Attractive mortgage terms draw first-time home buyers to credit unions
Want to buy your first home with little or nothing down and maybe get a refund on part of your realty agent's commission? Here's one way: Consider joining a credit union that is aggressively growing its mortgage business. Credit unions have been ... [...]
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HSBC launches first sub-2% five-year fixed mortgage
From Monday, HSBC will be offering borrowers a 1.99% rate fixed for five years – the lowest ever rate on a mortgage over that period. However, it will only be available for those able to stump up a deposit of 40% of the purchase price of the property ... [...]
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Ben Bernanke and the Revolving Door
So Ben Bernanke wants to make a buck. Who can blame him? The guy is one of the most esteemed economists of his generation. He served his country admirably; his term as chairman of the Federal Reserve was probably the single most stressful term in ... [...]
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Hedgies' mortgage bond profits fall to near zero
From an average gain of 45 percent in 2009, the performance of hedge funds that invest in mortgage-backed securities fell to 9.4 percent in 2014 and to less than 1 percent in the first two months of 2015, according to Brian Shapiro, whose hedge fund ... [...]
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Mortgage Choice Act passes House
The QM rule is the primary means for mortgage lenders to satisfy their “ability to repay” requirements. Dodd-Frank provides that a QM may not have points and fees in excess of 3 percent of the loan amount. Under Dodd-Frank's current definition, points ... [...]
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What Boomers Need to Know About Reverse Mortgages
You have been making mortgage payments most of your adult life. Maybe it's time your mortgage lender starts to pay you back. According to the National Reverse Mortgage Lenders Association, since 1990, 906,018 seniors have accessed the equity in their ... [...]
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Fraud Fed the Mortgage Crisis
Expanded mortgage lending in low-income neighborhoods before the foreclosure crisis was helped along by fraud — namely, the overstating of borrower income on loan applications, according to new academic research. If that seems unsurprising, given all ... [...]
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How to pick the right mortgage lender
One of the most complicated decisions you will likely make concerning your home mortgage will be which lender to choose. Today there are hordes of mortgage lenders eager and ready to accept your loan application. But just because a lender accepts your ... [...]
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Should I Refinance My Mortgage?
Depending on your current rate and loan, a lower interest rate could save you hundreds on your monthly mortgage payment. You're wise to weigh the pros and cons of refinancing, though, before rushing in to apply for a refinance. Here's a three-step plan ... [...]
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