"I RECEIVED A NOTICE STATING THAT MY ESCROW ACCOUNT IS PROJECTED TO HAVE A SHORTAGE AND I NEED TO MAKE A PAYMENT TO MY LOAN PROVIDER. WHAT DOES THIS MEAN AND WHY DID THIS HAPPEN?” When you started with your new mortgage, an escrow account was set up to manage payments of property taxes and homeowner’s insurance. Since the amount paid on taxes and insurance can fluctuate from year to year (or quarter to quarter, in some cases), the account may fall short of the required amount

"I RECEIVED AN OFFER IN THE MAIL TO TRANSFER MY EXISTING CREDIT CARD BALANCES TO A NEW CREDIT CARD WITH A LOW INTEREST RATE. IF I DO THIS, WILL IT AFFECT MY CREDIT SCORE?" It can affect your credit and credit score, but to what degree can vary. First of all, make sure you read the fine print as some banks charge you for balance transfers and the low rate may only be for an introductory period. As for affecting your credit, the age of your credit accounts is a part of your cre

For more information on the Equifax data breach, visit Equifax’s dedicated website at https://www.equifaxsecurity2017.com or talk to your mo

Now that the traditional buying and selling season is winding down, let’s take a look at mortgage interest rates over the past few months. For the most part, the interest rates on a 30-year fixed-rate mortgage and on a 15-year fixed-rate mortgage have been fairly steady throughout the summer months. As you can see in the chart below from Freddie Mac’s Primary Mortgage Market Survey, the rates have fluctuated only 0.17 percentage points on the 30-year fixed-rate and only 0.14

"I’M BUYING A NEW HOME AND MY MORTGAGE BROKER RECOMMENDED A SETTLEMENT COMPANY FOR MY CLOSING. DO I HAVE TO USE THIS PARTICULAR COMPANY OR AM I FREE TO CHOOSE MY OWN?" Although you are under no obligation to use a specific settlement company or closing agent (also known as an escrow agent), there’s a reason that brokers work with certain settlement companies. Often, brokers (and lenders) work together with certain other professionals such as real estate agents, real estate at

"THE OWNER OF THE HOME THAT I’M RENTING HAS DECIDED TO SELL AND I’M VERY INTERESTED IN BUYING THE HOME. HOW DO I GO ABOUT DOING THAT? DO I NEED TO HIRE A REAL ESTATE AGENT?" If you want to buy the home, you should approach it like you would any real estate transaction, which includes hiring a real estate agent. The process of buying a home that you’re currently renting may seem simpler than a “normal” home purchase, but problems can arise and having an experienced agent is a