With the media telling us 'The Sky is Falling', should you rent, or should you buy? Let's take a minute to find out - SHOULD I RENT, OR SHOULD I BUY?

Bank of Albuquerque Mortgage What Are Piggyback Loans? Depending on the lender or broker you’re talking to, Piggyback loans are also called: a. Combo Loans b. 80/10, 80/15, 80/20, 75/25 loans Piggyback loans combine a 1st mortgage (usually 75 - 80% of the appraised value, to avoid PMI), with a “piggyback” 2nd mortgage (usually 10%, 15%, 20% or 25% of the appraised value). Both loans are closed at the same time, and through the same lender (at least in our case). Because the loans are closed at the same time through the same lender, usually the closing costs on the 2nd mortgage are minimal. Remember, because you have two mortgages, you will have two mortgage payments instead of one. What's the Advantage of a Piggyback Loan? Piggyback loans can be used effectively in three different ways: 1. Avoiding PMI charges. This is far and away their most popular use. PMI insurance is charged on any conventional 1st mortgage loan that exceeds 80% of the appraised value. By keeping th...

Improvement in Mortgage Market Bodes Well for Housing in 2008 WASHINGTON, October 10, 2007 - Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said. Yun said it’s important to place the current housing market in perspective, and that 2007 will be the fifth highest year on record for existing-home sales. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year – a lot of people are, in fact, buying homes,” he said. “One out of 16 Amer...