How long is too long when it comes to financing a new vehicle? Apparently for many buyers there is no such thing as too long, provided the monthly payments are kept low. The average length of a car loan today is an astounding 70 months, up from about 62 months a year ago. On some higher-priced vehicles,...
10 auto loan mistakesAuto financing can come from one of several sources, including banks, credit unions, and auto dealerships. If you’re serious about buying a car, you need to investigate the various possibilities. Here are the top mistakes some people make when seeking and securing an automobile loan. 1. Not investigating...
How to know when to use a mortgage brokerIt’s a bad time to be an honest mortgage broker. In recent months, some of the biggest companies in real estate have decided to stop working with brokers. Chase won’t lend to brokers’ clients anymore. The PMI Group, one of the biggest companies in the mortgage insurance business, flat out refuses...
What you need to qualify for a refinance nowRates may be tantalizing, but be prepared to jump through many hoops. Refinance your mortgage now and you may capture the lowest interest rate of your lifetime. But unlike a couple of years ago, when it seemed all you needed was a pay stub (if that) and an eager mortgage broker, today’s process...
How much house can you afford now?The era of the McMansion is over, but how far exactly is the next step down? With the real estate market still in flux after the subprime mortgage crisis, many potential home buyers are confused over which listings they should be scouting. That’s because the math that once guided their decisions...