all, they’re Fifth Third customers, but their mortgage is with another bank. What is interesting is that they just took out the mortgage a few months ago, and they went with another bank because Fifth Third turned them down. [More]
Thanks to federal regulations, when you dispute an account on your credit report and the dispute is resolved in your favor, the credit reporting agency is required to remove or correct the account. Credit reporting agencies often don’t do this, though, and the Washington Post notes that it can come back and interfere with your next home loan application.
If you’re saddled with a Wells Fargo mortgage, now would be a good time to slash your rate and payment through little effort by hitting up the bank’s streamlined refinancing program, which under certain circumstances lets you refi without being gouged for closing costs.
How to use the drop in interest rates to refinance your home mortgage and get a better deal. [Kiplinger]
“If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them,” says Business Week in next week’s “Personal Finance” column.
Usually one has somewhat of an advance notice that they’re going to miss a mortgage payment, so before that happens and the bank comes to take your house away, Kiplinger’s advises calling up your lender and discussing one of these four options:
So many lifestyles, so many loans…which one goes with which? Bankrate has a tool that matches your lifestyle to one of 8 different types of mortgages. You’re bound to match one of them, right? —MEGHANN MARCO