Few borrowers read every line of the avalanche of paperwork that comes with a mortgage, and even the most well-intentioned consumer might have difficulty understanding all costs associated with their loan — and how it compares with what other lenders are offering.
As the lousy economy makes large homes tough to maintain – and the tight credit market makes them even tougher to sell – the rules for remodeling are undergoing their own extreme makeover.
Foreclosures in many parts of the country re at near-record levels, and recent declines in both property values and employment mean that more homeowners will land in foreclosure this year.
With bargain prices, low interest rates and an $8,000 federal tax credit for first-time homebuyers, it seems like the perfect time to buy a first home.
Maybe the mortgage-delinquency notices are just starting to arrive after a missed payment or two. Or maybe foreclosure is starting to look like a distinct possibility.
Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
