Mortgage rates for most of the major mortgage products fell again this week. Although the drop was not as substantial as last week it is still nice to see rates come down this week. The 30 year mortgage rate fell from 6.20 to 6.14. The small movement this week marked a departure [...]
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Recently the news has been dominated by developments with the 700 billion dollar bailout package, and rightfully so. 700 billion is an astronomical sum of money. The first problem is that the 700 billion dollar bailout adds a huge amount of money to the national debt. Not only that, some have hinted [...]
Posted in General Information | Tagged 700, bank, billion, crisis, fix, for, housing, how, less, national, Than, the, to
A commercial mortgage is a loan made using real estate as collateral to secure repayment. In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers. The borrower may be a partnership, incorporated business, or limited company, so assessment of the creditworthiness of the business can be more complicated than is the [...]
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“I don’t think a reverse mortgage is for me, I planned for my retirement!” Does this sound like something you are thinking or have thought? Then you are not alone.
We have had so many borrowers tell us that they thought they had planned adequately for their retirement and never thought they would need a reverse [...]
Posted in General Information | Tagged for, is, mortgage, reverse, right, the, you
It may surprise you to hear a reverse mortgage lender saying this but it is true. The loan is intended to be the last loan you will ever need and not a short term financial instrument.
Borrowers looking for a short term loan may be better suited for a different type of financing as reverse [...]
Posted in General Information | Tagged a, definitely, everyone, for, is, mortgage, not, reverse
Chicago IL will receive over $55 million of federal funds. This must be good news for Chicago homeowners that are facing foreclosure or about to lose their homes.
This federal government hand out is close to the highest given to any one city in the US since the foreclosure crisis hit. So what does this mean [...]
Posted in General Information | Tagged false, for, headlines, homeowners, hope, struggling