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Copyright: Copyright 2016 ArcaMax Publishing

The Mortgage Professor: Is the annual percentage rate a useful disclosure?


When the Consumer Financial Protection Bureau substantially changed mortgage disclosure rules last year, it did not change the status of the annual percentage rate, or APR, as the system's disclosure centerpiece. The reason for the central role ...

The Mortgage Professor: Common mortgage-shopping mistakes


A mortgage shopper assumes responsibility for determining the type of mortgage that best meets her needs and finding the loan provider offering the best (or close to the best) price on that mortgage. A client, meanwhile, places herself in the ...

The Mortgage Professor: Reverse mortgage can quickly resolve common retirement-age emergencies


A recent U.S. News & World Report article described how the elderly can prepare for three different emergencies commonly faced by those of retirement age. The article didn't mention, however, the best solution to two of the three problems: a ...

Banks warming up to mortgages again after housing crisis


If you want to buy a home and go to a bank for a mortgage, you may get a warmer welcome than people have received in years. The mortgage lending market is thawing. Banks are providing more mortgages after essentially closing up shop when the ...

The Mortgage Professor: If you need a mortgage, you need an appraisal


Q: I used your website to connect with one of your certified loan providers. While I provided in a timely manner all the documentation they asked for, the lender did not close within the lock period and is now asking me for $1,000 extra to cover a...

The Mortgage Professor: No such thing as 'buy one, get one free'


The food market closest to my home recently went out of business and was replaced by a supermarket chain. In most respects, the new store is an improvement over the one it replaced, except for one thing: Its pricing system is permeated by buy-one-...

The Mortgage Professor: Mortgage interest rate fundamentals


The largest financial transaction most homeowners undertake is their home mortgage, yet very few fully understand how mortgages are priced. The main component of the price is the mortgage interest rate, and it is the only component borrowers have ...

The Mortgage Professor: Reverse mortgages: A strategy for seniors


Many senior homeowners are attracted to the idea of using a reverse mortgage to draw additional funds, but are so fearful of making a costly mistake involving their house, or being taken advantage of by loan providers, that they are immobilized ...

The Mortgage Professor: How to determine if refinancing your mortgage will pay off


If you took out a mortgage with a 7.5 percent interest rate in 1994 and still have it, refinancing in a 3.5 percent market is a no-brainer; you don't need much analysis to know that refinancing into today's rates will pay. The only possible reason...

The Mortgage Professor: Do large principal payments reduce monthly payments?


On home mortgages, a large payment to principal reduces the loan balance and with it the fully-amortizing monthly payment, or FAMP. FAMP is the level of monthly payment required to repay the mortgage fully over its remaining term. Many borrowers ...