Recent News and Articles on the Keywords: pros + cons + mortgage  Related to the article below (Last Update: 8/4/2008)

Experts to Baird: Housing bill has pros, cons The Columbian, WA - Advocates said they see both pros and cons. The Housing and Economic Recovery Act of 2008 could indeed save many homeowners from foreclosure, ... Steer clear of cons on CraigsList KVBC, NV - A mortgage broker in Pahrump had a similar incident occur involving one of their listings - different backstory, but the same con. Mortgage Broker Lisa Bond ... Los Angeles Times Should you buy a home now? Los Angeles Times, CA - Aug 3, 2008 Experts offer pros and cons. By Peter Y. Hong, Los Angeles Times Staff Writer Southern California median home sale prices are down about 30% from their peak ... Housing Bill Pros and Cons, Bush to Sign It After Senate Vote InjuryBoard.com, FL - Jul 25, 2008 On top of that, lenders will have to wait a year before raising interest rates on a mortgage held by someone returning from military service. ... The Pros and Cons of Paying Cash for a House RightSide Advisors, CA - Jul 29, 2008 --The interest rate on a mortgage is higher than what you can earn on your other investments. --The amount of savings you get from an all cash deal versus a ... Beaches notebook: Seminar explores pros, cons of reverse mortgages Tampabay.com, FL - Jul 22, 2008 By Lorrie Lykins, Times correspondent A public seminar covering the pros and cons of the FHA government Reverse Mortgage Program is Thursday at the Gulf ... Dodd for VP: Pros and cons Connecticut Post, CT - Jul 12, 2008 Mortgage VIP: Within hours of Dodd's name being floated, Republicans were issuing press statements blasting him for refinancing properties through ... State mortgage regulator no fighter for ban on ex-cons MiamiHerald.com, FL - Jul 28, 2008 Despite a claim that he has been 'proactive' in trying to bar ex-convicts from the mortgage business, The Miami Herald found that Don Saxon made no serious ... Editorial: Officials were asleep at the mortgage wheel Pensacola News Journal all 51 news articles » The veep question Los Angeles Times, CA - Jul 25, 2008 Pros: A prominent Hillary Rodham Clinton supporter, he would symbolize another step toward party unity and could help Obama win Indiana. Cons: He is more ... City watchdog sinks teeth into mortgage fraudsters Scotsman, United Kingdom - Jul 26, 2008 ... 31 didn?t adequately check earnings and outgoings, and half didn?t discuss the pros and cons of interest rates, fees or the mortgage term. ...

Pros, cons of interest-only mortgages

Tax-deductible interest a plus for short-term owners

My wife and I missed the mortgage refinancing "boat." We thought interest rates would drop further. Instead, they went up. But a mortgage broker friend suggests we instead get one of the new "interest-only" mortgages to keep our payments down. He showed us how our monthly payment will be less than if we refinance with an amortized mortgage. What do you think about the new interest-only mortgages? – Thomas V.

DEAR THOMAS: I especially like interest-only mortgages for investment properties, such as rental houses and apartments. The reasons include (1) minimum monthly mortgage payments; (2) the entire payment is tax-deductible interest; and (3) the low payment maximizes cash flow from the rental property.

But your situation as a homeowner is a bit different. If you plan to stay in your home a long time, you probably want to build equity and eventually own the home free and clear when you are a retired "old geezer."

However, if you and your wife expect to stay in the home less than 10 years, an interest-only mortgage might be ideal. The primary reason is there is very little mortgage equity build-up during the first 10 years of a mortgage and every payment is fully tax-deductible itemized interest.

LOW CONDO MONTHLY FEES DECEIVED CONDO BUYER

DEAR BOB: I bought my condo just a little over a year ago. One of the main reasons for my purchase was the ultra-low monthly homeowners' dues of only $180. But at a recent monthly meeting of the homeowner's association, we learned the dues need to be raised to pay for maintenance and reserves. My monthly fee will increase to $280. Being the newcomer, isn't there some law against such a high increase? How could 30 presumably sane condo owners have let the situation get so out of control the dues had to be jacked up so much? – Tommy T.

DEAR TOMMY: Consider yourself fortunate you got to enjoy the low monthly fee for a year before the substantial increase. Before purchase, you should have reviewed the condo association financial statements and reserve accounts. You should also have read the monthly homeowner association meeting minutes for at least six months to see if there was any discussion of a dues increase.

Depending on what services are included in your monthly condo fee, although you probably don't think so, you still have a reasonable monthly fee. Your situation provides a valuable lesson to ask lots of questions before buying a condo.

NEWLYWEDS (AGE 82 AND 76) ASK ABOUT HOME TITLE

DEAR BOB: I am 82 and my wife is 76. We have been married three years. Her home suited our needs much better than mine so we reside in hers. To simplify bequeathing the home to her children, we left the title in her name. If she dies first, I can remain in the home for two years after her death. If I die first, she gets my social security survivor's benefit plus a pension from her former marriage and a nursing home policy. Are there any pitfalls to our current arrangement? – Henry G.

DEAR HENRY: If your wife dies first, it would be better if her will or living trust provides a life estate for you to remain living in the house as long as you wish. Two years can go by very fast. What will you do if you are in poor health when her children force you to move out? Heirs can be very cruel, especially when they see money waiting.