When the COVID-19 pandemic reached the U.S. in 2020, the public health crisis was accompanied by an economic disaster as well. For many, one of the biggest worries was housing, with homeowners concerned about falling behind on mortgage payments.
May mortgage rates forecast I predict that the rate on the 30-year mortgage won’t change much in May. It will go up and down a bit day to day but…
What could the President's affordable housing plan mean for you and your family? A discussion with Natalie Campisi, Mortgage and Housing Analy…
Everyone deserves a stable, affordable place to live. But the unfortunate truth is that discrimination in housing has prevented some vulnerable groups from achieving this cornerstone of the American Dream. The good news is that there are laws in place to protect people from being discriminated against when securing housing. One of the most important […]
Understanding what happens to your debt when you die is an important part of estate planning—and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage. The median housing-related debt of a 65- to 74-year-old borrower […]
As a borrower, waiting for closing can feel like agony—especially if you’re trying to close on a house and you’re ready to move, or if you urgently need the savings a refinance will give you. Throughout most of the closing process, you’re waiting on other people, and you often don’t know how far along they […]
Q: I recently read an article you published about being able to buy a house for $5,000. I am looking to purchase a house. I have saved up $7,000. I understand the house will need to be fixed up. Where would you suggest I begin?
A couple of weeks ago we wrote a column about real estate taxes and real estate tax escrows. Most homeowners pay their property tax bill via an escrow with their lender, but that doesn’t always work out as it should. We wanted to share a few of the comments we received.
With interest rates lower than they’ve been in years, many consumers are looking to buy a home or refinance their student loans. So, is there any reason why you can’t do both?
Q: Three years ago, my son purchased a house. I am the lender for his mortgage. Last year, unable to resist a low interest rate, I took out a bank mortgage on my own home. Both my son and I pay about $6,000 in interest annually. So, effectively, $6,000 passes into and out of my hands.
Q: I have a question about what happens to your real estate taxes when you pay off your mortgage. When you have a mortgage, the payment to the lender includes real estate taxes and insurance. Once you pay off your loan, how do taxes get paid? Is it better to pay off your loan or keep a loan so that the taxes keep getting paid? Do property taxes rise when you pay off your loan?
It’s safe to say that 2020 will go down in history like a year no other. Even, or perhaps especially, in real estate.
Here’s a guess: There aren’t many of us who’d care to redo 2020. COVID-19, the novel coronavirus, changed everything, killing more than 365,000 Americans (as of this writing in early January) and taking the economy on an even wilder ride than the Great Recession, just a decade ago.
Q: We borrowed $355,900 in 2007 for a 30-year fixed mortgage at 6.25% and still owe $230,000. My wife is retired, and I plan on retiring in May 2023. Normally, we wouldn't even bother with refinancing this close to selling the house; but the rates now are so low that we’re thinking refinancing might make sense. Any thoughts on whether it would be OK to refinance, or just leave it alone this close to retirement and selling the house?
In many cities, construction workers—the people building the new supply of homes—are being priced out of the housing market.
Amid record-breaking unemployment numbers resulting from COVID-19, millions of Americans are struggling to make their mortgage payments in 2020.
Photo Credit: Alamy Stock Photo
Q: Is mortgage interest still deductible on our federal income taxes? Is there something new that I am not aware of? Is there some reason to not have a mortgage that is different from what we’ve always believed?
Q: We have lived in our house for 15 years. About four years ago our mortgage was sold to a different loan servicing company. We called the new company several times over the course of a year and they said they have no record of our loan. We had no way to make our loan payments and now the real estate taxes have not been paid. We recently got notice that our real estate taxes were sold. If I pay the taxes, who owns the home?
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. This week’s episode starts with a discussion of NerdWallet’s new credit and debt survey, which shows people have…