11 must-knows about early mortgage payoff

Q: Will I save money if I make my regular monthly payment early? A: No, paying early merely allows the firm servicing your loan to earn interest on your money until the payment due date. This is not the case, however, if you have a simple interest mortgage (SIM). Because it accrues interest daily, the …

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Rates on 30-year mortgages hit record low

15-year fixed-rate mortgages also ties lowest rate on record CHICAGO (MarketWatch) — Interest rates charged on 30-year fixed-rate mortgages hit a record low this week, averaging 3.91%, according to Freddie Mac’s weekly survey of conforming mortgage rates. “Rates on 30-year fixed mortgages have been at or below 4% for the last eight weeks and now …

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More Households Pay Bills on Time and Live Within Their Means

Lenders today continue to battle the headwinds of high unemployment, a stalled economic recovery, and a backlog of bad mortgage loans from the heyday of the housing boom – all contributing to a marketplace stressed with high levels of delinquencies and complex resolutions. While it will take some time to get out from under all …

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Lenders may closely monitor borrowers for life of a loan

In a kind of crisis intervention, IndiSoft is working on computer programs that track borrower behavior so that if a life-changing event occurs, steps can be taken to ensure timely payments are made. The day is coming when lenders will no longer turn their clients loose after they leave the closing table, never to be …

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