Small business owners and the self-employed who have difficulty being approved for a traditional home mortgage because they can't provide pay stubs or tax returns to show their income are getting some relief.
So-called COFI loans are adjustable rate mortgages that are related to the Cost of Funds Index (COFI).This index determines what interest rate banks pay
customers on checking accounts and certificates of deposit.
Applying for a mortgage can be an intimidating process, particularly for first-time homebuyers.It doesn't help that there's a lot of conventional wisdom out there that is either misleading or flat-out wrong.
As many as half of all homeowners have never refinanced their mortgages, despite refinance mortgage rates[[sitetree_link,id=13]] falling to historic lows over the past three years, according to a new study by Fannie Mae.
Did the Federal Reserve jump the gun? The day after the Fed announced the long-expected reduction in its economic stimulus program, there were some major signs that the economy, and the housing market in particular may not be doing as well as expected.
Recent fee increases have made FHA mortgages less attractive than they used to be.However, there's still one big financial benefit that they offer, particularly if you plan to move again in a few years.row of houses5.