Interest Rates Content Index - Page 9

Americans have experienced a reversal of fortune - and lost $14 trillion in net worth over the past 18 months. The housing crisis and credit crisis have taken a huge bite out of our net worth. In response, Americans are saving more - a move that won't help the economy recover, but may set up a more sustainable economic model.

Can you refinance to combine a first mortgage with a home equity line of credit if you owe more than your house is worth? Borrowers across the country are finding that if they are underwater with their mortgage (that is, their house is worth less than the mortgage amount), lenders will not combine their loans into one mortgage with a lower interest rate. What are a borrower's options? Samuel J. Tamkin explores the situation in this column.

The credit crisis and housing crisis over the past few years has spawned concerns that we're facing financial armageddon. Is this happening? And, if it is, what will it mean for consumers and their bank accounts? One listener to Ilyce Glink's radio show wonders whether Ilyce thinks a blog called Financial Armageddon is on the money.

The latest survey from the Mortgage Bankers Association shows that mortgage rates are increasing as refinancing activity is continuing to drop.

Did you take advantage of the low mortgage rates before the started to rise? Did you refinance and lock in a low rate or did you miss your chance?

See the…

According to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association, mortgage interest rates are rising as refinancing activity continues to fall, but the purchase applications are holding steady.

If you purchase a foreclosed property, that decision can be a great financial decision. The investment can pay off if you buy the right property, at the right time and in the right location but you need to make sound financial decisions.

US Senator Johnny Isakson, R-Ga., introduced legislation that would expand the first-time home buyer tax credit to include all home buyers, and increase the credit the $15,000. The legislation proposed by Isakson to increase the home buyer tax credit also removes income limits and closing deadlines.

Prepaying your mortgage may not be right for you. For some homeowners, they can refinance once, twice or many times during the time they own a home. If they are about to retire, they certainly have financial choices and decisions to make. One of the choices might be to ensure that they are debt free for retirement. For some people, having more money to spend is better than being debt free. This reader believes he will outlive the term of his loan so he shouldn't worry about the debt. He doesn't need to be debt free. He can borrow today, spend today and have someone else worry about the debt later.

When money is tight, you might be unable to prepay your mortgage. But at other times, you can cut years of the length of your mortgage by making small prepayments. If you are retired and need cash in hand, making loan prepayments may not be right for you. If you need to borrow at rates higher than your current mortgage, you shouldn't. This reader was able to manage his finances and his mortgage loan and over time was able to pay off his mortgage loan early.

Are your property taxes rising while your property values are falling? Rising property tax bills are the bane of homeowners who live on a fixed income, as property taxes often rise a lot faster than the rate of inflation. In this year, where property values have shrunk 20 percent to 50 percent (hello, Arizona!), many homeowners are aghast to receive higher property tax bills. What can be done about it?