Consumer News and Advice Archive


What is a two step mortgage?

Thursday, December 6th, 2007
Not to be confused with a biweekly mortgage, this type of home loan is also known as 5/25s and 7/23s. It has one interest rate for part of the life of the mortgage and a different rate for the remainder of the loan. ...
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Can I split my mortgage in two and pay biweekly?

Thursday, December 6th, 2007
The biweekly mortgage has become increasingly popular as more people favor paying off their home loan early and reducing interest charges. ...
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What is an assumable mortgage?

Thursday, December 6th, 2007
It is a mortgage held by the seller that can be taken over by the buyer when a home is sold. Such loans are hard to find because most lenders stopped voluntarily writing them many years ago. Most new assumable loans today are adjustable rate mortgages. ...
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Are there such things as no-cost and no-fee loans?

Thursday, December 6th, 2007
You see promotions for them all the time. But banking regulators have gone after lenders who misrepresent these loans. The reality is that no-cost and no-fee loans may actually cost the borrower more over the long term because costs are often hidden by rolling them into the new loan through ...
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Is it true some lenders grant loans based on very little documentation?

Thursday, December 6th, 2007
Yes. They offer what are called "easy/no-doc" loans, mortgages that require little or no documentation to verify the borrower's income and assets - that is as long as the borrower makes a big enough down payment, generally 25 percent or more. ...
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Should I lock in the mortgage rate?

Thursday, December 6th, 2007
Because the interest rate market fluctuates constantly and is subject to quick movements without notice, locking in a mortgage rate with a lender certainly protects you from the time your lock is confirmed to the day it expires. ...
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Determining if Your Zip Code is Healthy

Wednesday, December 5th, 2007
RISMEDIA, Dec. 6, 2007-Where you live may be as crucial to your well-being as how you live, according to an article published in the December issue of Oprah magazine. Taking steps ranging from investing in a HEPA filter to purify air or selecting a bedroom farthest away from the street ...
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6 Steps to Avoid Foreclosure

Wednesday, December 5th, 2007
RISMEDIA, Dec. 6, 2007-The AICPA, one of the nation's largest non-profit professional organization representing more 340,000 CPAs across the country specializing in the area of tax, accounting, auditing and personal finance, suggests the following steps to minimize the risk of foreclosure if they hold sub-prime mortgages: ...
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Tips for Renters When a Landlord Forecloses

Tuesday, December 4th, 2007
RISMEDIA, Dec. 5, 2007-Sixty-seven-year old Sharron Shagonaby was looking forward to a quiet Christmas at home - a home she has rented for more than a year, and has never missed a rent payment. Now, thanks to her landlord, she has just five days to get out - a hidden ...
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