Closing costs are required in any mortgage transaction, whether for a purchase or a refinance. Recent data from San Diego-based ClosingCorp revealed how much consumers pay at closing on an average, which costs would vary depending on where they live. Mortgage closing costs can cost between 2 and 5% of the total loan amount. Being paid upfront and hefty, one can’t help but … [Read more...] about Find Out Which States Have the Highest, Lowest Mortgage Closing Costs
Arguably, the biggest threat to homeownership is not the down payment or the mortgage rate. It is oftentimes the lack of knowledge and patience on the part of would-be homebuyers to seek out not just the perfect home but the right mortgage that goes along with it. These homebuyers’ mistakes, albeit common enough, only add to the costs of homeownership, something that you should … [Read more...] about Buyer Beware: Don’t Make These Homebuyers’ Mistakes
In June 2003, the Federal Reserve lowered the prime rate to 1 percent. It was the lowest prime rate in 45 years. It was also the starting point for the financial crisis that has led to hundreds of billions of dollars in bailouts and the demise of investment banks in the U.S., turmoil in emerging markets around the world and a global credit crisis responsible for trillions of … [Read more...] about Financial crisis timeline: how did we get here?