Open Question: If the Fed drops the int. rate, how soon before the consumers reap the rewards in re. to a Mortgage?

Plz explain the meaning of mortgage in this context:
"The man sends his paycheck to the bank for the mortgage payment on his house."

Thanks.
more...

Open Question: Taking too long to refinance!!?

I started the refinancing process August 4th. Appraisal has been done, paper work done, lots of documents signed and sent. And here we sit. No word from the mortgage company.......waiting waiting waiting. I was told we'd close by the end of August. Nope. Now we're being told we'll close by the end of September. I ended up paying August's late, and September is quickly becoming close to past due. Our taxes are also due and will be paid with our "new" mortgage. I call the refi company at least once a week. My calls are seldom returned. I was told by them "no news is good news", and they even told me I can cancel and try to go with another company if I wanted. I found that rude. As time ticks on I hate to have to start from scratch with another company. I really need some advise!! I feel like I am being bullied. Help!

Open Question: Who will give a Mortgage loan for a credit score of 613?

please help me find a loan program that help people with 613 score
more...