Tuesday, July 07, 2009

Check out HOA finances before buying condo

Thanks to the economic downturn, condominium prices are dropping across the country. But if the homeowners association is in the red, a condo that looks like a steal can quickly become a money pit, leaving buyers on the hook for a lot more than they had bargained.

Read the article at Bankrate.com

Friday, July 03, 2009

Mortgage rates drop again

The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.7 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 6.53 percent; four weeks ago, it was 5.65 percent.

The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 5.07 percent. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 5.17 percent.

Read More at Bankrate.com