Lending out large sums of money is something that banks and mortgage companies consider carefully; therefore, getting approved for a mortgage can be difficult, especially if you have a high debt-to-income ratio, low credit score, or can only offer a minimal down payment. Lenders will... Continue reading
Being a homeowner is one of the largest financial commitments a person can make. Homeownership can become difficult to maintain, however, if your financial situation fluctuates, often calling for adjustments. Loan modifications and loan refinancing are two options that can help you achieve more favorable... Continue reading
Obtaining an optimal and affordable mortgage rate depends on many factors, particularly your credit score. However, there has been a misconception that closing a credit cards could help improve scores, when it can do the opposite in some cases. Here are several ways to increase... Continue reading
Closing on your house is the final step toward homeownership. However, this exciting time can quickly become stressful if scammers con you into a phishing scheme. Here are some ways to identify a closing scam and protect your assets from scammers. Types of Closing... Continue reading
Happy young couple lying on the floor at new home Buying a home for the first time is an exciting process, but it can be stressful if you don't know whether or not you can afford your down payment. Fortunately, there are several down... Continue reading
Loan amortization paper plan lying at worktable ready to be filled close-up Mortgage amortization is the process of eliminating your mortgage debt with regular, fixed schedule payments that gradually chip away at both the interest and principal balance over time. But how exactly does... Continue reading
Couple asking for loan The process of buying a home involves many fees and costs. In fact, one of the final steps toward owning a home is paying your closing costs, which are the fees for finalizing a mortgage. Here's how much you can... Continue reading
Repairmen, building inspectors, exterminators, engineers, insurance adjusters, or other blue collar workers examine a building/home's exterior wall and foundation. One wears a red hard hat and clear safety glasses and holds a clipboard. The other checks the foundation with tool. When buying a home,... Continue reading
Equity occurs when your home's value is greater than the amount left on your mortgage. When you access your equity, you take cash out of your home that you've worked hard to build so this should only be done for important reasons. This money... Continue reading
If you secured your mortgage through a conventional loan, there is a chance you added private mortgage insurance, also known as PMI. PMI may protect your loan, but it can also cost you hundreds of dollars each month. Here is some information about PMI... Continue reading
Moving into a new home is a major life decision that requires much thought and research. When deciding whether to rent or buy a home, you should consider where you want to be in the next 5-10 years. If you just need temporary housing,... Continue reading
Home equity is technically the amount of your mortgage that you've paid off. Your home's worth is weighed against what you still owe, so as your home's value increases and your mortgage sum decreases over time, your home equity will grow. If your financial... Continue reading
Once out of college and starting a career, adults often start looking for a place to settle down. However, they may encounter difficulty qualifying for a home loan if they have excessive student loan debt. If you are in a similar situation, here is... Continue reading
Inflation affects everyone, and first-time homeowners are feeling the effects of rising costs and interest rates  especially when it comes to financing a home. Here's why the interest rate is rising and what it means for new homebuyers like you. Why Are Interest... Continue reading
When working to secure a mortgage, you'll likely hear the terms Âescrow and Âescrow analysis. Depending on your mortgage, you may have to create an escrow account and fund it with your monthly payment to ensure your property taxes are paid and insurance is... Continue reading
