HOW TO FINANCE A NYC APARTMENT COMBINATION

SPONSORED With mortgage rates still historically low and large co-op and condo apartments difficult to find, buying two smaller apartments and combining them is an attractive option for buyers willing to renovate. And since renovations and real estate often go hand in hand in NYC, a mortgage is often the glue enabling two apartments to be joined together. If ...

Construction Loans for Your Dream Home

Affluent home buyers are building their dream mansions using construction loans that cover extravagant projects, including indoor swimming pools and multi-car garages. By ANNAMARIA ANDRIOTIS Affluent home buyers are building their dream mansions by signing up for jumbo construction loans that cover extravagant projects, including indoor swimming pools ...

Mortgage Rates at Month’s Best Levels

By Dan Green Via QE3, the Federal Reserve purchases $85 billion in bonds monthly — $40 billion mortgage-backed bonds and $45 billion treasury bonds. Its September 2012 launch ushered in the period of the lowest mortgage rates in history, with 30-year fixed rate mortgage rates dropping to 3.31 percent nationwide for borrowers willing to pay 0.7 ...

Owning a Home Isn’t Always a Virtue

By ROBERT J. SHILLER In the aftermath of the subprime mortage crisis,our national commitment to homeownership is sure to be questioned as we consider what to do about Fannie Mae and Freddie Mac, the enterprises that are meant to increase the supply of money available for mortgages and are now under government conservatorship; the Federal Housing Administration ...

Why mortgage rates change on a daily basis

By Barry Nielsen In a free market system the price of a good is determined by the supply and demand for a good. When the supply of a good falls or the demand increases, prices go up. The opposite is true when the supply increases or the demand falls. This basic economic rule holds true for mortgage rates. Mortgage rates are driven by a very liquid ...

Rising home prices rescue underwater homeowners

By Julie Schmit Demonstrating the power of rising home prices, the number of underwater homeowners has dropped below 10 million for the first time in more than at least three years. Nationwide, 9.7 million, or 19.8% of homeowners with a mortgage, owed more on their homes than they were worth as of March, says market researcher CoreLogic. That’s ...

Top 12 questions New Yorkers ask their mortgage bankers

Sponsored by National Cooperative Bank If you’re applying for a mortgage or refinancing your existing one in the post-Lehman world, you probably already know that there’s a bit more to the process than finding the best rate and filling out some paperwork–and that it behooves you to go in with your eyes wide open. To accelerate your learning ...

A Deduction Unevenly Used

BY: LISA PREVOST A new report from the Pew Charitable Trusts reinforces what many economists have been saying for some time: the mortgage interest deduction primarily benefits high-income homeowners. The report charts the geographic distribution of those using the deduction across and within the 50 states. The states with the largest percentages of ...

Are Two Home Loans Cheaper Than One?

By ANYA MARTIN To buy a house, some people are going through double the trouble—getting two conventional loans instead of one jumbo mortgage. Called “piggybacking,” the practice helps buyers avoid the higher interest rates and larger down payments that typically come with jumbo loans, defined as above $417,000 in most parts of the country ...
Wallstreetjournal

How to Fix a Credit-Report Error—Before It Bites Back

By Karen Blumenthal at karen.blumenthal@dowjones.com What you don’t know might hurt you. That is a key conclusion that jumps out from a recent Federal Trade Commission study on errors in credit reports, those all-important records that determine whether we get credit, what interest rates we pay and sometimes whether we get a job. In the FTC study, ...