Consumer Education
How To Know If Your Adjustable Rate Mortgage Will Adjust Lower
April 9, 2009 by jberman · Leave a Comment
When conforming mortgages adjust, they’re often tied to an interest rate index called LIBOR. LIBOR is an acronym for London Interbank Offered Rate. But what LIBOR stands for isn’t as important as the role it plays. LIBOR is an interest rate at which banks borrow money from each other. Therefore, when banks feel the banking [...]
How To Know If You’re Eligible For A Making Home Affordable Refinance
April 7, 2009 by jberman · Leave a Comment
April 4, 2009, marked the official start of the Making Home Affordable refinance program. Expected to help 5 million homeowners, the Making Home Affordable program “looks the other way” with respect to falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner. Not every homeowner is eligible for a [...]
8 Things You Absolutely Shouldn’t Do Now That Your Mortgage Application Is In-Process
March 31, 2009 by jberman · Leave a Comment
With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. As a result, the process of underwriting and approving new mortgage applications is taking some conforming [...]
How to Shop for Mortgages in Colorado during a “Vacation Week”
December 30, 2008 by jberman · Leave a Comment
Mortgage markets are like any other market — in order for goods to change hands, a buyer and a seller must first reach an agreement to “trade” at a specific price point. In general, the more buyers and sellers there are for a particular item, the easier it is to find that “fair value” and [...]
Get Extra Tax Deductions In 2008 — Pay Your Mortgage A Few Days Early
December 10, 2008 by jberman · Leave a Comment
For most Americans, mortgage interest paid on a home loan is tax-deductible in the year in which it was paid. With advance planning, therefore, homeowners can increase their 2008 tax deductions and limit their tax liability on April 15. The key is to make the January 2009 mortgage payment before the New Year begins. In [...]
