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 terms on your mortgage, but which is best for you? … Continue reading Loan Modification vs Refinance: Which Is Best For You?
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 your credit score, become a responsible borrower, and improve your … Continue reading Should You Close Credit Cards Before Applying for a Mortgage?
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 Scams Scammers recognize how large the real estate market is. If … Continue reading Mortgage Closing Scams: How to Protect Yourself and Your Closing Funds
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 payment assistance programs that you may apply for through public or private support. What Is a Down Payment Assistance Program? Down … Continue reading Home Buying Help: How Down Payment Assistance Programs Work
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 mortgage amortization work? The Mortgage Amortization Process To understand how mortgage amortization works, you must first know the difference between paying interest and … Continue reading How Mortgage Amortization Works
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 expect to pay for closing costs. How Much Are Closing Costs? While the total amount … Continue reading Mortgage Closing Costs: How Much You’ll Pay
When buying a home, you’ll need to do your homework to ensure the property you’re purchasing is in its best condition. Here’s why you should get a home inspection report before closing on a home. What Is a Home Inspection Report? While a property inspection isn’t mandatory, it is usually recommended after your purchase offer … Continue reading Why to Get a Home Inspection Report When Buying a Home
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 can be used for a variety of purposes, such as helping … Continue reading How to Take Cash Out of Your Home
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?
