Does Death Of Spouse Affect Your Mortgage?
How does the death of your spouse affect your mortgage? When your spouse dies, if you are also listed on the mortgage, you are still the borrower and continue to own the home. Your spouse's death should not affect your mortgage if you are listed as a borrower or held title jointly. If you want to…
Should You Pay Spouse's Mortgage Debt After Their Death?
Should you pay your spouse's mortgage debt after his or her death? If your name was not on the mortgage, the lender cannot hold you personally responsible for your spouse's mortgage. Your spouse's estate will will be responsible for settling the mortgage debts after his or her death. However, you…
Lender Refuses to Refinance Investment Property
Two real estate investors own an investment property together. Both names are on the deed, but the mortgage is in one partner's name only. The partner listed on the mortgage now wants out of the deal and has agreed to sell his interest in the property to the co-investor for $30,000 that is left on…
ThinkGlink Radio Show for May 31, 2009
Today on the Ilyce Glink Show, Ilyce discussed the latest developments with the $8,000 first-time home buyer tax credit. HUD announces last week that home buyers could use the $8,000 tax credit to help offset the loan costs. For more information, see the press release about the $8,000 tax credit.…
Prepaying Mortgages With Low Interest Rates
Interest rates are at record lows. Does it make sense to prepay your mortgage when you have a really low interest rate? What's the best way to prepay a mortgage loan with a low interest rate? How can you ensure that the mortgage lender knows when you are sending in prepayments to your mortgage loan…
Refinance Or Prepay Mortgage Loan?
What should you consider when you're debating whether to refinance your mortgage loan? Making a good refinance decision depends on the interest rate and how soon you can recoup your closing costs. One alternative to refinancing may be to make extra mortgage loan payments. You may be able to get…
ThinkGlink Radio Show for Mar 12, 2009
Today Ilyce filled in for Clark on the Clark Howard Show. Ilyce answered questions about how to invest an inheritance and how to pay off a mortgage, along with lots of other personal finance and consumer advice topics. Listen to the show here, or download the podcast here or from iTunes.
Clark Howard Show Notes - Mar. 12, 2009
Clark Howard Show Notes for today
Ken inherited a windfall in excess of $150,000. He wanted to know how to invest the money or if he should pay off the house. I've written a lot about how you should make this choice. You'll want to click on these stories before you make your decision:
Pay Off Mortgage Quickly With Bi-weekly Prepayment
You can pay off mortgage quickly by arranging bi-weekly payments. This allows you to prepay your mortgage and pay it off sooner. Prepaying your home loan not only allows you to pay off your mortgage more quickly, it allows you to save money.
Refinance Or Pay Off Mortgage?
Is it better to refinance or go ahead and pay off a mortgage if you've got enough saved? Paying off the mortgage will save in interest. But if you want to hold onto some of your savings, you can pay some of the mortgage and still save.
Mortgage Pay off Using Home Equity Line Of Credit
Can you use a home equity line of credit to pay off a mortgage? If the home equity line of credit has a lower interest rate, this may be a good way to pay off your mortgage. You may want to take the bank's offer of a home equity line of credit to pay off the mortgage if there are no fees to open the…
Many fees are involved in paying off a mortgage. To pay off a mortgage, a homeowner needs to contact his or her lender and request a payoff letter, for which lenders often charge a processing fee. In addition to this processing fee mortgage lenders also charge a fee to fax the payoff letter to you.
Retirement Planning: Prepay Mortgage To Buy Retirement Home
Can you plan for retirement in the near future by selling your current home and using the equity to buy a larger home? It might be smart to stay in your current home and plan for retirement by prepaying their mortgage so it's paid off by the time they retire. Then you can buy the retirement home of…
Making Extra Monthly Payments On Mortgage Versus At Year-End
What's the best way to prepay your mortgage? Is making extra mortgage payments every month or at the end of the year more useful? You can prepay your mortgage one of three ways: at the beginning of the year, each month or at the end of the year. Making extra mortgage payments at the beginning of the…
Why Buy Title Insurance When Home Is Paid For?
In many places, a home seller has the burden of proving that he or she has good title to the home, which is usually done through buying title insurance. Title insurance companies provide the service of searching the public records and furnishing a report called a title insurance commitment. The cost…
Refinance Mortgage Or Home Equity Loan?
Which is the better option for you - refinancing your mortgage or getting a home equity loan to pay off the mortgage entirely? The decision on whether to refinance your mortgage or get a home equity loan depends on how soon you plan to pay off your loan. Home equity loans can be structured as fixed…
Pay Off Mortgage Sooner: Home Equity Loan And Other Creative Methods
A couple shows how they started to pay off their mortgage sooner by getting a home equity loan. Ilyce encourages other seniors to be creative about their mortgages - home equity loan may allow them to pay off their mortgage sooner. Ilyce says there are many options to pay off your mortgage sooner…
Pay Off Rental Property Mortgage To Build Wealth
When you own multiple rental properties you may be trying to decide when to pay off one of the mortgages. You need to consider what the impact of paying off the mortgage on the rental property will have on your cash reserves. If you pay off the rental property's mortgage you may have to start saving…
Early Mortgage Payoff Saves Money
Paying off your mortgage early can save you money, especially when you refinance to a mortgage loan with a shorter duration and lower interest rate. Many homeowners dream of an early mortgage payoff. What's the best way to find a good deal on a mortgage refinance for an early mortgage payoff? Should…
Mortgage Payoff Using IRA Withdrawal
With stock values falling in 2008 some Americans may be considering doing a mortgage payoff using IRA money. Is it a good idea to pay off a mortgage with an IRA withdrawal? If you do use IRA money to pay off a mortgage don't forget to account for additional taxes. Another option if you can't pay off…
Early Mortgage Payoff With Money Merge Account
Many people want to pay off their mortgages early. One option to pay off a first mortgage early may be to use a home equity loan or line of credit. Is this a good idea? A money merge account or money merge mortgage is a similar idea, where home owners pay all bills out of one account and they may be…
ThinkGlink Radio Show for Nov 30, 2008
Today on the Ilyce Glink Show, Ilyce reviewed President-elect Obama's economic team selections and his plans to create 2.5 million jobs over the next two years. On news of more bailouts, lower consumer spending and slugging auto sales, she also reviewed shopping's big day, Black Friday, and prepared…
Change Mortgage In Divorce: Quit Claim Deed Won't Work
When you divorce you may want to remove some of the names on your home's mortgage. You can't remove the name of one of the borrowers on a mortgage loan using a quit claim deed. A quit claim deed can change the names listed on a home's title but not on the mortgage. To change the names on a mortgage…
Extra $500: Invest or Pay Off Mortgage?
This homeowner has an extra $500 a month and can't decide if he should pay down his mortgage or invest in the stock market. What's the better investment for his $500? Some investment advisors tell people nearing retirement to put money in a safer investment, but the stock market could also bring…
Use IRA Money To Pay Off Mortgage?
A homeowner is considering withdrawing IRA (individual retirement account) money to pay off his mortgage early. There might be tax consequences to withdrawing IRA money. Here are the pros and cons of paying off the mortgage with money from an IRA.
