Keith Gumbinger
Keith Gumbinger
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Mortgage markets have been so flush with cash that home buyers are able to layer one risk on top of the other. It's possible to borrow more than the value of the home, put in no money of your own and pay a minimum monthly payment.
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Fannie Mae and Freddie Mac will even lend 103 percent of the homes value. You need to have very good credit to qualify for this kind of loan.
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Fannie Mae and Freddie Mac will even lend 103 percent of the homes value, ... You need to have very good credit to qualify for this kind of loan.
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No-money-down home purchases used to be the kind of thing you only saw on late night TV.
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This is very popular right now because it lets you draw some money out of your home and improve cash flow. If you do this, resist the temptation to draw too much equity out of your home.
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Someone who will be out of their home within five years to seven years can save some money with an ARM. But you have to be aware of the reality that interest rates are likely to be somewhat to significantly higher in three years, five years, 10 years down the road from today.
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They're trying to make home prices more expensive, so some of this speculative activity will decrease, and incomes will have a chance to catch up.
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For most home buyers, especially first-time buyers, taking a 15-year (or 20-year) mortgage is out of the question.
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Not only do you not own any of your home, but you may be piling up additional debts that could quickly exceed the value of the home. There are no guarantees that rates will remain at comfortable levels and no guarantee that home prices will continue to go up.
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For some people a home equity line of credit is a brand new shovel for digging themselves further into debt.
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These loans can be of value for people who want to save or invest the money they would have paid in principal, ... Unfortunately, the way the product has been pitched, borrowers have been encouraged to stretch their budget to buy more house.
Could there be some 50s? There could be some 50s.
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There's no way for consumers to borrow more cheaply. But that might change if the Fed raises rates a couple more times.
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Most borrowers have some financial cushion so the impact won't be immediate; spending an extra $380 is manageable at first. But it's safe to say there are some who will find themselves in budgetary difficulties a year or two down the road.