Question: Dear Steve, What is the process for getting old (5 years) late mortgage payments removed from my credit report? Five years ago, I was late about 6 times with my mortgage payments. Since then, I have been making my regular payments, even putting extra toward the principal. I have had a good credit rating … Read more
Maybe you saved up money over the past few years, got a hefty raise, or received an inheritance. Whatever the reason, you now have the means to pay off your mortgage early. Isn’t that the best move? It just depends. It can be tempting to rush to pay off your home loan when you have … Read more
Question: Dear Steve, The loan was modified Added 10 years to the loan, and the interest rate is 9.9%. All attempts to refinance are just acts and an attempt to get me to sign a “non-home” mortgage. I did have a fixed-rate mortgage, and now it’s a variable rate. Very seldom do they pay any … Read more
The Federal Reserve Bank of New York just released two charts that show the trend of household debt. The most alarming trend here is the rapid growth of student loan debt since 2004. If we look at all debt and the types of loans that are 90+ days delinquent, you will see a big dip … Read more
Six years ago, Jim Wang, a 39-year-old father of three, bought a new home in Fulton, Md. A high credit score helped him land his mortgage, but after the dust from the move settled, he was able to continue reaping the rewards of his financial prowess. “We knew that, eventually, we’d have to replace a … Read more
An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found “Consumers procrastinate in reporting exposed banks while rewarding exposed banks for their improved behavior with new accounts.” Most … Read more
Question: Dear Steve, Is there away I can get my Mortgage debt relieved? I’m unemployed and six months behind on my mortgage and I would like to keep my house. Laverne Answer: Dear Laverne, Not really. Let’s say that you somehow managed to have the mortgage debt eliminated, that does not remove the lien against … Read more
Question: Dear Steve, We owe $495k on first mortgage, $168 on 2nd. Paying at over 6% on first now. Also unsecured debt of around $100k. And we have a Rex agreement. House worth over $2 million, so there’s equity. DTI was good enough to start process, but FICO was 663, so process has dragged 6 … Read more
Question: Dear Steve, I have been separated legally in the state of New York and I had taken my wife at the time I refinanced a rental property in Florida since at the time we lived down there that we had both had our names on the deed. She told me when we refinanced here … Read more
Getting a home loan doesn’t require a trip to the bank. In fact, 37.5% of mortgages originated in 2014 came from non-bank lenders, according to Inside Mortgage Finance. That share has grown significantly in the last few years, but it’s not a new concept. Non-bank lending declined dramatically during the mortgage crisis, but the current … Read more
Closing costs are one of the most confusing and misunderstood parts of the homebuying journey. About a third of prospective buyers feel “not very” or “not at all” aware of them, according to a recent survey from real estate data and technology firm ClosingCorp. That can be a problem for buyers who jump into the homebuying … Read more
For most of us, there’s no bigger purchase than buying a home. And with big purchases, even minor fees can carry a big price tag. Before signing the paperwork and taking on a mortgage, it’s a good idea to get educated about the process. Many people either don’t know or forget to factor in the … Read more
You may have heard about it on the news, your neighbors may be bragging about it or you could have even received eligibility notice in the mail — but what is the real deal behind refinancing? Before you crunch your personal numbers and weigh the costs and benefits of refinancing your mortgage, you need to be … Read more
So, you’ve thought about whether renting or buying your next home is the right decision for you. If you decide to buy a home, you’ll likely have to prepare for financing your purchase with mortgage payments. Here’s where things can get a bit tricky. While getting a hold of the costs involved with home buying can … Read more
The vast majority of consumers in America make important financial decisions basically by-the-seat-of-their-pants. I know people mean well but it is commonly bad advice and accepted assumptions that cause a bright financial future to be scuppered. Let’s take the issue of student loans for example. Loads of people blindly regurgitate “student loans are good debt” … Read more