With the steep drops in home values in recent years, many homeowners who would like to refinance their mortgage to take advantage of the dirt cheap interest rates now available have been unable to do so, because they owe more than their property is worth. But now they have an option.
According to new consumer activity collected by MortgageLoan.com between October 15 and November 15 2010, the New York City metro area and cities in Florida are seeing overall increases in mortgage and refinance requests. Requests in Boston, Texas, and the Southwest are mixed.
Buying a brand-new home can be a wonderful thing. You get a home built to your specifications, with a modern design and features, and the expectation of minimal repairs and maintenance for the foreseeable future. New homes are also more energy efficient and, let's face it, they simply look great.
New rules that took effect last month protect widowed spouses whose homes are subject to a reverse mortgage. But for borrowers who will be seeking such loans, there is a downside as well.