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Archive for the 'mortgage loans' categoryMortgage loan rates plummetA billion here, a billion there, eventually you’re talking real money. New jumbo conforming rates for Massachusetts countiesIn 2008, Congress created a “jumbo conforming loan” limit which allowed homebuyers to borrow more money at lower rates. Whoops! Higher conforming loan limits end soon … like, tomorrowEarlier this year, the United States government increased the “conforming loan” rates in many higher-priced real estate markets, Boston being one of them. (It used to be $417,000, but went up; I don’t know the Boston number, it might be as high as $729,250.) The fix is inBarney Frank spoke to an audience at Boston College today, according to the Boston Business Journal. Mortgage loans increaseMortgage rates jumped this week, from around 6.04% to 6.46%. Lenders figure out new ways to extract money from homeownersFor some reason, I am very wary of “reverse mortgages”. These are the loans that senior citizens take out on the equity built up in their homes. They pay a hefty start-up fee, then get a big chunk of money in return for the right to sell the home after the owner dies [...] |