Free Republic

I have tried to devise the absolute worst mortgage loan that I can imagine. Fortunately, this loan is nothing more than a figment of my imagination -- at least, as far as I know. But take a cynical guy like me with a looming deadline and this is what you get. This fictional loan would contain many of the elements that appeal to borrowers hemmed in by affordability. Like today's option, adjustable-rate mortgages, borrowers would be able to choose an interest-only payment or even a minimum-payment option. While the borrower is lured by the minimum payment, what results is a...

THINKING OF REFINANCING your mortgage? Welcome to the club. With mortgage rates so low over the past few years, the question hasn't been "should you refinance?" but "when"? While conventional wisdom once said you had to shave at least 2% off your loan in order for refinancing to make sense, these days it could be worthwhile with an interest reduction of just 0.75%, says Doug Perry of Countrywide's consumer-markets division. That's because soaring home values, increased competition and automated underwriting (which can approve or reject your refi application in a matter of minutes) have made refinancing quicker, easier and potentially...