- What Is Landlord Insurance?
Say you own an investment property that you rent out to tenants. You probably want some form of insurance coverage for your property. Landlord insurance rolls multiple forms of coverage into one policy. It covers things like property damage, rent… read more…
- What Is a Land Loan, and How Do You Get One?
A land loan is an option for prospective homeowners who want to buy a piece of land and then build their own home there. Land loans aren’t as common as mortgages, so you may have to shop around a bit to… read more…
- All About Lender-Paid Mortgage Insurance
Don’t have enough cash for a down payment? If you can’t put at least 20% down on a house, you might have to pay for private mortgage insurance. Luckily, there are ways to get around that. One solution is to find out whether you qualify for lender-paid mortgage insurance. Depending on your arrangement, lender-paid mortgage… read more…
- 6 Mistakes to Avoid When Paying Off Your Mortgage Early
If you can afford to pay off your mortgage ahead of schedule, you’ll save some money on your loan’s interest. In fact, getting rid of your home loan just one or two years early could potentially save you hundreds or… read more…
- 4 Questions to Ask Before Getting an Adjustable Rate Mortgage
Before you can apply for a home loan, you’ll need to choose a mortgage product. Fixed-rate mortgage loans are popular among first-time homebuyers. But to some people, an adjustable rate mortgage (ARM) might seem more attractive. If you’re thinking about… read more…
- 3 Reasons to Avoid Changing Mortgage Lenders
Working with a mortgage lender isn’t always easy. Some of their decisions might even annoy you. For example, if your lender keeps pushing back your closing date or changing your loan terms, you may be wondering whether it’s okay to… read more…
- How Does Your Mortgage Grace Period Work?
Making on-time mortgage payments is a must if you want to stay on your lender’s good side. But many first-time buyers don’t realize that you have a certain amount of wiggle room in which to pay. Mortgage contracts often come… read more…
- 5 Factors Mortgage Lenders Will Likely Consider
Things have tightened up in the housing market since the housing crisis and lenders are looking at mortgage applications more closely. Lenders consider many factors before deciding whether to approve applicants. Once you know what they’re looking for, you can boost your… read more…
- Should You Escrow Property Taxes and Insurance?
Escrow accounts help homeowners set money aside each month to cover insurance premiums and property taxes. When the bills for these come in each year, the mortgage lender uses money in the escrow account to cover the payments. So you… read more…
- Are You Eligible for a Principal Reduction Modification?
If you’ve been struggling to pay a mortgage loan backed by Fannie Mae or Freddie Mac, relief may soon be on the way. The Federal Housing Finance Agency (FHFA) recently announced that it would roll out its Principal Reduction Modification… read more…
- 5 Ways to Avoid Getting Ripped Off By Mortgage Brokers
Enlisting the help of a mortgage broker can make the home buying process run more smoothly. Brokers connect buyers with lenders so they can secure the most favorable mortgage loan terms possible. While they have a financial incentive to help… read more…
- How Mortgage Amortization Works
If you’re a homeowner and you’ve begun the process of paying off your mortgage, you’re dealing with something called mortgage amortization. Amortization is the act of eliminating debt by making regular payments over time according to a set schedule. Having… read more…
- What to Know About Getting a Second Mortgage
Homeowners who have enough equity in their homes may be able to take on second mortgages. Getting a second mortgage can be beneficial to someone who might need to use the money to pay off outstanding debts or remodel their home. At the same time, it can also be a risky move. Before you start… read more…
- What Does a Real Estate Attorney Do?
In certain states, you can’t buy or sell a house unless a real estate attorney is present. So unless you live in a place like Georgia, Vermont, Kentucky or Maine, for example, you might be wondering whether you need to… read more…
- All About the Affordable Loan Solution Mortgage
Industry standards say that homebuyers should expect to make at least a 20% down payment. In reality, however, not everyone can afford to do that. Down payment assistance plans and mortgages with zero or low down payments can relieve some… read more…
- Pros and Cons of Getting a Mortgage Online
Taking on a mortgage is a major financial responsibility. But oddly enough, nearly half of homebuyers don’t take the time to shop around for the right lender, according to the Consumer Financial Protection Bureau. In addition to traditional banks and… read more…
- What Are HUD Loans?
HUD loans are part of a vast network of government programs designed to make homeownership a reality for low-income Americans with less than favorable credit. However, you have to meet certain requirements. We’ll tell you all you need to know… read more…
- The Pros and Cons of a Piggyback Mortgage Loan
For many homebuyers, a conventional 30-year mortgage with a fixed rate makes the most sense. However, sometimes you want to buy a home and you won’t have the right circumstances to qualify. In certain situations, such as not having enough… read more…
- All About Home Improvement Loans
So you’ve found yourself a home you can afford to buy. Nice work! But if the home you’ve purchased is an older home there’s probably plenty of work that needs to be done to turn it into a comfortable spot… read more…
- What Is an Interest-Only Mortgage?
When you were first introduced to mortgages, you might have learned that there are fixed- and adjustable-rate loans. Fixed-rate mortgages maintain the same mortgage rate throughout the loan period, while ARMs start off with lower interest rates that can change… read more…
- How Does a USDA Mortgage Loan Work?
One of the most important steps in the home-buying process is choosing the right type of mortgage. While many homeowners opt for conventional loans, there are a handful of alternatives, including loans backed by the U.S. Department of Agriculture. There are some advantages to taking out a USDA loan, but it may not be right… read more…
- All About the Mortgage Interest Deduction
The mortgage interest deduction lets you subtract the interest you pay on your mortgage from your taxable income. If you bought your home after December 15, 2017, you can deduct interest on up to $750,000 of mortgage debt. If you bought earlier, the limit is $1 million. To claim this, you must itemize deductions, but… read more…
- What Happens to a Reverse Mortgage When You Die?
A reverse mortgage is a federally insured loan that provides homeowners with monthly cash payments based on the amount of equity they’ve built up in the property. While this can be a great tool for retirees who want an additional… read more…
- FHA 203(k) Loans
If the house you bought doesn’t resemble the home of your dreams, don’t fret. With a decent budget and a little extra attention, you might be able to whip it into shape. Securing the funds for home improvement, however, is no easy task. Fortunately, the federal government offers a loan called the FHA 203(k) that can help… read more…
- What Are the Rules for Down Payment Gifts?
When it comes to home buying, 20% or higher is the standard mortgage down payment size that most lenders would ideally prefer. However, things are much different today than they have been in the past, as FHA loans and other… read more…