Mortgages
« Previous Entries Next Entries »The 15-Year Mortgage Is Gaining in Popularity
Friday, September 10th, 2010I just read A 15-Year Mortgage Isn’t for Everyone over on Yahoo Finance. The author basically says what I have said in the past. According to the article, more people are choosing the 15-year mortgage than during the past. Why? The financial situation of the people capable of refinancing today is a factor in the [...]
This Probably Comes as No Surprise…
Friday, March 26th, 2010From Bloomberg: More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report. The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, the Office of the Comptroller of the Currency and [...]
One AFM Reader’s Response to a New York Times Op-Ed Piece
Wednesday, March 17th, 2010AFM reader, “EZ,” sent me an email with a link to this op-ed piece that was recently published in the New York Times. The op-ed piece was about how the bankruptcy process should be easier so that “American families torn apart by the economic upheavals of the last two years…” (Ronald Mann’s words) can move [...]
Doing the ‘Right’ Thing – A Topic That Will Not Die
Monday, November 16th, 2009Just watched this video clip on Larry Winget’s facebook page: Regardless of what the guy does, he’s in deep doo doo. He paid $340,000 (financing $272,000) for a house that is now worth between $120,000 and $140,000. He can afford the payment but is still thinking about walking away since the purchase is no longer [...]
Addressing a Dave Ramsey Fan’s Comment
Monday, November 16th, 2009My old Dave Ramsey posts regarding comparisons between the 15-year and 30-year mortgage still receive comments from time to time. This afternoon I noticed the following comment (on this post) that I want to address: In the comparison above the amount in savings is only listed for the 30 year mortgage. Where does this number [...]
Ignoring Your FICO Score Can Cost You Dearly
Tuesday, August 25th, 2009Check out this graphic I found on the myFICO website: I took the information found in that chart and made another graphic showing just how much interest a person would pay over a 30-year mortgage depending on their credit score: As you can see, the difference is significant. Just moving from the second highest to [...]
Where Would We Be if All States Followed Vermont’s Example?
Tuesday, August 18th, 2009There was a very interesting article in today’s WSJ about how Vermont’s mortgage laws helped prevent the bulk of the real estate bust in their state. I wanted to point out one of the stories in the article: Insurance adjustor Ginger Shields says she tried for years to qualify for a home loan. After a [...]
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