This so-called fiscal cliff is leaving mortgage rate shoppers shaking their heads? First, we are being told, if our congress allows us to fall over that cliff, it will equate to a monthly loss of $530, or more than $6000 per year, for many americans. If this were not enough to worry about, my clients shopping for homes, are also facing the uncertainty of what direction mortgage rates will move – Up? or Down? Last week, rates have started to creep up, and up. Continue reading
Should I Lock Or Float This Week : December 17, 2012
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The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.
In the aftermath of Hurricane Sandy, stories have emerged of homeowners whose hazard insurance coverage was too low to cover the damage to their respective properties.
There are alternatives to bankruptcy or foreclosure for home owners who can no longer afford to keep mortgage payments current – It’s called a “short sale”. A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to cut their respective losses.