- What Is a Quitclaim Deed and How Does It Work?
A quitclaim deed sometimes referred to as a non-warranty deed is a document used to transfer interest in a property. Common terms utilized alongside quitclaim deeds are “grantor” and “grantee.” In this context, the grantor is the one transferring the ownership… read more…
- What Is the VA Funding Fee for 2026?
A VA loan could be a great financing option for a veteran looking to become a homeowner. These loans often give active and former service members the opportunity to buy homes without making a down payment or paying for mortgage… read more…
- What Is a Jumbo Loan?
A jumbo loan is a type of mortgage designed to finance high-value homes that require loans above the standard conforming loan limits. These limits are regulated by the Federal Housing Finance Agency (FHFA). They vary by location, but for most of the U.S., the 2025 limit currently stands at $806,500 for one-unit homes. Jumbo loans are not… read more…
- How Do Bond Loans Work?
Low- and middle-income families who want to buy homes may be able to get a bond loan. State and local authorities issue bond loans to subsidize the cost of becoming a homeowner for those who meet certain income requirements, either… read more…
- What Is Private Mortgage Insurance (PMI)?
Scrounging up the money for a standard 20% down payment on a home can be a challenge for some. If you fall short of this prespecified amount, you will likely encounter private mortgage insurance, or PMI. PMI is there to… read more…
- Choosing a Mortgage Term: 15-Year vs. 30-Year
Choosing a mortgage is an integral part of the home buying process. Opting for a 15-year mortgage term instead of the traditional 30-year term seems like a smart move, right? Not necessarily. Going with a shorter mortgage term does have… read more…
- How to Refinance a Mortgage
When you refinance a mortgage, you take out a new loan to pay off the old one. This time, you aim for a lower interest rate and better terms. However, refinancing a mortgage can be a risky process. It’s important… read more…
- Your Mortgage Preapproval Checklist
To get preapproved for a mortgage, you’ll need a few documents detailing your income, assets and debt obligations. This helps banks and other mortgagees determine exactly how much they’re willing to lend you. Getting mortgage preapproval also helps you understand… read more…
- What Is a Subprime Mortgage, and Who Should Get One?
A subprime mortgage is a type of home loan issued to borrowers with low credit scores (often below 640 or 600, depending on the lender). Because the borrower is a higher credit risk, a subprime mortgage comes with a higher… read more…
- What You Should Know About Fannie Mae Loans
When you’re buying a home, there are multiple ways that you can go about paying for it. You can secure a mortgage by finding a bank or credit union in your area that offers home loans. There are also plenty… read more…
- What Is a Mortgage and How Does It Work?
Buying a home can be both an amazing and stressful process at the same time. But tackling the huge expense of a home in one fell swoop is often difficult for an individual or family to handle. That’s where mortgages… read more…
- How to Choose a Mortgage Broker
A mortgage broker is a third party who helps potential homebuyers get the best possible rate when securing a loan to buy a home. Instead of going to each lender for a rate quote yourself, a mortgage broker does the… read more…
- Pros and Cons of a Balloon Mortgage
Your balloon mortgage loan might have seemed like a good idea when you first applied for it. Maybe it meant that your monthly mortgage payments have been lower so they fit into your budget. But now your mortgage balloon payment is… read more…
- Mortgagee: Is It the Bank or the Homebuyer?
Unlike an employee, escapee or trainee, a mortgagee is not a person. Instead, a mortgagee is the bank or credit union that loans money for the purchase of a home or property and holds the property title until the loan… read more…
- What’s the Difference Between a Mortgage APR and an Interest Rate?
A mortgage interest rate is the cost of borrowing money. It’s given as a percentage. A mortgage annual percentage rate (APR) is the interest rate plus other costs associated with a mortgage, including discount points and lender fees. This is why an APR is typically higher than the simple interest rate. It is important to have… read more…
- What’s the Difference Between a HELOC and a Home Equity Loan?
With homeownership comes home equity. Both home equity loans and home equity lines of credit (HELOCs) use the equity you’ve built up to help you pay off big expenses. You can use these loans to tackle credit card debt, tuition… read more…
- What Is a Mortgage Prepayment Penalty?
When you take on a mortgage loan, you may be so laser-focused on reducing your debt load that you get overeager and make payments ahead of schedule. But your exuberance and diligence can actually have a negative effect. If you… read more…
- What Are Gift Letters for a Mortgage?
When it comes to owning a home, shouldering the burden of a hefty down payment and paying off your mortgage over many years can be daunting. For that reason, it would be pretty hard to turn down a generous cash gift a few months prior to securing your mortgage. But how do you take this cash and… read more…
- What Are the Requirements for a Construction Loan?
If you’re looking to build your dream house or tackle a renovation, you may want to secure a construction loan. This describes a sum of money you receive to help finance your building costs. But borrowing money in this way… read more…
- Jumbo Loan Limits for 2026
When you’re securing a loan for a particularly expensive house, a regular mortgage may not suffice. For 2023, if your required loan amount surpasses the $726,200 conforming loan limit set by the Federal Housing Finance Agency (FHFA) in most counties, then… read more…
- What Is a Balloon Loan?
Typically when you buy a home and can’t afford to pay the full price up front, you get a mortgage. You make a down payment first, and then you’ll make loan payments every month over a number of years based… read more…
- How Do Construction Loans Work?
Buying a home is no small decision, but when it comes to building a home, the stakes are even higher. Between finding the right contracting company, meeting building codes and figuring out your mortgage payments, building your home can quickly become a… read more…
- What Is a USDA Loan, and How Can I Qualify for One?
USDA loans are low-interest mortgages with zero down payments designed for low-income Americans who don’t have good enough credit to qualify for traditional mortgages. You must use a USDA loan to buy a home in a designated area that covers… read more…
- Pros and Cons of Making Biweekly Mortgage Payments
When you have a mortgage, at some point you may decide to try and pay it off early. One option to consider is a biweekly (every two week) payment plan. With biweekly mortgage payments, you make 26 half-payments a year, which… read more…
- Understanding HISA Grants
Military veterans with disabilities have access to special government grants. One such grant is the Home Improvements and Structural Alterations (HISA) grant, which veterans with disabilities can use to make their homes accessible. Read on to find out more about HISA… read more…