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An Alternative To A Reverse Mortgage
Reverse mortgages can be expensive so some are giving their parents a private reverse mortgage. It sounds like it could be a good idea if you have the cash to do it. It’s pretty interesting article that talks about the pros and cons of doing it. Always make sure to consult your CPA and Financial Planner before doing it. “When Wayne Tew, a credit-union president in Las Vegas, realized that... [Read more]
Divorce and Your Home
Not only is it important to talk with a divorce attorney but you will also want to speak with a mortgage professional if you and your spouse own a home together. If you choose to keep you home you will want to know how to go about refinancing the mortgage and the best route depending on whether you need to take cash out of the property or just remove the spouses name from the loan. Many do not know... [Read more]
Homes As ATM’s
Not anymore but that certainly isn’t by choice. It is hard to get cash out of your home due to the amount of equity that is required in a home. For a regular Conventional loan you typically can’t go above 80% loan to value (have to have 20% equity) and with a home equity line of credit it is around 70% loan to value. Taking equity out of your home for remodeling, improvements, investments,... [Read more]
Refinance Now, Even Bernanke Did
Even our Fed Chairman has refinanced and he had an adjustable at 4.125% that was going to adjust down. With the Fed’s buying of mortgage-backed securities ending at the end of the 1st quarter of 2010 interest rates will go up. No one knows how much and how fast but they will go up. Always make sure that it makes sense for you by dividing the costs of the refinance by the monthly savings to... [Read more]
More Borrowers Are Taking Out 15 Year Fixed Mortgages
They are doing this because interest rates are low however I wonder how many are being advised correctly. The reason I say that is because rates are low on 30 year fixed rates too and if you are strapping yourself from a cash flow perspective you could regret it down the road. Ed Conarchy from MortgageMarketGuide.com is always saying “you don’t want to be house rich but cash poor.” Also,... [Read more]
