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Making Cents of Your Money

Mortgage

Home Values Going…Going…Gone

 

The start of 2012 has been encouraging.  The market is about to reach pre-crisis levels, the unemployment rate has dropped a bit, (not nearly enough yet), and overall consumer sentiment has risen which can help increase spending.  So what’s the problem? Home values are still in the toilet.

Home prices are the lowest they have been since the crisis began.  The S&P Case-Schiller Index, which is a key gauge of home prices, fell 1.1% from November to December.  Low home values prevent people from being able to refinance.  Refinancing a mortgage is a great way to save hundreds of dollars a month.…

Finally Refinancing With HARP 2.0

Do you have a mortgage? Do you owe more money on that mortgage than the actual property is worth? If you answered yes to both of these questions, you are in the same boat as I am.  I bought my condo in April of 2008 as an investment (HAHA), and never thought things would get as bad as they are.  I had a 6.5% interest rate on the loan, and have wanted to refinance for years.  I was unable to do so because I was upside down (lingo for owing more than its worth).

 

 

Then there was HARP

The government came up with a program called the Home Affordable Refinance Program, or HARP. …

Upside Down Mortgage? Here’s A Solution

The economy is in a horrible slump, unemployment is at 9%, and homes have taken a 30% plus hit in value.  Saving money is a top priority for the majority of people these days, but it can be hard to do.  Refinancing a mortgage can be a great way to save money.  Mortgage rates are at historic lows, and refinancing a mortgage can save you hundreds of dollars a month.  But what if your mortgage is more than your house is worth?  The government has an answer: Home Affordable Refinance Program or HARP.  



Harp is a way to refinance your mortgage if you cannot refinance with a conventional mortgage.…

Is It Time To Refinance Your Mortgage?

Mortgage rates have been apopular subject in the last year, and for good reason.  Mortgage rates areat all time lows.  A 30 year mortgage is currently around 4%, and 15 yearmortgages are around 3.5%.  Refinancing your mortgage can result inhundreds of dollars in savings every month.  For example, a mortgage thathas a balance around $150,000 at 5.5% would have a monthly payment of around$852 a month for principal and interest.  If you refinance thatmortgage to a 4% 30 year rate, the payment would be $716 a month.



A lot of people are findingit difficult to refinance, and that is due to the banks trying to cover theirrear ends.
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