Category: Mortgages
Home Refinance Offers At Cheap Rates Could Cost You Big Bucks
Be careful of bankers or mortgage loan officers offering dirt-low interest rates to refinance a home that you have owned for many years. The deal might not be as good for you as it first appears. Keep in mind that the longer the you pay your mortgage the more money goes toward your principal and [...]
AT&T Accused Of Improperly Damaging Rocky Hill Woman’s Credit
A lot of people have bones to pick with AT&T, including Anita Cella of Rocky Hill, Ct. She is trying to refinance her mortgage but is having problems because she said AT&T improperly sent her old account to collections for an $83 bill that she said she does not owe. Three years ago when I [...]
Mortgage Rates At Incredibly Low Levels
While mortgage rates can continue to decline, they are at such a low rate now that if it made sense for you and you could refinance, its time to pull the trigger. At 4.44 percent plus smaller closing fees, mortgages are at unheard of levels. The Wall Street Journal reports today that the record low [...]
Critics of Financial Reform Use Fannie Mae As A Distraction
John Carney’s op-ed piece in yesterday’s New York Times is a tour de force, a paean to nonsensical thinking. In, “Fannie Mae and Freddie Mac: Too Big Not to Fail <http://www.nytimes.com/2010/08/12/opinion/12carney.html?ref=contributors> ,” Carney ignores the Fannie and Freddie of the real world. Instead, he goes after the Fannie and Freddie that exist only in his [...]
CNG Damages Non-Customer’s Credit Rating
In these days of tight mortgage lending standards, getting your home refinanced can be a real challenge, even if you have equity and good credit. Tim McCarroll of Cromwell faces an additional hurdle: Connecticut Natural Gas damaged his outstanding credit rating by incorrectly telling credit rating agencies that McCarroll was a deadbeat. And when McCarroll [...]
Financial Reform Doesn’t Address Our $10 Trillion Problem
George Gombossy asked for my thoughts on the new financial reform legislation. I have many, which I intend to share periodically going forward. But I think it’s important to place the legislation in the context of the big picture, which for me is framed by the numbers. The financial crisis was caused by the rise [...]
Why The Rich Default On Mortgages: Because They Can In Calif and Arizona
Why throw away good money after bad?
It’s a frequently-asked question in the five most expensive real estate markets in the mainland United States–San Jose, San Francisco, Orange County, Los Angeles and San Diego–where over a million home mortgages are under water.
First-Time Homebuyer Credit Purchases Extended To Sept. 30 For Closings
The deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from [...]
Congressional Aides: Excellent Place For Consumers To Go For Help
Congressmen, for many people, have about the same credibility as journalists and used car salesman. But congressional aides are a much different story: at least they should be. They are a wonderful resource for consumers to turn to when they run into roadblocks or questions dealing with the federal bureaucracy and other issues. Every member [...]
Mortgage Rates At Record Low Thanks To Europe
Socialist Europe’s financial problems is providing a wonderful windfall for American’s seeking to buy a home or to refinance. As investors worry about Southern European countries abilities to repay their growing debt, they are flocking to America for safe haven, reducing our costs to borrow. Mortgage rates are now 5 percent or less here. But [...]
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