The Truth In Lending Act requires a bank to disclose the interest rate on your mortgage, but it must also give you another piece of information:  the APR, or Annual Percentage Rate, which is always different.  So, how is this different from the actual rate the bank is charging you?  And why? The interest rate [...]

Borrowers will be seeing higher risk fees for home loans through Fannie Mae and Freddie Mac, including homebuyers with good credit. It’s the first time Fannie Mae and Freddie Mac have ever applied risk fees to borrowers with FICO scores of 740 or higher. Homebuyers can qualify for a fee waiver or a lower risk [...]

The Federal Open Market Committee, in a meeting on Tuesday, set a target for the Federal Funds rate of 0 – 0.25%, the lowest rate on record. This is a sign that the Fed is willing to go to nearly any extent to see that our current economic situation reverses itself. We’ve reported in the [...]