Paying a third party to receive the biweekly payments and pass on the monthly payment to the lender, is not smart because the third party will walk away with most of the interest savings.
As the 2016 presidential campaign kicks off, the economy is growing and Americans are getting back to work. However, for far too many people plotting a course from the working class to the middle class requires navigating dangerous waters filled with financial icebergs.
"Mansionization" is the name given to the increasingly common practice of tearing down a smaller house and building a much larger, more expensive one on the same lot, often to the detriment of next-door neighbors who suddenly find themselves deprived of sun, views, and privacy by the new mansion now looming over them.
The banking community has an opportunity to restore this trust and make good on our social contract with customers, communities, and policymakers. We should start by investing in homeownership, which has always been the foundation of the American Dream.
We're now six years and counting into Barack Obama's presidency, and I have to tell you: That hopey-changey stuff is working out great! Of course, I say that as someone who reads the news and pays attention to the President's accomplishments.
President Obama can strengthen his legacy in this area with tools he already has. He doesn't need to magically unlock the logjam in Congress to help ensure the resources for affordable housing for years to come.
When launched in 2010, Opening Doors was more than a blueprint for effective federal, state and local partnerships to end homelessness; it motivated all of us - inside and outside of government - to work harder, together, to address the needs of our most vulnerable people
If we do nothing to create meaningful reform, the black homeowners of 2031 will have just 22 percent of the wealth of their white counterparts. That's a larger gap than before the housing bubble burst of 2008. This is not merely a concern; it's an impending crisis.
How many choices do you make in a day? We choose how and with whom we spend our time. We make choices about when to wake up, what to wear, how to decorate our living space, and what to have for dinner.
Buying a home is so much more than finding the perfect place, applying for a home loan and budgeting for a monthly mortgage payment -- it's thousands of dollars more than many homeowners expect.
In a growing number of cities, a significant portion of the population spends 40% or even 50% of income on rent alone. Indeed, SmartAsset's analysis of rent data across the country found that in many places, a family would need to earn six figures to afford average market rents.
Your loans were made at the height of the housing bubble, and looked like a great deal at the time. By using a HELOC as a "piggyback" second mortgage, you were not required to make a down payment or to purchase mortgage insurance.
This month, the Consumer Financial Protection Bureau (CFPB) published the article A closer look at reverse mortgage advertisements and consumer risks, which examines its study of advertisements for this product to older homeowners.
Remember your childhood summers when you held your breath underwater so long that your head felt ready to explode? For millions of homeowners in America today, being underwater too long has a different impact: they implode.
In recent years, I've watched many friends abandon the homes they thought would serve them until the end of their days. These friends had many -- and sometimes quite unexpected -- reasons for moving.
"I am too old and sick to be back out there on the streets. It kind of takes a toll on a person." These words, spoken to Kaiser Health News by a gentleman once facing homelessness and now in supportive housing, say it all.