A legitimate source of a down payment can be from a gift as long as it meets certain requirements of the lender. The person making the gift needs to be related to the recipient.  In most cases, you might think of a parent or grandparent making this gift, but it can work the other direction.  […]

You don’t have to watch TV for long before Tom Selleck, Henry Winkler or Robert Wagner will tell you why seniors should consider a reverse mortgage.  However, there are a seniors who are resisting the conventional wisdom of having their home paid for and opting for a mortgage with payments on their home. In some […]

Large credit card debt is like a 30-year mortgage.  If you only pay the minimum amount each month, it would take roughly, 30 years to pay it off…assuming you don’t add anything new to the balance. A $20,000 credit card balance at 18.9% interest with a minimum payment of 2% would take over 30 years […]

A lower rate will not only result in a lower payment, it will amortize the loan quicker.  A $250,000 mortgage at 4.5% for 30 years will have a $1,266.71 principal and interest payment.  At 4%, the same loan will have $1,193.54 payment saving $73.18 a month and the unpaid balance would be $1,776 lower at […]