mortgage

This week's abrupt drop in mortgage rates will provide an opportunity for some borrowers to refinance. But a large-scale refinancing boom is unlikely. A good candidate for a refinance is a homeowner who: has good credit; owns a house that is worth substantially more than the outstanding debt on it; earns enough to repay the loan and can prove it; isn't overburdened by student, Read more...

Behind on your mortgage? The federal government might fast track a way to reduce your monthly house payment. If you're current on your mortgage, and didn't borrow more than you could repay, the federal government thanks you for your responsibility. That and four bucks will buy you a cappuccino. Under the express modification program, Fannie Mae, Freddie Mac and some lenders will offer to Read more...

What's the toughest money question? It's the one that can't be solved with a calculator, or even by a smart accountant. In fact, you may need the combined insights of a family therapist, psychologist and financial planner to find the answer when someone asks: "I need money. Can you help?" You want to help. But should you? And if so, how and how much? With millions struggling Read more...

A dramatic drop in mortgage rates has motivated some homeowners to wonder if they should refinance. A better question might be: Are they able to refinance? Back when house prices were zooming upward, it was easy to refinance a mortgage. Lending standards were loose: You could borrow 100 percent of the home's value, you didn't have to document your income, and no one cared if you had a few Read more...

Dear Dr. Don, We have 19 years left on our mortgage but we need to lower the monthly payments. My husband has retired due to illness. I'm still working but there's less monthly income. I have 11 to 12 years yet before I plan on retiring. We currently owe $197,000 at 6.49 percent on a fixed home equity loan. The home is currently worth about $270,000 in a lousy market. We have about $20,000 Read more...

Dear Tax Talk, I currently own a house and I'm paying the mortgage payment. I wanted to buy another house for my retired parents to live in. Both houses are going to be in my wife's and my name. My question is, will I be able to claim the interest deductions on both houses, since my parents are not paying any rent or mortgage payment?--Stanley Dear Stanley, Home mortgage interest Read more...

By Cheryl Allebrand Bankrate.com If you're like most Americans, your home is your most valuable asset and your mortgage payment is almost certainly your largest monthly payment. With so much money tied up in one item, it's important to have a plan in place for using your home to reach your financial goals and to understand the role your home plays in your overall financial picture. Is Read more...