According to a well-known gauge of the U.S. housing market, home prices have been on an upswing. The latest S&P/Case-Shiller 20-City Composite Home Price Index, which was released in May, posted its biggest gain in seven years. This improvement has spurred renewed optimism about housing’s role in the country’s economic recovery.
When you refinance your mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one. Today, many homeowners are taking advantage of historically low interest rates and refinancing their mortgage loans. Why refinance your mortgage?
Owning a home outright is a dream that many Americans share. Having a mortgage can be a huge burden, and paying it off may be the first item on your financial to-do list. But competing with the desire to own your home free and clear is your need to invest for retirement, your child’s college […]
What are reverse mortgages? Older individuals who own their homes often find themselves “house rich and cash poor.” Developed to address this dilemma, a reverse mortgage provides funds–all at once or over time–to an older homeowner by drawing against the equity built up in the residence. Unlike “forward” mortgages, reverse mortgages are not repaid on […]
Home values across the country have declined, and many homeowners owe more on their mortgages than their homes are worth. When you’re “underwater” on your mortgage, it may be possible to refinance, but it will depend on your circumstances and the type of mortgage you have.
Historically low mortgage interest rates have prompted many homeowners to think seriously about refinancing, but there’s a lot you need to consider before filling out a loan application.
Title insurance protects the policyholder (typically the property owner and/or the mortgage lender) against losses that arise from title defects that affect the right to use or own the property. Generally, the title insurer will defend the policyholder and pay monetary damages according to the provisions of the policy. The premium is typically paid in […]