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Jun 1

Mortgage Rates on the Rise

Posted on Monday, June 1, 2009 in Mortgage News

During the last week, mortgage rates have risen a half-point, the highest they have been since November. This may not sound like much. But that half-point can mean a few hundred dollars per month on a homeowner’s bill.

It’s no wonder that over 5% of borrowers are now behind on their payments–and have been for two months or more. And if rates keep moving on up, ability to pay will certainly decrease at a similar steady rate.

(more…)

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May 17

Mortgage Relief OK For Credit Rating

Posted on Sunday, May 17, 2009 in Mortgage Advice, Mortgage News, Taxes

Though millions of Americans have their fingers crossed for federal assistance when it comes to making their mortgage payments during these times of financial hardship, many have questions about the impact in the long run of such aid. One big question is this: will using the Obama Administration’s program hurt my credit score?

In a word, no. Since refinancing is really just rewriting a mortgage agreement, it doesn’t usually affect a homeowner’s credit score. (more…)

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