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Mortgage News for Sunday - February 20, 2005

More Mortgage News
• Everyone deducts mortgage interest, but here are 10 tax breaks homeowners often overlook
• Mortgage foreclosures decline in ’04 after 6-year rise
• Class-action lawsuits allege mortgage giants Freddie, Fannie padded fees
• We should care what happens to subprime consumers
• Procrastinating on Taxes Can Be Costly
• Spring is the time for shopping mortgages and refinance mortgage
• Eliminating the principal: Interest only mortgages work for some but have downsides
• Home ownership tips could save big money
Mortgage News
Eliminating the principal: Interest only mortgages work for some but have downsides - 2005-02-20
The home of your dreams could be an "interest-only" loan away, but pundits say such mortgages could be a setup for disaster.

Interest-only mortgages are set up so the borrower pays only the interest on a home loan, typically for a fixed period of time, reducing monthly payments by eliminating the principal.
Read the full story at Deseret News
 
Home ownership tips could save big money - 2005-02-20
Ah, home ownership - the renovation projects, the yard work and, yes, the paperwork. Over the next few months, why not try to accomplish the following 10 goals involving the finances of your biggest investment?

1. CONSIDER ADJUSTING. Do you hold a 30-year, fixed-rate mortgage? If you know you'll be in your home for only a few more years, you could greatly reduce your monthly payments by switching to an adjustable rate mortgage, or ARM.
Read the full story at St. Petersburg Times
 






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