What you should know about balloon loans

A balloon mortgage is one on which the outstanding balance is due at some point before amortization has paid off the balance in full. Aside from the repayment obligation, balloon loans are identical to standard fixed-rate mortgages (FRMs). For example, if a five-year balloon loan for $100,000 is at 5 percent for 30 years, the …

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Top issues that derail real estate closings

It can take weeks for an offer to be ratified. Buyers and sellers often counter back and forth for weeks before reaching mutual agreement on both price and terms. In this case, it’s a good idea to re-evaluate the closing date in the contract before inking the final agreement. Some buyers make offers that propose …

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A minefield of mortgage charges

Shopping for a mortgage would be a breeze if borrowers paid only an interest rate and lenders paid for everything else, embedding their expenses in the rate. The reality is just the opposite: Not only do lenders impose fees of various sorts, but a large number of other players will have their hands in your …

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Record plunge in foreclosures, thanks to robo-signers

The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009. The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply — to 67,428. That was off a whopping 28% from …

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