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August, 7, 2014 | 0Comments

Reverse mortgage rules are changing ,but will they help or hinder non-borrowing spouses? The old rules for Home Equity Conversion Mortgages (HECMs), which are backed by the government and make up the vast majority of reverse mortgage, were clearly a problem. HECMs (pronounced “heck ‘ums”) are available to those age 62 and above. However, the amount that can be borrowed is determined in part by the age of the youngest borrower. If one spouse is considerably younger than the other, the amount available is much lower, and if the younger spouse is under 62, he or she is ineligible for the loan. This led many couples to remove the younger spouse from the home’s title and let the older spouse take out the reverse mortgage. Homeless Widows and Widowers However,

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Scott Zucker
August, 1, 2014 | 0Comments

There has never been a better time to refinance your home. That’s because of a little-known government program called the Home Affordable Refinance Plan® (HARP). This allows Americans to refinance their homes and reduce their payments by an average of $3,000 a year. If you take advantage of HARP or simply refinance and you can still afford the old higher payment, then you have found a smart way to pay off your mortgage faster. If you take the excess you now have from your lower payment and apply it all to the mortgage principal you could shorten your loan term and save tons of money in interest over the life of the loan. But here’s the catch – like most government programs, this is temporary. Currently the program is set

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July, 30, 2014 | 0Comments

Here’s a pleasant real estate surprise, mortgage rates are now lower than at this time in 2013. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.13 percent for the week ending July 17, 2014. A year ago the same loans were priced at 4.37 percent. The falling rates were hardly expected. A forecast from the National Association of Realtors estimated that mortgage rates this year would reach 5.4 percent. The forecast from the National Association of Home Builders was not much different, a prediction of rates above 5 percent for 2014 and rising to 5.5 percent in 2015. Lower mortgage rates are surely good for real estate. As rates go down affordability improves and that makes both ownership and refinancing more attractive. Reason Mortgage Rates Are Down So why have rates

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June, 20, 2014 | 0Comments
June, 19, 2014 | 0Comments
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