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 and ways you can save money by dropping it from your … Continue reading How to Get Rid of PMI
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, perhaps renting is your best option. However, owning a home is … Continue reading Should You Rent or Buy a Home?
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 situation needs assistance, your home equity can be tapped into to … Continue reading 4 Practical Reasons to Use Home Equity
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 what you can do to increase your chances for approval and … Continue reading How to Get a Mortgage with Student Loans
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 Rates Rising? The Federal Reserve, or “Fed” as they are known, … Continue reading What Rising Interest Rates Mean for You
When working to secure a mortgage, you’ll likely hear the terms “escrow” and “escrow 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 maintained. Each year, your escrow will need to be monitored through … Continue reading What Is Escrow and Escrow Analysis?
The best thing someone can do for their future is to prepare for it now. This is especially true for the aspiring homeowner who needs to lay the foundation for buying the home of their dreams. If you’re thinking of buying a home, getting pre-qualified for your mortgage can help speed up the process and … Continue reading How to Pre-qualify for a Mortgage
Financing your home through a mortgage can often seem like a stressful and intimidating process. However, you can make the mortgage process seem a bit easier by educating yourself on the following five aspects of mortgage loans. 1. Your Credit Score One of the most important qualifications for your mortgage is your credit score; however, … Continue reading 5 Things to Know About Mortgages When You Buy a Home
A reverse mortgage can be a great option for older homeowners looking to stay in their home, get rid of monthly mortgage payments, obtain an extra source of income, or a combination of the above. Here is a guide explaining how reverse mortgages work and their benefits. What Is a Reverse Mortgage? Reverse mortgages are … Continue reading Reverse Mortgage: What It Is and How It Works?
If you’re facing financial hardships and are worried about the bank foreclosing on your home, there are several mortgage relief options that you can consider to help you avoid foreclosure. Ways to Stay In Your Home Potential options to stay in your home and avoid foreclosure include: Modification: You may be able to negotiate with … Continue reading Know Your Options to Avoid Foreclosure