- 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…
- 3 Things to Know About Crowdfunding a Mortgage Downpayment
Crowdfunding has shaken up the way people borrow and lend money. Aside from impacting the banking industry, the crowdfunding effect is also touching real estate. It’s now possible to invest in real estate through crowdfunding platforms or even raise enough money to… 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…
- Can High Deductible Homeowners Insurance Save You More?
If you happen to own your own home, it’s important to have the right kind of insurance in place to secure your investment. Traditional policies usually come with a low deductible, but the trade-off is often higher premiums. If you want… 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…
- What You Should Know About Down Payment Assistance
When it comes to putting a down payment on a home, the general rule of thumb is to hand over a minimum of 20%. If you don’t think you can afford that, however, don’t despair. You may be able to… read more…
- Why a Part-Time Job Won’t Help You Get a Mortgage
So, you’re ready to apply for a mortgage. To make yourself a more attractive borrower to lenders, you’ve taken on a part-time job to boost the income from your full-time employment. But here’s some bad news: That part-time income might… read more…
- New Rules Could Make it Harder to Get a Reverse Mortgage
Taking out a reverse mortgage can generate another source of income in retirement. Unfortunately for many, it just became a lot more difficult to qualify. In April 2015, the Federal Housing Administration (FHA) enforced new guidelines regarding who can get approved for… read more…
- Your Mortgage Loan Has Been Sold: Now What?
Your mortgage lender likes when you make your payments each month. But your lender often doesn’t really make the big bucks from your loan until it sells it to Freddie Mac, Fannie Mae or some other financial institution. So don’t be… read more…
- 5 Tips to Make a Private Mortgage Work
Considering a private arrangement to secure a home mortgage for yourself or a loved one? Following a few simple rules will help your financial arrangement go smoothly for both parties – the borrower and the lender. Here are five tips… read more…
- What Is an Amortizing Loan?
An amortizing loan is a simple loan in which payments are paid simultaneously on both the principal of the loan as well as the interest that is owed for that loan. This is what most fixed-interest house loans are made… read more…
- What Really Happens If You Default on a Mortgage?
Over the last few years, the housing market has seen steady improvement, and delinquency rates on mortgages have reached their lowest point since 2010. Despite the upswing, though, there are still nearly 10 million homeowners who are upside down on… read more…
- What’s the Right Mortgage Length for You?
You’ve found your dream home. But the monthly mortgage payment that comes with it is out of your budget. What do you do? Most home buyers debate whether they should take out 30-year or 15-year fixed-rate mortgage loans. For some, the… read more…
- What Is a Mortgage Credit Certificate (MCC)?
Mortgage credit certificates (MCCs) can help with your tax bill in relation to your mortgage payments. MCCs come from originating mortgage lenders, and they turn the mortgage interest you pay directly into a tax credit, which is non-refundable. They are… read more…
- 5 Strategies for Paying Off Your Mortgage Early
Buying a home is a long-term financial commitment that typically involves taking on a mortgage for 10, 20 or even 30 years. Knocking out your home loan a few years early may save you thousands of dollars in interest but it’s often easier said than done. If you’re trying to get the mortgage monkey off… read more…
- Understanding the Annual Percentage Rate on a Mortgage Loan
You may find the Annual Percentage Rate (APR) on a mortgage loan a confusing aspect of the home financing. You can find the loan APR listed on the Truth in Lending (TIL) disclosure. The disclosure lists the APR figure as… read more…
- The Pros and Cons of a Reverse Mortgage
A reverse mortgage is a financial tool that allows a homeowner to cash in on the equity in their homes. To do this, a homeowner would borrow against their home’s value and receive a lump sum of money, monthly payments… read more…
- Should I Get a Loan Through a Mortgage Company or Bank?
Before buying a home, you will need to choose who you’re going to work with through the home buying process. This starts with your real estate agent, though your mortgage loan officer can be almost as important. They can advise you on refinancing or home equity loans if you already own a home. A financial advisor can… read more…