Unless you're one of the lucky few that can purchase a home for cash, you're likely to need some kind of a loan to realize your dream of home ownership. Broadly, a mortgage refers to the specific type of loan that’s used for home purchase. There are many types of mortgage terms you’ll want to know for a variety of circumstances, though many people are looking for conventional home loans.
Mortgage rates are little numbers that are a big deal for anyone looking to purchase or refinance a home. Interest rates are a percentage of the overall loan you take out, so a higher or lower rate will quickly add up to figures in the tens of thousands of dollars range. This is why people search for the lowest rates possible when comparing loan services.
When purchasing a home, a mortgage is almost always an inevitability. To ensure the best outcome, it’s important to plan ahead and make a decision that meets your financial and personal needs.
Buying a house isn’t only the biggest financial decision most people make - it’s also the most personal. There is no one-size-fits-all house, especially when you factor in budget, mortgage offers, location, and all the red lines and deal-breakers that buyers tend to have.
Refinancing your home loan can save you a lot of money in the long run. However, there are some things to be aware of. In this article, I'm going to unpack what you need to know about refinancing your home so you can get started right away.
Buying a new house is an exciting process but one big thing stands between you and the home of your dreams — a down payment. If you haven’t been able to save enough for a down payment, don’t cross homeownership off your to-do list just yet. It is possible to purchase a home without a down payment and finally say goodbye to rent bills for good.
With today’s historic low rates, many people are thinking about refinancing their mortgages and lowering their monthly interest expense. But is it the right time for you? Homeowners refinance for many different reasons, including changes in their financial situation and long-term goals. While refinancing might be a good idea for some people, it doesn’t mean that it’s the right time for everyone.
For those looking to refinance their mortgage there are a lot of lenders to choose from and a number of factors to consider. Each lender has their own unique features as a well as certain strengths and weaknesses. This article compares three of the bigger lenders in this space to help provide you with a comparison in one spot.
To first-time home buyers, the mortgage application process may seem like a whole new world, with different terms and rules to learn, and so many decisions to make. Home buyers not selling a home tend to have smaller down payments, and less-established credit histories. On the other hand, they may qualify for government programs to help them get into a home.
The mortgage market is thriving thanks to record low rates. But what should you do? Refinance your mortgage, go into forbearance, or maybe renovate your home? We gathered four leading personal finance and mortgage professionals to give us some tips.
FHA mortgage loans are an attractive option for first-time homebuyers. If you’re looking for your first home and don’t have 20% of the home purchase price for a conventional loan down payment, FHA loans backed by the U.S. government can offer between 3.5% and 10% down payments.
A jumbo mortgage is exactly what is sounds like: A huge loan to buy a house. But “jumbo” is not just in the eye of the beholder; rather, a loan is considered jumbo if it reaches specific amounts delineated by the Federal Housing Finance Agency, amounts that are subject to change each year.
Own a home and in need of a loan? One of the most convenient ways to secure the large amount of cash you need to fund that renovation, medical bill, or college tuition is to take out a second mortgage on your home.
The time has finally come. You’ve worked hard, you’ve saved up some money and you’re finally ready to put down some roots. It’s time for you to realize your dreams of becoming a homeowner.
If you own a property, the value of that property minus the outstanding mortgage is known as equity. With a home equity loan (HEL), you put that equity down as collateral in order to borrow money.
What does pre-approval mean when you’re looking to buy a home? Understand how it can help you and how to apply for pre-approval, which can give you an idea how much of a mortgage you will qualify for when it’s time to make an offer on your dream home.
Mortgage rates are the lowest they’ve been since they started tracking them in 1971!
If you want to buy a new home, but have a low credit rating or don’t have a lot of cash, you may consider applying for a Federal Government-backed loan. FHA Loan helps borrowers to secure mortgages from authorized lenders for as low as a 3.5% down payment.
You’ve narrowed your search down to a short list of lenders, or perhaps you’ve even been pre-qualified for a mortgage. The next part is beginning your formal mortgage application—but before you do that, it’s important to make sure you’ve prepared the right questions to ask your lender. Here are the 10 questions to ask your mortgage lender to get you started:
Mortgage rates hit all-time lows after the Federal Reserve dramatically slashed the benchmark interest rate in March 2020. What’s more, rates will probably go even lower if, as expected, the Fed keeps cutting rates. This poses an interesting question for home buyers and owners: purchase/refinance now or sit it out in the hope of getting a better deal later?
Applying for a term loan can be difficult and tedious, not to mention all the different eligibility criteria. Applying for a mortgage? Be aware of the debt-to-income limit. Business loan? Let’s hope you’re making more than the minimum monthly revenue. Personal loan? Get ready to reveal your annual income.
If you’re a homeowner, one way to convert some of that equity into actual cash is with a cash-out refinance.
VA loans make purchasing a first home or getting a second mortgage easier for those currently serving in the armed forces, reservists, veterans, and their spouses. If you are one of those individuals, a VA backed mortgage may be your option. These top lenders can make your VA loan easy.
Your mortgage has been approved, you’ve made your down payment and paid all closing costs, and you’re ready to move into your new home. But your biggest cost is still ahead of you: your monthly mortgage payments. So, what exactly are these payments, and what can you do to make sure they cost you as little as possible?
HELs and PLUS loans are just 2 of the ways parents can borrow the money needed to put their children through college. Compare the pros and cons and application process to learn which one is best for you.
If you are an armed forces veteran and are planning to apply for a mortgage on a new home or refinance an existing loan, you might be eligible to secure favorable terms from your lender.
With interest rates low, now might be a good time to consider refinancing your mortgage. Before agreeing to a new deal at the lowest rate, it is worth calculating whether you can save more with a no-closing-cost refinance.
Thanks to secondary loans like home equity loans, you can use your home equity to help your kids buy into the property market.
We gathered four leading on personal finance professionals to discuss the state of the economy, how it affects American households and what you can do to keep your head above water during this high tide
COVID-19 has changed the way we do business. Purchases and transactions that used to require in-person interactions have been replaced with simple online processes that can be completed from home. The mortgage industry has been making such adjustments as well, and in-person interactions are becoming less and less necessary when closing on home loans. Here’s what you need to know.
Buying a house is an exciting time, but it isn’t a stress-free process. Part of the process is getting approved for a mortgage to help pay for the home. My wife and I recently went through this experience when we were moving from Florida to Indiana.
The more you understand about your home and the mortgage you pay, the easier it will be to sort through your finances and have realistic expectations for your current situation.
Bad credit may seem like it stands between you and a new home purchase. Fortunately, there are ways to get a mortgage even with bad credit.
Applying for a mortgage involves a lot of confusing numbers, but it's actually the words around those numbers that you should be focused on. Learning and understanding common mortgage terms can make the application process a lot easier.
Times change, so why shouldn’t your mortgage? Mortgage refinancing (sometimes referred to as taking out a second mortgage) can help you save money, get cash in your pocket, lower your monthly payments, shorten your loan term and more! Learn more about mortgage refinancing and get the facts before you decide if it’s the right move for you.
Shopping for a mortgage can be stressful. It’s hard to wrap your head around the various loan types, terms and lenders. It’s time to get down to basics - starting with the loan term. Lots of homebuyers opt for a 30-year fixed mortgage, which allows you to pay back your loan over the course of 30 years at a stable interest rate. Explore these 30-year mortgage lenders and find your perfect fit.
So, you’re in the market for a house? You’ve probably been reading up on all there is to know about taking out a mortgage. The basics are pretty straightforward: once you put in a down payment, a mortgage loan covers the remaining cost of a home, which you’ll need to pay back over x number of years.
As mortgage lenders are raising the bar on their requirements for borrowers, getting a mortgage becomes harder and harder. Now is the time for homebuyers and those looking to refinance to be smarter about shopping for a new loan.