Do you have a strict savings plan?
Choosing a 15-year mortgage over a 30-year mortgage also may be a worthwhile choice if you are not a disciplined saver. But many people may lack the discipline Read More »
Are you planning on retiring soon?
How close a borrower is to retiring plays a major role in whether to take out a 15-year mortgage. Typically, borrowers who take 15-year mortgages are at least 40 Read More »
Are you looking to refinance?
If you already have a mortgage and would like to refinance, now may be a good time. Cecala noted that if your current payments on a 30-year mortgage are high enough, Read More »
Are you buying your first home?
First-time home buyers often benefit from selecting a 30-year mortgage because the monthly payments are lower. A longer-term mortgage can make a more expensive home Read More »
Can you afford to pay off the mortgage in 15 years?
Although a 15-year mortgage offers a lower rate relative to a 30-year mortgage, thereby allowing borrowers to pay interest for only half as Read More »
It has been a slow and painful process, but the housing market is now in recovery and foreclosures have been dropping. Since the housing bust, regulators have focused on preventing borrowers from Read More »
Make no mistake: Mortgage credit is still very tight by historical standards, and only borrowers with the most pristine credit and healthy down payments can get the lowest rates. But there are signs Read More »
A sharp rise in mortgage rates over the last few weeks means it may be too late for some homeowners to benefit from a refinance.
This just as thousands were gaining equity in their homes and Read More »
The real estate market has been one of the strongest pillars of the economy following the greatest financial downturn since the Great Depression. Amid low interest rates and a great deal of Read More »
As the best player ever in the NBA, Michael Jordan didn’t rely on any gimmicks. But as the owner of a superlative, museum-quality home just north of Chicago, Jordan has realized that it’s going Read More »