The News Review:
- Mortgage Refinancing
- Many Georgia mortgage holders still struggling to pay
- Milpitas mortgage brokers convicted in fraud
Mortgage Refinancing
Food Consumer, IL
But before deciding, you need to understandall that refinancing involves. Your home may be your most valuablefinancial asset, so you want to be careful when choosing a lender orbroker and specific mortgage terms. Remember that, along with thepotential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create anew one.
Many Georgia mortgage holders still struggling to pay
Atlanta Journal Constitution, USA
Esther Smith, a retired employee of the U. Department of Housing and Urban Development, said she likewise had trouble finding help when she realized several months ago that she couldn’t find the mortgage broker that sold her an adjustable-rate mortgage. She wanted to refinance before the interest rate reset next August from 7. 49 percent, and higher later on. “If it goes up, I’ll be up a creek,” she said of the monthly mortgage payment, which ultimately was set to jump by $724.
Related: World in Brief
Milpitas mortgage brokers convicted in fraud
San Jose Mercury News, USA
Through their business, Summit Mortgage One, Esperanza Valverde, 41, and Herman Covarrubias, 40, used telemarketers to prey on Latino homeowners, said Santa Clara County Deputy District Attorney Yen Dang. Homeowners were told they qualified for low-interest refinance loans but were not informed of the commissions, 3 to 5 percent on every loan, that Valverde and Covarrubias charged, or that the rates on the loans were fixed for a couple of years only, Dang said. Borrowers also weren’t given copies of the loan documents until after the loans had closed. “They’re not alone in this,” said Dang, who is in the DA’s Consumer Protection Unit. “This is why our economy is in crisis right now, the people who engage in this type of thing. “The two brokers are to be sentenced Dec.
Related: World in Brief