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In The Newspapers

Mortgage rates rise

By Crissinda Ponder • Bankrate.com

Interest rates on mortgages rose this week as the market began preparing for a potential federal funds rate hike at the Federal Reserve’s next policy-setting meeting.

Yields on Treasury notes have been higher this week compared with last week. They started increasing after the Federal Open Market Committee meeting concluded last week, when the central bank hinted at a possible December rate hike.

While speaking to the House

Mortgage rates up on housing news

By Crissinda Ponder • Bankrate.com

Mortgage rates inched up this week following satisfactory news about the housing market’s progress.

Numbers for new residential construction came in better than expected, which temporarily pushed U.S. Treasury bond yields higher on Tuesday. Mortgage rates commonly move in the same direction as government bond yields.

Housing starts in July were at an annual rate of 1.206 million units — a 0.2% increase over June, according to new

How to refinance a house you’re renting out

By Marcie Geffner • Bankrate.com

Buying a home is an attractive proposition in these days of low mortgage interest rates. But if you want to buy a new home, while renting out the old house, you could face a glitch.

It might be hard to refinance a house that you’re renting out, because “things change when you’re no longer dealing with a primary residence,” warns Ben Chenault Jr., regional manager at MortgageBanc/Fairway

Mortgage tax breaks safe this election cycle

By Kay Bell · Bankrate.com

Fifteen Republicans are fighting for their party’s nomination for president in 2016. The Democratic seekers of the White House so far number five.

All 20 of these possible presidential candidates have divergent policy positions, even within their own parties. But one area that all generally agree on is that the tax code is too complex.

Another tax issue that also seems consistent across most major candidates is that

Mortgage rates down on Greece woes

By • Bankrate.com

Mortgage rates fell this week as the economic turmoil in Greece continued wreaking havoc on international markets. The lower rates have been persuading consumers to jump on the homebuying bandwagon.

Greek citizens voted July 5 on whether to accept the tough repayment terms for additional emergency aid offered by the country’s creditors, also known as the “troika:” the European Central Bank, European Commission and the

Financing a tiny house

By Jennie L. Phipps · Bankrate.com

The “tiny house movement” is one of the hottest retirement living trends, and one answer for people seeking a low-cost living alternative.

Tiny houses are carefully designed dwellings that average about 400 square feet, although some are as small as 100 square feet. A few people who live in homes as big as 1,000 square feet claim that they joined the movement. For a good idea

How ‘rapid rescore’ affects your credit

By Dana Dratch • Bankrate.com

When getting a mortgage, “rapid rescore” is a phrase worth knowing.

But what does it mean? Bottom line: It’s a practice used by mortgage originators to help lift credit scores.

Credit scores ebb and flow as information is updated to the credit report. While the rapid rescore has “been around forever,” the concept of quickly updating a credit history — and getting a new credit score based on

Re-finance a mortgage?

By Dr. Don Taylor, Ph.D., CFA, CFP, CASL • Bankrate.com

Dear Dr. Don,

Regarding HARP 2.0, or the Home Affordable Refinance Program, my wife and I are currently in our mid-50s with a grossly underwater mortgage. We did not qualify for a loan modification, so we are considering a refinance. Our 30-year mortgage is $213,000 at 5.875 percent, and we are entering our seventh year of payments.

Given the historic lows on mortgage

Mortgage rates inch lower

By Janna Herron • Bankrate.com

Mortgage rates slipped this week before the Federal Reserve indicated that an interest rate hike is most likely coming this year due to a strengthening economy. Homebuilders remained confident in housing prospects, even as demand for mortgages softened.

“Most people expect two moves this year given the Fed’s new forecast for rates. If that’s the case, they start in September or October,” says Joel Naroff, president of

Reasons why your mortgage payment can change

Bankrate.com

When you have a mortgage, the monthly payments will probably change sometime during the term of the loan. There are two main reasons for the payment amounts to change:

The rate on an adjustable-rate mortgage changes.
There are changes in taxes, tax assessments, insurance premiums or association fees.

The interest rate on an adjustable-rate mortgage doesn’t necessarily change every year. When it does change, the rate changes near the anniversary of the date

How much house can you afford?

By Poonkulali Thangavelu • Bankrate.com

How much can you afford to pay for a house? Bankrate’s home affordability calculator can give you a solid answer to that question.

Mortgage lenders calculate affordability based on your personal information, including income, debt expenses and size of down payment. The mortgage calculator uses similar criteria.

Here are some of the factors that lenders consider.

Read more.

Mortgage is possible with low credit scores

By Michele Lerner • Bankrate.com

Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

“Your credit score is a piece in the qualification puzzle,

Mortgage to buy condo easier to get

By Polyana da Costa • Bankrate.com

You may have heard that it is extremely difficult to get approved for a mortgage to buy or refinance a condominium. That was the case for several years after the housing market crashed, but lenders finally have loosened the rules on condo financing.

Borrowers seeking to get a condo loan these days will find more lenders to choose from and more condominiums that are eligible for

5 mortgages that require little or no down payment

By Holden Lewis – Bankrate.com

Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.

The Federal Housing Administration, or FHA, insures loans with small down payments, and private mortgage insurers have relaxed their down payment requirements. It’s even possible to get a mortgage today with no money down. The nation’s biggest credit union offers “zero-down” mortgages. The

What are mortgage points?

From Bankrate.com

When people want to find out how much their mortgages cost, lenders often give them quotes that include interest rates and points. This article explains what points are and how to decide whether to pay them.

What is a point?

A point is a fee equal to 1 percent of the loan amount. A 30-year, $100,000 mortgage might have an interest rate of 5 percent but come with a charge of

Mortgage application 101

By Marcie Geffner • Bankrate.com

A mortgage application serves a simple purpose: to help the lender decide whether to lend money to the borrower. But the industry standard Uniform Residential Loan Application, also known as Fannie Mae Form 1003, is more complicated than that straightforward intent might suggest.

This section-by-section summary should help you figure it out.

Read more.

Paperwork you need for a mortgage

Bankrate.com

Mortgage lenders may require proof of your assets, income, credit quality and other financial information.

Here are some documents you may want to gather in case the lender needs them.

Federal tax returns and W-2 forms from the past two years.
At least one recent pay stub showing your name and Social Security number, the name and address of your employer and your year-to-date earnings. (Some lenders will want the most recent month’s