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Mortgage rates fall to yet another record low

(CNN) Mortgage rates fell to another record low last week, for the 15th time this year. The average interest rate on a 30-year fixed-rate mortgage dropped to 2.67%, according to Freddie Mac. That’s the lowest level in the nearly 50 years of the mortgage giant’s survey. The 15-year fixed-rate mortgage dropped to 2.21%. This new low comes as […]

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I thought refinancing my home could save me money, but after doing the math I found it wasn’t worth it after all

[Business Insider] I recently considered refinancing the mortgage on my new home but ultimately decided against it because the math didn’t make sense.If I rolled closing costs into my new loan, my monthly payment would have gone up.I considered paying the closing costs up front, but a formula showed me I wouldn’t reach my break-even […]

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My parents lived by 4 money rules that helped them buy land, give back to their community, and retire comfortably without debt

[Business Insider] My parents had four pillars that guided their financial decisions: invest in yourself, spend according to your values, march to the beat of your own drum, and give back to your community.These pillars helped them buy land and maintain a working farm that fed our family, grow their money through low-cost investing in […]

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3 signs you’re good with money, according to a financial planner

[Business Insider] Being “good” with money isn’t a right or wrong question. It’s more about how you think about your money.One sign that a person is good with money is an understanding of asset protection — if you have the right insurances in place, I know you’re thinking about the future.Understanding inflation and investing your […]

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Black Homeowners Pay $13,464 More on Their Mortgages, Study Says

[Bloomberg] The ‘Black tax’ persists because of risk-based loan pricingPolicy makers can reverse the negative impact, co-author saysBlack borrowers pay $13,464 more over the life of a home loan, with interest, mortgage-insurance and tax expenses higher than for their White counterparts, further hurting African Americans’ ability to save for retirement, according to a new study. The […]

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How to negotiate a better mortgage rate

[Fox Business, iStock] As a soon-to-be homeowner, one of the most important steps of buying a home is securing an affordable mortgage rate. To secure the lowest rates, you may have to negotiate. With that in mind, there are things home buyers should do when negotiating your mortgage rates. Armed with this knowledge, you should be able to use […]

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Mortgage Rates Today, October 12, 2020 | Rates dip

[BankRate] Multiple benchmark mortgage rates receded today. The average rates on 30-year fixed and 15-year fixed mortgages both trended down. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, advanced. Mortgage rates are constantly changing, but they continue to represent a bargain compared to rates before the […]

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Killer Mike’s new Black-owned bank receives ‘tens of thousands’ of account requests in less than 24 hours

New York (CNN) A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers. Greenwood was created by Bounce TV founder Ryan Glover and his close friend, rapper-activist Michael “Killer Mike” Render. The leadership team at Greenwood, which includes former Atlanta Mayor Andrew Young, unveiled their new platform […]

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Mortgage rates set another record low, sparking new strength in refinances

[CNBC, GETTY IMAGES] Refinance volume surged to the highest level since mid-August as mortgage rates dipped to 3.01%.Refinances jumped 8% last week and were 50% higher than a year ago, according to the Mortgage Bankers Association.Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call […]

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