Repay loans or invest in the market? What to do with a tax refund

I got a big tax refund this year and am trying to figure out what to do with the money. Right now I have school loans with a 4% interest rate that I do not need to make a payment on until 2024 with my current payment plan, but the amount I owe is pretty hefty and I know it's going to compound more over time. I also have a very low-interest car loan (1.9%) that will be paid off in 31/2 years. I also...

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Mortgages may be easier to get than potential home buyers believe

re you on the home-buying sidelines this spring because you think you won't be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment — they're lower than they were a year ago — and whether yours could now be good enough? You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer...

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First-Time Homebuyers Propel Existing Home Sales Higher

 U.S. home resales surged to a 5½-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter. The National Association of Realtors said Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009.That left...

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Types of Mortgage Lenders

An institution which is lending their own money and originating loans for itself is called a "portfolio lender." This is because they are lending for their own portfolio of loans and not worried about being able to immediately sell them on the secondary market. Because of this, they don't have to obey Fannie/Freddie guidelines and can create their own rules for determining credit worthiness. Usually...

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How Safe Is Your Personal Data When You Apply for a Mortgage?

You provide reams of personal and financial information to your mortgage lender when applying for a home loan or refinance. But how safe is this information? It's a legitimate question, and one that might give you pause as you're gathering copies of your paycheck stubs and tax forms as you're applying for a new mortgage. Brian Seibert, president of Michigan First Mortgage in Waterford,...

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