- What are Deed Transfer Taxes?
Depending on the state in which you are buying or selling a home, you may be subject to a deed transfer tax. This fee is tacked onto the deed sale or transfer for a “real” property, defined as any structure attached directly to land. This sales tax not only applies to the transfer of ownership,… read more…
- VA Loans – Part 1: An Introduction to the VA Loan
The VA Loan is not your typical housing loan. It’s a loan that’s guaranteed by the U.S. Department of Veterans Affairs (VA). Active-duty service members, veterans, Reserve members and some surviving spouses of service members are all potentially eligible for a VA loan, which comes with perks like zero down payment requirement. Let’s take a… read more…
- What Are the Different Types of Homes?
Regardless of where you want to move, there are tons of options for the types of homes you can buy. Your choices stretch from basic single-family and multi-family homes to condos and townhouses. Some jumping-off points for making a final… read more…
- FHA Loans – Part 1: What is an FHA Loan?
An FHA loan is a loan administered by the Federal Housing Administration (FHA) to those that may not be able to get financing elsewhere. The loan is designed to reduce the risk of lending to individuals with less than stellar… read more…
- Mortgages – Part 5: Pre-Closing and the Mortgage Closing Process
Before moving on to the final step, the closing process, it helps to go through a pre-closing checklist. Going through a detailed checklist makes sure everything is in order for the actual closing. Think of it as a dress rehearsal… read more…
- Mortgages – Part 4: Mortgage Underwriting & Mortgage Insurance
In the five circles of the mortgage process, underwriting is where you (the borrower) come face to face with the bank’s gatekeeper: the underwriter. The underwriter is the last major hurdle standing between you and closing the loan on your… read more…
- Mortgage Dictionary: Learn the Lingo of Loan-speak
Welcome to the SmartAsset Mortgage Dictionary. Below you will find a glossary of popular terms explained in plain English. No need to thank us, this is just what we do. APR Annual percentage rate: This number allows you to make comparisons between loans offered by different lenders by giving you the total cost of the… read more…
- How to Decide Between Fixed Rate and Variable Rate Mortgages
Once you have decided that you would like to buy a home, the first thing you need to do is figure out how to ‘finance’ the purchase. This means deciding how much of your savings you are going to use as a down payment, how much money you want to borrow (the mortgage) and choosing… read more…
- Should you buy points on your mortgage?
You probably already know that the interest rate you pay is among the most important factors contributing to the cost of your mortgage. The lower the interest rate you can get, the better for you and your finances. You may also know that points have something to do with the interest rate you end up getting with… read more…
- How to Pay Off Your Mortgage Early
When you have a mortgage, a hefty portion of each monthly loan payment goes toward interest. You might be tempted to make minimum payments toward your home loan so that you can use the rest of the money in your bank account to cover other costs. But paying off your mortgage early can save you… read more…
- Having Financial Trouble? Mortgage Loan Modification vs. the Short Sale
Are you struggling to pay your mortgage bills each month? Maybe you’ve lost a job and your income has plummeted. Or maybe you’re going through a costly divorce, or receiving treatment for an injury or illness. There are many reasons… read more…