CHICAGO — Fewer people will be obtaining mortgages this year than in 2007, with total mortgage production expected to drop 16% to $1.96 trillion in 2008, the Mortgage Bankers Association said Monday.
Adjustable-rate mortgages were common for overleveraged buyers, but they’re not always the prime culprit behind foreclosures
CHICAGO — Adjustable-rate mortgages are declining in popularity these days, and for good reason: There’s less of a financial advantage to borrowers, according to Freddie Mac’s annual ARM survey, released Tuesday.
CHICAGO — As the rate of home foreclosures hit record highs in the third quarter, mortgage lenders say they worked on loan modification and repayment plans for more than 235,000 borrowers that quarter alone, the Mortgage Bankers Association reported Thursday.
WASHINGTON - Question: I have two small rental houses and a personal residence. I bought the rentals cheap, and thanks largely to sweat equity, both have more or less doubled in value.
WASHINGTON — Question: I have a friend who recently backed out of purchasing a condo because the financing was not to her liking.