ARMs are making a comeback in 2011. Financial giant Bank of America says it has doubled its ARM business. The Mortgage Bankers Association has also reported an uptick in ARM activity so far in 2011. Does an ARM make sense for you?
Home sales fell to new record lows in February — and economists do not expect the market to bottom out until next year. Having to sell a home in this environment is daunting, but our infographic will hopefully get you started.
f you’re hoping to become a homeowner this year, you still have to brace yourself for a lengthy process – not least confusing of which is securing a mortgage loan. Here are five tips to get you started.
Many renters are now considering what was previously simply an unaffordable proposition: buying a home. But the process is hardly simple. Between the day you begin your search and the day you actually get to hold your first very own house key, you will have to go through a series of complex steps and often frustrating procedures. We explain.
Up until the end of 2007 the world of credit was pretty boring. I always tell people that 10 years ago nobody cared about what I had to say. Now, everyone cares. 2010 was the third year of what is generally recognized as the “credit crisis” and this credit expert predicts good — and bad — news for 2011. This week I’ll discuss what I believe is in store next year for one of the industries that are most tightly intertwined with credit: real estate.
Generally, the rental and housing markets operate inversely. If it’s a bad time to buy, it’s a great time to rent. If you add to that equation increasing labor mobility, an uncertain job market, and higher costs of living, it makes sense to commit to a monthly or yearly lease rather than a mortgage that may take several decades to pay.
Short sales are a relatively new phenomenon and because of this there’s an incredible amount of misinformation about the impact to your credit. Some people are even going so far as to say that a short sale is neutral to your credit, which is incorrect.
According to the U.S. Census Bureau’s 2009 American Housing Survey, approximately one million people over 65 still had mortgages for 65.9% or more of their home value, which means someone in this predicament with a $200,000 home still owed $130,000 or more to the bank. Worse yet, more than 300,000 seniors owed more on their mortgage than their home was worth. Which begs the question: How do you retire the way our parents and grandparents used to, without a mortgage?