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Mortgage rates plummet

By Lou Barnes, Monday, August 9, 2004.

Mortgage rates fell a quarter-percent in the nanosecond after the release of July payroll data Friday, and 30-year low-fee deals are 5.75 percent for the first time since last winter.

The employment market is deteriorating, July worse than a poor June: only 32,000 new jobs, versus absurdly mistaken forecasts for a 300,000-plus gain.  more...

Why select a no-cost mortgage?

By Jack Guttentag, Monday, August 9, 2004.

(This is Part 2 of a three-part series. See Part 1: Who should use no-cost mortgages? and Part 3: Lenders roll out no-cost-mortgage deals.)

A no-cost mortgage is one where the lender charges a higher interest rate in exchange for paying most of the borrower's settlement costs.  more...

Strategies for changing real estate markets

By Dian Hymer, Monday, August 9, 2004.

It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand.

When this sort of shift in home sale market occurs, you usually find a larger inventory of homes of sale. Therefore, it generally takes longer for homes to sell, there are fewer multiple offers and fewer listings sell for more than the asking price.  more...

Condos make reverse mortgage difficult

By Robert Bruss, Monday, August 9, 2004.

DEAR BOB: I, along with a large number of fellow senior citizens, live in a condo complex of 192 units. Our problem is that due to the high number of rentals, 98 to be exact, we seniors are unable to obtain reverse mortgages, which many of us had counted on to help with our finances. Most of us have no mortgages. What can we do? – Carolyn B.

DEAR CAROLYN: For readers not familiar with the situation, most mortgage lenders refuse to make loans in condo complexes with more than 20 percent to 30 percent rentals.  more...