Refinancing

With rates at 4 percent or below for a 30 year mortgage, refinancing is on the mind of many, many homeowners. However, what is the best type of mortgage for you? Many people are tempted to refinance from a 30 year mortgage to a 15 year mortgage and while I would never discourage someone from trying to become "mortgage-free" as early as possible, sometimes committing to a 15 year mortgage is not the best move. First, the difference in rates between a 30 year mortgage and a 15 year mortgage is now not that great and, second, committing to a 15 year mortgage will usually dramatically increase a...

The city will save almost $2 million by refinancing bonds that paid for high school construction. In 1999, the city approved $143 million in bonds to renovate Nashua High School, which became Nashua High School South, and to build a second high school, now Nashua High School North. The city has refinanced $20.8 million of the bonds at a reduced interest rate of 2.04 percent over 12 years, saving about $1.9 million. -Tom Long

NEW YORK - The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners' ability to refinance their loans even as it was making it more difficult for them to do so, Jay Carney, a White House spokesman, said yesterday. The report came just as the Obama administration had been escalating its efforts to push Fannie Mae and Freddie Mac to ease conditions for homeowners, including those who owe more on their mortgages than their homes are worth.

Mortgage interest is just the beginning. Owning a home can provide some significant advantages when it's time to file your federal tax return. Most homeowners know that they can deduct the interest paid on up to $1 million in mortgage debt for their primary home. The interest paid on up to $100,000 of a home equity loan for the same home may also be itemized. In most cases, it's possible to deduct all of your mortgage interest, so long as you itemize your deductions. That opens up opportunities for other savings.

It’s easy to overlook the cost of auto loans. Yet rates on auto loans have edged lower. And car buyers who didn’t get the best terms in the past year or so can refinance their loans. Remember, dealers typically mark up the interest rates they get from lenders to make money. Dealers are leaning more heavily on auto loans for profits as shoppers get savvier about researching car prices online. That means refinancing could bring significant savings. Here’s a rundown: ?

The last time mortgage interest rates were as low as they are now you could buy a gallon of gas for 19 cents and a loaf of bread for 16 cents. So what’s turned the home loan clock back to 1951? The government’s attempt to fix an economy that seems stuck in first gear. One benefit of the Federal Reserve’s low-interest strategy is cheap loans. Borrowers can finance their home purchase for an average 4.2 percent on a 30-year fixed-rate loan, Freddie Mac reported. That means a homeowner with a $200,000 mortgage...

NEW YORK - Bank of America Corp., facing increased demand for mortgage refinancing amid government efforts to help struggling homeowners, is telling some customers to wait 90 days, said two people with knowledge of the policy. The bank began a system last week that asks people who call during high-volume times if they wish to be contacted again in 60 to 90 days, said the people, who requested anonymity because the bank has not revealed the measure. Customers with a checking account or who apply for a refinance at a branch are not subject to the...

With interest rates scraping historically low levels, Wellesley mortgage broker Chris Shedd is doing repeat business these days, helping a select group of homeowners refinance their loans for the second or third time to shave more dollars off already low monthly payments. In the mortgage industry they are known as "serial refinancers" - homeowners with enough income and property equity to save more money whenever rates dip. But Shedd said other customers aren't even trying to refinance.

Some 58 percent of homeowners who have mortgages - that's about 28 million households - pay interest rates that are higher than today's. Many could save thousands by refinancing. Are you one of them? Long-term savings Many homeowners refinanced again and again in the past two decades as interest rates on 30-year fixed mortgages fell from around 10 percent in the early 1990s to a national average of just under 4 percent in recent weeks. These historically low rates have created yet another opportunity to cut monthly mortgage payments or accelerate your home's...

The California company, which provides property, financial, and consumer data, increased its full-year guidance for 2011, to earnings of $290 million to $300 million, or 75 to 80 cents per share. Analysts, on average, estimated earnings of 60 cents. The adjustment reflects stronger-than-anticipated mortgage refinancing volumes and accelerated cost savings initiatives, CoreLogic said.

Some 58 percent of homeowners who have mortgages - that's about 28 million households - pay interest rates that are higher than today's. Many could save thousands by refinancing. Are you one of them? Long-term savings Many homeowners refinanced again and again in the past two decades as interest rates on 30-year fixed mortgages fell from around 10 percent in the early 1990s to a national average of just under 4 percent in recent weeks. These historically low rates have created yet another opportunity to cut monthly mortgage payments or accelerate your home's payoff by refinancing into a...

A legal war erupted Friday over earnings from Michael Jackson's estate with a former manager claiming a 15 percent stake and the singer's executors seeking to block any payments to the former adviser. Attorneys for Jackson's estate and Tohme R. Tohme filed dueling cases over the adviser's claims that along with Jackson's mother and three children, he is entitled to a sizable share of the singer's post-death earnings. The estate has earned more than $300 million since Jackson's June 2009 death.

NEW YORK - Bank of America Corp., facing increased demand for mortgage refinancing amid government efforts to help struggling homeowners, is telling some customers to wait 90 days, said two people with knowledge of the policy. The bank began a system last week that asks people who call during high-volume times if they wish to be contacted again in 60 to 90 days, said the people, who requested anonymity because the bank has not revealed the measure. Customers with a checking account or who apply for a refinance at a branch are not...

Higher sales of Jeeps and other new vehicles propelled Chrysler to its first annual net income since 1997, capping a pivotal turnaround that many thought would never happen. The U.S. automaker, now privately held and majority owned by Italy's Fiat SpA, earned $183 million last year, reversing a $652 million loss in 2010, its first full year out of bankruptcy protection. Just three years ago Chrysler was close to running out of cash and heading for the auction house. But a government-funded bankruptcy cut debt and expenses, and Chrysler spent last year rolling out 16 new or...

NEW YORK - The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners' ability to refinance their loans even as it was making it more difficult for them to do so, Jay Carney, a White House spokesman, said yesterday. The report came just as the Obama administration had been escalating its efforts to push Fannie Mae and Freddie Mac to ease conditions for homeowners, including those who owe more on their mortgages than their homes are worth.

President Barack Obama proposed a new program during his State of the Union address Tuesday to allow homeowners with privately held mortgages to refinance at lower interest rates. The program would cover both loans issued by government-controlled mortgage giants Fannie Mae and Freddie Mac and private mortgage lenders. Congress would have to approve it, a difficult hurdle. "There's never been a better time to build, especially since the construction industry was one of the hardest-hit when the housing bubble burst," Obama said.

Mortgage interest is just the beginning. Owning a home can provide some significant advantages when it's time to file your federal tax return. Most homeowners know that they can deduct the interest paid on up to $1 million in mortgage debt for their primary home. The interest paid on up to $100,000 of a home equity loan for the same home may also be itemized. In most cases, it's possible to deduct all of your mortgage interest, so long as you itemize your deductions. That opens up opportunities for other savings.

Executives of the parent company of the Indian-run Mohegan Sun casinos in Connecticut and Pennsylvania say business is getting better, but they would not give details on debt refinancing. Mitchell Etess, chief executive of the Mohegan Tribal Gaming Authority, said he is optimistic that the economy is recovering. Bruce "Two Dogs" Bozsum, chairman of the Mohegan Tribal Council, told investor analysts in a conference call yesterday that consumer spending, particularly for gambling and entertainment, is improving.

With rates at 4 percent or below for a 30 year mortgage, refinancing is on the mind of many, many homeowners. However, what is the best type of mortgage for you? Many people are tempted to refinance from a 30 year mortgage to a 15 year mortgage and while I would never discourage someone from trying to become "mortgage-free" as early as possible, sometimes committing to a 15 year mortgage is not the best move. First, the difference in rates between a 30 year mortgage and a 15 year mortgage is now not that great and, second, committing to a 15 year mortgage will usually dramatically increase a...

Bruised again by concerns about European debt, US stocks fell at the open, then regained ground. By the close, the Dow had pared its loss. A rally by banks and improving jobs data offset reduced profit forecasts at Target and J.C. Penney. Bank of America shares soared 8.6% amid talk the White House may introduce a new mortgage refinancing program.