Word: loan
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Dates: during 1990-1999
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...right, there is no uniform definition. By TIME's definition, it is this: any action by local, state or federal government that gives a corporation or an entire industry a benefit not offered to others. It can be an outright subsidy, a grant, real estate, a low-interest loan or a government service. It can also be a tax break--a credit, exemption, deferral or deduction, or a tax rate lower than the one others...
...best websites: HSH Associates hsh.com) which has a simple work sheet and shows current rates (including points) for lenders in each state; Bank Rate Monitor bankrate.com for current rates; E-loan eloan.com and Lending Tree lendingtree.com for comparing options. The last two sites allow you to apply for a loan online. But I think once you've done some homework, it's best to turn to a good mortgage broker. I like having someone to make sure I've considered all options, and who will use his relationship with lenders to push along the process. Your broker may be able...
...time to refinance? That depends on the mortgage rate you're paying and the length of time you think you'll stay in your home. If you'll be moving soon, forget it. And if you'll need a "jumbo" mortgage (a loan amount higher than $227,150), rates may not have moved low enough. Today, a 30-year fixed jumbo rate is about 7.25%, vs. only 6.75% for smaller mortgages. (I'm not convinced, by the way, that risks to lenders warrant that kind of premium. And with home values rising, the all-powerful, government-supported mortgage buyers, Fannie...
...general, if you are going to stay put for least three years and can shave your rate a half-point without paying closing costs, refinancing now makes sense. I would first consider a loan with no closing costs. Sure, you could get a lower interest rate and lower monthly payment by paying thousands of dollars in points and fees up front. And if you can recover those costs in less than half the time you'll be staying in the house (but no longer than four years), it's not a bad choice. Also, if you plan to move...
...losing any closing costs. The macro bet is to get a one-year, adjustable-rate mortgage. But ARM rates aren't low enough, and I'm opposed to making a macro bet with my home. I could, gulp, be wrong about rates. If I'm right, though, the smart loan is one without closing costs. The time to buy down your rate by paying points and fees is when market rates are poised to trend up, and that won't be until after a recession or severe slowdown...