Freddie Mac Works to Help Service Members, First Responders Buy Homes

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Freddie Mac recently announced that HomeSteps, the Freddie Mac REO sales division, will team up with St. Joseph Homeownership on August 8 to hold its second annual American Heroes Housing Fair and Open House in Jacksonville, Fla. Freddie Mac is one of the nation's largest sources of affordable mortgage funds for America's borrowers. The American Heroes Housing Fair and Open House is free and open to active and retired service members, educators, firefighters, police, first …

Mortgage Applications Report Little Change

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Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 17, 2015. The Market Composite Index, a measure of mortgage loan application volume, increased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.4 percent compared with the previous week. The Refinance Index decreased 1 percent from the previous …

Q: Are There Such Things as No-Cost and No-Fee Loans?

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A: You see promotions for them all the time.  But banking regulators have gone after lenders who misrepresent these loans.  The reality is that no-cost and no-fee loans may actually cost the borrower more over the long term because costs are often hidden by rolling them into the new loan through higher principal or interest. The rates on no-cost loans are usually about 1/2 or 5/8 of a percentage point higher than the "full cost" …

Q: Which Is Better, a 15-Year or 30-Year Loan?

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A: The 15-year mortgage offers you a chance to save thousands of dollars over the life of the loan. This is because the interest rate is typically lower and amortization is half that of the 30-year loan, which means that the total interest paid on the 15-year note, as compared to a 30-year note, is significantly less because of the shorter borrowing period. Put another way, a 15-year loan accrues principal much more quickly than …