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Don't Fall for these 10 Mortgage Misconceptions

Mortgages are tricky and often hard to understand. Because most people only purchase a home every five to seven years, prospective home buyers understandably don't spend a lot of time in the interim educating themselves about mortgages and the mortgage process.With the real estate market picking up and mortgage rates prime for refinancing, Zillow has compiled a list of common mortgage misconceptions based off the results of the just released 2013 Mortgage IQ Survey.Misconception No. 1: Your interest rate reflects the true cost of your mortgageYour annual percentage rate (APR) is actually the figure that represents the true cost of your mortgage. It is inclusive of your interest rate, points, mortgage insurance (when applicable) and other fees, including origination and underwriting fees. It does not include the cost of your homeowners insurance policy. The APR is typically higher than your interest rate because it incorporates the rate and the fees. In fact, when shopping for a mortgag...

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  1. How to Make $40,000 Credit Card Debt Disappear

    Dear Debt Adviser, I was reading an article on debt and found your column. I need help. I have about $40,000 in credit card debt, and I'm one month behind on my mort...

  2. Tax Help for Underwater Homeowners

    If you're one of many homeowners who paid top dollar for your home and are still waiting for the price to recover, don't forget about an important tax break. Mortgag...

  3. Why Real Estate Agents List Their Own Homes

    Doctors shouldn't treat themselves, and there's that old adage about how any lawyer who represents himself has a fool for a client; but when it comes to selling thei...

  4. Mortgage deal brought homeowners $45 billion in relief

    Five top U.S. banks have given $45.8 billion worth of relief to struggling homeowners under a 2012 federal-state settlement to resolve mortgage abuses, according to ...

  5. Garmin Triggers Circuit Breaker As Stock Sinks 10%

    Shares of Garmin Ltd. sank over 10% on Wednesday, triggering Nasdaq's short-sale circuit breakers which are designed to shield stocks from being manipulated by short...

  6. Friend or Foe? Mortgage Rules Show Two Faces

    The home loan industry will soon have to adapt to new mortgage rules that will offer borrowers much needed protection against lender abuses and reckless lending stan...

  7. Short Sale or Bankruptcy for Mom with Dementia?

    Dear Bankruptcy Adviser,My dad passed away, and we cannot afford to pay the mortgage on a home he bought five years ago as a second home. Our mom is alive but has de...

  8. Best Day and Month to List Your House

    Redfin CEO Glenn Kelman gives helpful clues on how to get the best price for your house

  9. Objectors to $8.5 billion pact challenge BofA mortgage modifications

    NEW YORK/CHARLOTTE, N.C (Reuters) - A group of mortgage-backed securities investors says Bank of America Corp failed to buy back more than $30 billion in loans from ...

  10. Dow at Session High

    FBN's Nicole Petallides on stocks impacting the afternoon markets.

  11. Apple Shares Fall As Slowing Growth Builds On Investor Concerns

    Apple Inc. (AAPL) shares fell as much as 12% Thursday as slowing revenue and profit growth further fanned investor concerns about the company's momentum and consumer...

  12. Apple Drops 12%, Trips Short -sale Circuit Breaker

    Apple Inc. shares dropped 12% at the start of trading Thursday, triggering a stock exchange circuit breaker designed to slow short sales of falling stocks. Shares of...

  1. Are There Options Besides Walking Away from Home?

    Dear Real Estate Adviser,We bought at the height of the market in 2006. We have an interest-only loan and our payments are affordable for now, but we desperately nee...

  2. Can I Get a Home Loan After a Short Sale ?

    The dream of homeownership doesn't have to end when you sell your home through a short sale. Underwater homeowners, who sell their homes for less than what they owe,...

  3. How to Speed Up the Short Sale Process

    Don't let the name fool you: buying a home through a short sale can take several months, and buyers need to be prepared for the process.Short sales aren't taking as ...

  4. Rent vs Sell? 4 Questions to Ask to Make the Right Decision

    The recovering housing market has many people looking to move, but current homeowners might be confused on whether it's better to rent or sell their current home.The...

  5. Damaged Credit: Can you Sue?

    If your credit has been damaged and it isn't your fault, you may be able to sue -- and possibly collect a large settlement.While holding others accountable for inacc...

  6. Why Do Short Sales Take So Long?

    It's a question many real estate agents hear from clients: Why do short sales take so long?Despite improving real estate markets, short sales and foreclosure sales w...

  7. Should You Worry About Zombie Foreclosures?

    Dear Bankruptcy Adviser,I have already filed Chapter 7 and have debts discharged. I've included my home in the bankruptcy. I received a letter from the lender's atto...

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