Women Pay Higher Interest Rates on Mortgages than Men
Posted at 3:34 PM, Jan. 23, 2007
A study by the Consumer Federation of America shows that women pay higher interest rates on mortgages than men, even though they had similar incomes, and even when women had higher credit scores. Why? The study found that women tend to take their mortgage with the first lender they talk to rather than shop around for rates, as men seemed to do.
It is always a good idea to shop around for a mortgage as the rates can vary by lender. Beside the interest rate, the lender fees can also vary, causing some to pay more than others.
PMI Insurance to be Tax Deductible
Posted at 8:45 AM, Dec. 15, 2006
PMI Insurance to Be Tax Deductible Starting 2007
Whenever a person purchases a home with less than 20% down there is usually a requirement to buy PMI or Private Mortgage Insurance. It requires a monthly payment until there is at least a 20% equity in the home. This payment is in addition to the mortgage payment. Prior to now, this PMI payment was not tax deductible, but thankfully beginning in 2007 with new home loans that require PMI, the payment will be tax deductible. This is with conventional or FHA loans.
There unfortunately are restrictions. Households must make less than $100,000 per year. This new program will benefit the low and middle class and be especially important to first-time homebuyers. The new tax deduction should make it possible for many renters to become homeowners.
Mortage Applications at 14-Month High
Posted at 8:04 AM, Dec. 15, 2006
Home Loan Applications at a 14-Month High
Mortgage loan applications have reached a 14 month high fueled by historically low interest rates presently at 6.11 percent for a 30-year fixed rate mortgage. In addition, the high inventory rate of homes for sale has resulted in excellent deals for buyers both on brand new and pre-owned homes. If conditions remain positive (good economy, interest rates, and home prices) inventory should normalize over the next several months. It is a great market for buyers and a good market for sellers who realistically price their homes. Pricing, condition of the home and the marketing plan are extremely important at this time to sell a home.
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