Showing by category: Mortgages

Why Paying Off Your Mortgage Isn’t Always the Best Strategy
This is something of a controversial topic. Ask just about anyone in the personal finance arena, and most will tell you that you need to pay off your mortgage as soon as possible. The basic concept is enabling yourself to live "rent free", so you'll have more money for everything else. It's hard to Continue Reading
The 3% Down Payment Mortgage Is Back – But Don’t Take It
The mortgage authorities are at it again – resurrecting the 3% down payment mortgage. But just because it’s out there and being offered doesn't mean you should take it. How the 3% Down Payment Mortgage 2016 Edition Works The news of the return of the 3% down payment mortgage, or 97% co Continue Reading
Five Reasons the 30 Year Mortgage Beats the 15
I’m one of the rare examples of personal finance bloggers who thinks the 30 year mortgage beats the 15 year loan for most homeowners. Yes, there are advantages to paying off your mortgage in half as much time, but you still have to deal with the effects of a higher house payment for 15 years, and Continue Reading
Adjustable Rate Mortgages – You’re Kidding Right?
Are people still taking adjustable rate mortgages, or ARMs? Apparently so. An article came out last week extolling the virtues of ARM loans. The article states, among other things, that ARMs may be an “even better deal than fixed mortgages", the spread between ARMs and fixed rates are the widest Continue Reading
Is Now a Good Time to Refinance?
Rates for fixed rate mortgages are below 4% for a 30 year loan, and down close to 3% for 15 year loans. So is now a good time to refinance? Maybe. And only maybe. If you have an adjustable rate mortgage (ARM), a funky ALT-A, a variable home equity line of credit that can be consolidated, or most Continue Reading
Mortgage Rates May Never Be Lower Than They Are Right Now
If you’ve been thinking about either buying a house, or refinancing your current mortgage, there may be no time like the present. According to, 30 year fixed rate mortgages can be had at rates below 4% with no points. That’s just a fraction above the record low mortgage rates that w Continue Reading
Zero Down Payment Mortgages Are Coming Back – But Don’t Fall For It
If you’re hoping to buy a house in the very near future but are finding it tough to save money for a down payment, help may be on the way. Last month, federal regulators took steps that may restore zero down payment mortgages. It’s thought that the cherished zero down payment mortgage is just wh Continue Reading
Why Paying Down Your Mortgage is More Important Than Ever
The foreclosure wave and forced short sales of the past few years have shown that paying down—and ultimately paying off—your mortgage isn’t just desirable, but perhaps even a completely necessary step toward securing you financial future. Continue Reading
Why You Should NEVER Cosign a Mortgage
Cosigning a mortgage has been a popular tactic used, particularly for first-time homebuyers. It involves a person with a strong financial profile, signing onto a mortgage with another who has a weaker profile, so that the weaker party can get approval for the loan. It happens every day – no big de Continue Reading
Reverse Mortgages – If You Need One It’s Probably Time to Sell
Getting a reverse mortgage is to slowly but surely becoming a viable option for more of the elderly with each passing year. But is it the right thing to do? This is just one man’s opinion, but I think not, at least not in most cases. Most reverse mortgages are being taken for the purpose of holdin Continue Reading