Interest Only Mortgage

Interest Only Mortgage

Interest Only Mortgage (IO) is a mortgage on which for some period the monthly mortgage payment consists of interest only. During that period the loan balance remains unchanged. Used by predatory lenders to convince borrowers to buy homes out of their price range. Interest accrues over a period of time and eventually balloons.Email [...]

Bankrate: Mortgage rates continue to dip in 2010, likely to remain stable in weeks to come

January 21, 2010 Mortgage Financing

Average interest rates for all mortgage types continued to see declines in 2010, as Bankrate.com recorded its third straight week of low rates following a streak of rate increases that brought 2009 to a close.
According to the latest weekly national survey released on Thursday, the average interest rate for 30-year fixed-rate mortgages declined by 0.08 [...]

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Research options before initiating mortgage refinancing, experts say

November 25, 2009 Mortgage Financing

Consider financial goals before jumping into mortgage refinancing, real estate experts Ilyce Glink and Samuel J. Tamkin said recently in the Washington Post.
The pair also advised would-be refinancers to consult a real estate agent before initiating the process. Agents know the prices at which homes in a given neighborhood are selling and can advise homeowners [...]

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Zillow: Mortgage rates mixed to begin March

March 11, 2010 Mortgage Financing

New data from the latest Zillow Mortgage Rate Ticker has found that interest rates across the country for most mortgage types declined during the first full week of March, potentially spurring more refinance applications and housing purchases.
According to the survey, the average rate for 30-year fixed-rate mortgages dropped by 0.04 percentage points of the week, [...]

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Mortgage rates rise again as experts remain divided on 2010 outlook, says Bankrate

December 18, 2009 Mortgage Financing

Average interest rates for all types of mortgages continued to shoot up as 2009 came to a close, while experts were undecided on which direction rates would be headed in as the New Year got underway.
According to Bankrate.com’s weekly national mortgage survey, average interest rates for 30-year fixed-rate mortgages increased by 0.09 percentage points to [...]

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Reverse mortgages: the next delinquency crisis?

October 7, 2009 Reverse Mortgages

A newly released report from the National Consumer Law Center is drawing similarities between current mortgage refinancing techniques being used by lenders to sell reverse mortgages and practices that led to the subprime mortgage crisis in 2007.
The report – titled Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at [...]

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FTC to crack down on mortgage rescue scams

May 29, 2009 FHA Mortgages

The Federal Trade Commission said today it has initiated a rulemaking process to crack down on companies offering foreclosure rescue and loan modification that use deceptive practices.
The Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy, FTC said. It is seeking public comments to inform [...]

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