- 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?
Choosing where to get a mortgage can affect everything from your interest rate and closing costs to how quickly you reach the closing table. Banks and mortgage companies can both finance a home purchase, but they differ in their services, lending focus and customer experience. Understanding those differences can help you compare offers more effectively… read more…
- Underwater Mortgage Definition & What Your Options Are
When you owe more money on your mortgage than your home is worth, your mortgage is considered to be underwater. No homeowner wants to be underwater because it can be difficult, if not impossible, to earn a profit when trying to sell an underwater home. In fact, if you need to sell when you have… read more…
- What is a Good Offer for a Home – 3 Things to Consider
So you’ve found your dream home. You’re ready to make an offer. But what is a fair price? Will there be competing offers? You don’t want to lose this house, yet you also don’t want to pay too much on… read more…
- What Is Single-Payment Mortgage Insurance?
If you buy a house with less than a 20% down payment, and finance it with a conventional loan, you are going to have to pay private mortgage insurance. PMI protects the lender against the possibility of a default. It does not protect you, the buyer, but it does give you the benefit of buying a… read more…
- Relying on an FHA Loan? Sellers May Not Be Thrilled
Mortgage loans insured by the Federal Housing Administration, better known as FHA loans, have become increasingly popular tools for home buyers. Sellers are not always as thrilled with the product because the borrowers of these loans can often bring risk to getting the transaction closed. Determining if it is a good financial tool for you might… read more…
- The Tax Advantage of Making an Extra Mortgage Payment
If you have a mortgage loan, you are well aware of the tax deduction you get each year for the interest. Once per year, all that interest you pay to your bank gives you a benefit as well. By strategizing… read more…
- Should I Get Prequalified or Preapproved for a Mortgage?
Despite sounding identical, a prequalified mortgage is not the same as a preapproved mortgage. Prequalification is generally a quick, free process where a bank takes your financial information and lets you know generally what your loan will look like. Preapproval… read more…
- Low Down Payment Mortgage Options
The days are long gone when you could buy a house without spending any money out of pocket. Lenders and regulators have determined that potential home buyers need to demonstrate some savings ability prior to taking on a mortgage for a home. Even the unexpected and regular maintenance that arises from owning a home can… read more…
- What Is an Assumable Mortgage?
You could be wondering, what is an assumable mortgage loan? Essentially, it lets you take over an owner’s loan on a property. All the terms of the original loan, including the rate, remain the same. So if you’re buying a… read more…
- Understanding the Home Appraisal Process
The home appraisal plays a key role in the home buying process, both for a purchase and for a refinance. That’s why it’s important to understand the ins and outs of the home appraisal process. In a purchase transaction, the… read more…
- The SmartAsset Guide to Mortgage Rate Sheets
Mortgage rate sheets can look intimidating and ominous, not only to consumers, but to mortgage professionals as well. In today’s market, mortgage rates not only change daily, but are based on many factors specific to the individual borrower and loan. Knowing how to read a mortgage rate sheet gives you a valuable tool as you… read more…
- 5 Types of Property Ownership
Purchasing a home or other large asset can be the thrill of a lifetime. Sometimes in the flurry of activity, there are decisions made that could come back to haunt you. No, this isn’t buyer’s remorse. Well, not the kind… read more…
- What Is a Mortgage Recording Tax?
Whenever you obtain a mortgage, some state and local governments levy a mortgage recording tax to document the loan transaction. This fee is separate from mortgage interest and other annual property taxes. Since it is state-imposed, the mortgage recording tax must… read more…