Buyers who need a mortgage to purchase a home are less likely to use the Internet to find one than are existing owners looking to refinance, yet the benefits of online shopping are just as large if not larger for homebuyers. The problem may be that homebuyers expend so much time and energy on finding the right house that they are relieved to find that there is an easy path to a mortgage - that being shifting most of the responsibility to the loan officer recommended by the real estate agent or the builder.
Q: We are renting an apartment, and the unit is in foreclosure. We keep getting notices in the mail about an upcoming foreclosure sale. We still have seven months left on our lease. Will we have to move out sooner? - Geri
Mortgage rates are looking stable amid an improving housing market, with Freddie Mac's latest survey showing that lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.02 percent, up from 4 percent a week ago.
The 30-year fixed-rate mortgage is a great instrument that has made home ownership possible for millions of consumers, but none of them like the idea of being in debt for 30 years. Those who like it the least and have the poorest understanding of how mortgage amortization works are vulnerable to payoff scam artists, who keep popping up with allegedly easy ways to pay down the balance faster.