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For the most part, you’ll have a similar experience living in a condominium as you would in an apartment. There are some key differences, however—especially when it comes to ownership and costs—that can help inform your decision to choose one over the other. Here’s what you need to know about the differences between a condo […]
Condo vs. Apartment: What’s the Difference? Read More »
A reverse mortgage can be a good idea if you’re struggling to live on your retirement income, you own your home outright—or have a low mortgage balance—and you don’t want to sell your home to access its equity. However, a reverse mortgage may not be the right solution if you’re thinking about moving soon or
The Pros and Cons of a Reverse Mortgage Read More »
How much money you make is a crucial factor in determining how much you can afford to spend on a house. Lenders have certain rules that tie your mortgage maximum to your income and other debt, but there are additional guidelines you can use to decide on an amount that makes sense for you. What
How Far Will Your Salary Get You When Buying a House? Read More »
You can get a mortgage with no credit. It will likely be time-consuming, since a lender will need to evaluate your application through a process called manual underwriting. That means the loan officer checks all of your financial information personally, rather than relying on an algorithm to determine if you qualify. Manual underwriting is a
Can You Get a Mortgage With No Credit? Read More »
Buying a new home can be an exciting process, but as one of the most expensive purchases you’ll make in your lifetime, it’s important to be thorough with your evaluation of the properties you’re considering. In addition to ensuring that the house is worth the investment, it’s also crucial to understand how it will affect
What to Look for When Buying a House Read More »
The top 10 mortgage lenders based on the number of mortgage loans they originated in 2023 includes a mix of banks, nonbank lenders and one credit union. Banks and credit unions typically often offer a suite of financial services, including checking accounts, wealth management, auto loans and mortgages. Nonbank lenders are financial institutions that lend
10 Largest Mortgage Lenders in the US Read More »
The average mortgage rate in the U.S. for a conventional 30-year fixed-rate mortgage was 7.10% on December 6, 2024, down from 7.29% on November 7. National Average Mortgage Rates Mortgage Rate 30-year fixed, conventional 7.10% 15-year fixed, conventional 6.12% 5-year/6-month, adjustable rate mortgage (ARM) 6.69% Source: Curinos LLC, December 6, 2024; assumes a 720 FICO
Compare Current Mortgage Rates Read More »
Buying a home is a huge financial decision. If you’re a prospective buyer, getting a feel for the current housing market is a good place to start. Here are some key points to keep in mind: Home prices: In October 2024, the national median existing-home price was $407,200, a 4% jump from a year earlier,
How to Buy a House in 2025: Step-by-Step Guide Read More »
A home’s assessed value is determined by the local government in order to calculate property taxes, and market value is how much the home would sell for in the current real estate market. While both terms relate to how much your home is worth, the assessed value and market value of your property may not
Assessed Value vs. Market Value: What’s the Difference? Read More »
An investment property is real estate that generates income for you, either by renting it to tenants or by fixing it up and “flipping” it for a profit. Buying an investment property can produce passive income and diversify your investment portfolio. As with mortgages for a home you’ll live in, factors such as your down
How Investment Property Mortgage Rates Differ From Conventional Mortgage Rates Read More »
For many homebuyers, coming up with a down payment is the biggest obstacle to homeownership. A 2024 report from the National Association of Realtors (NAR) finds that the median down payment is 18% of the purchase price, which works out to $18,000 for every $100,000 of a home’s price. That’s a tidy sum, especially for
What Is a Gift Letter for a Mortgage? Read More »
You can purchase mortgage points when you buy a home or refinance your mortgage. Buying points is the same as prepaying interest on your loan, and lenders will give you a lower interest rate in exchange. The lower rate can decrease your monthly payment and, depending on how long you have the mortgage, might save
What Are Mortgage Points and Should You Buy Them? Read More »
A home equity loan lets you borrow against the equity in your home to pay for home improvements, a child’s wedding or other major expenses. Because a home equity loan is secured by your home, lenders generally require you to carry homeowners insurance as a condition of the loan. If you’re considering a home equity
Do You Need Homeowners Insurance for a Home Equity Loan? Read More »
Property taxes may be included in your monthly mortgage payment if your lender requires it as part of your mortgage agreement. This arrangement can be a convenient option to pay down your property taxes each month rather than saving to pay them annually or semi-annually. Here’s what you need to know about how and when
Are Property Taxes Included in a Mortgage? Read More »
Mortgage forbearance is a short-term suspension or reduction of monthly mortgage payments granted by a lender to help a borrower through temporary financial hardship. Lenders aren’t required to grant your request for forbearance. And there are important downsides to forbearance to consider, including more money due later and, in some cases, potential impacts to your
What Is Mortgage Forbearance? Read More »
If you’re like most homeowners, purchasing a home with all cash isn’t an option. According to recent U.S. Census Bureau data, 61.5% of homeowners have a mortgage on their property. A home loan can make homeownership more accessible, but it’s essential to understand the process. That’s why we’ve created this ultimate guide to break it
The Complete Guide on How to Get a Mortgage Read More »
You’ve grown accustomed to seeing the same mortgage bill each month, and then suddenly, you check your latest statement to find a higher number staring back at you. You can’t help but wonder, “What gives? Why did my payment jump?” The answer may lie in your escrow account if your mortgage includes one. Your escrow
Why Did My Escrow Go Up? Read More »
Your income helps lenders determine how much you can borrow with a mortgage. A high income isn’t a prerequisite for homeownership, however, and you can find options with a low income. You may even qualify for homeownership assistance programs and certain types of mortgages that offer more favorable terms. Can I Buy a Home With
How to Buy a House With Low Income Read More »
A short sale is when you sell your home for less than what you owe on your mortgage. As a result, sale proceeds won’t be enough to pay off your mortgage, so you must make up the difference. As you might imagine, there are some conditions that must be met to qualify for a short
What Is a Short Sale on a House? Read More »
With mortgage rates hovering around 7% for much of the past year and home prices stubbornly remaining high, more borrowers are taking on mortgages in excess of $1 million. Compared to last year, the number of cities where average mortgage balances exceed $1 million has mushroomed, from 26 cities in 2023 to 47 cities in
Average Mortgage Balances Exceed $1 Million in 47 Cities in 2024 Read More »
