Lending websites almost always offer mortgage calculators, designed to tell you what size mortgage you qualify for. Heck - even my site has one. They are fun to play with but they are useless! Here's why. Your Income First, what interest rate will you plug in? This will vary … [Read more...] about Why are mortgage calculators useless?
Mortgages
Reverse Mortgages, the Good, the Bad and the Ugly
When you hear the term "Reverse Mortgage" what is the first thing that pops into your mind? Possible relief? Apprehension? Indifference? Reverse Mortgages mean different things to different people. If you are over 62 years old, living on a fixed income and unable to meet your … [Read more...] about Reverse Mortgages, the Good, the Bad and the Ugly
Millennials Flock to Low Down Payment Loan Programs
A report released by Down Payment Resource shows that 65% of first-time home buyers purchased their homes with a down payment of 6% or less. The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings … [Read more...] about Millennials Flock to Low Down Payment Loan Programs
