Nearly three in 10 mortgage borrowers either don’t know the rate they’re paying on their loan or decline to disclose it, according to a new survey by Bankrate. Consumers who don’t keep track of their mortgage rate may be making an expensive mistake, financial experts caution. “Most homeowners should know what their rate is,” says Martin Choy, operations manager at Westwood Mortgage in Seattle. “If they have an adjustable-rate mortgage
Many homeowners have limits on their home insurance policies that are too low to cover the full cost of repairing or rebuilding in case of a natural disaster—and the problem is particularly alarming in areas at risk of hurricanes and flooding, The Wall Street Journal reports.Catastrophic damage left in the wake of Hurricanes Harvey, Irma, and Maria last year revealed a widespread lack of full insurance coverage for many homeowners in Texas, F
Congress has until July 31 to extend the National Flood Insurance Program, which provides policies in 22,000 communities nationwide, and this week brought a last-minute flurry of activity as the deadline approaches.Reps. Tom MacArthur (R-N.J.) and Steve Scalise (R-La.) introduced a bill to extend the NFIP through Nov. 30. Reps. Ed Royce (R-Calif.) and Earl Blumenauer (D-Ore.) also introduced a four-month extension bill, which included eight bipar
Mortgage rates dropped slightly this week, but overall, they were mostly flat, offering some temporary relief to borrowers.Mixed economic data this week prompted mortgage rates to remain in mostly a holding pattern, says Sam Khater, Freddie Mac’s chief economist. “Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment,” Khater says. “This meant there was no driving force to move mort
A federal appeals court in Texas has ruled that the leadership structure of the Federal Housing Finance Agency—the caretakers of Fannie Mae and Freddie Mac—is unconstitutional. The U.S. Court of Appeals for the Fifth Circuit in Texas agreed with shareholders that the FHFA was “unconstitutionally insulated from executive control” with its single-director structure. The director cannot be removed by the president except for cause. If the co
New York, Connecticut, Maryland, and New Jersey lawmakers are suing the federal government over a tax reform bill that put a cap of $10,000 on certain state and local tax deductions, including property taxes. Several states—such as these four—have state and local taxes that can far exceed $10,000.The states claim that the cap on certain local and state deductions (commonly referred to as SALT deductions) is unconstitutional. They’re asking
In June, housing starts fell by 12 percent—a sign that prospective buyers are becoming more hesitant toward rising housing costs and shrinking inventory. SmartAsset, a finance company, has been tracking this trend and offers advice for buyers as it continues to evolve.Offer these tips for your buyer clients trying to break into what can be a challenging housing market: The market doesn’t dictate how much you can afford. The market may change
Some cities faced with sluggish population growth are making an enticing offer to consumers: They’ll pay new residents—up to $10,000 in some cases—to make the city their new home. Such incentives are growing more common, according to a new report from Livability. The various metros are hoping to attract new residents to relocate and help them revitalize their economies.Cities are coming with abundant offers too, from paying off student loa
Apparently the magic number for first-time home buyers is 28. That’s the average age that most Americans think a person should be when they buy their own home, according to a new Bankrate.com report conducted last month among a sample of 1,001 respondents.This may be a bit optimistic in practice, at least for buyers in today’s market. The National Association of REALTORS®’ 2017 Profile of Home Buyers and Sellers found the median age of
Buyer demand may be high but tight inventory is keeping that demand from translating into sales. And with fewer choices of homes for sale, some buyers are retreating. Mortgage applications fell again last week, dropping 2.5 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Total volume is now 12 percent lower than the same week a year ago.Home buyers were the ones who most receded from mortgage applicati
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