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You have the right to change mortgage issuers any time up to closing. Before switching late in the homebuying process, however, it’s important to understand the potential pros and cons of doing so. Here’s what you need to consider. Can You Switch Mortgage Lenders? Yes, you can switch mortgage lenders during closing. Under federal consumer […]
Can You Switch Mortgage Lenders Before Closing? Read More »
Conventional mortgages may require sizeable down payments and average or above-average credit scores, making them inaccessible for some prospective homeowners. FHA loans provide a potential solution for people who don’t qualify for a conventional mortgage but dream of owning a home. While it’s typically easier to qualify for an FHA loan, they have restrictions conventional
How to Qualify for an FHA Loan Read More »
Even though it may be your largest asset, it’s not always easy to track how much your home is worth. Home values are constantly changing. According to Federal Housing Finance Agency data, home prices in the U.S. increased an average of 9.82% year over year from the first quarter (Q1) of 2019 to Q1 2024.
How Much Is My House Worth? Read More »
Mortgage interest rates can have a significant impact on your budget, especially when market rates are high. Depending on your situation, rising interest rates could make it challenging to get into the home you want or even price you out of the housing market altogether. In some cases, however, there are steps you can take
9 Ways to Deal With High Mortgage Rates Read More »
Buying a home is an expensive proposition, perhaps the largest purchase you’ll ever make. Given the scale of a mortgage balance, your mortgage payment is likely your largest monthly bill. Even a slight difference in interest rate or payments can morph into major savings (or spending) over time. The average monthly mortgage payment in the
7 Ways to Save Money on Your Mortgage Read More »
We’re more than a third of the way through 2024, and persistently high inflation continues to have a significant impact on household budgets and financial markets. Staying on top of the latest financial trends can help put your personal situation in context and make necessary adjustments to your spending, saving and other financial goals. Here
Financial Trends for 2024 Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Biden Administration Announces New Student Loan Forgiveness Plans President Biden has released a new proposal for broad student loan forgiveness, and the public has until May 17 to submit comments. Compared to
The Latest Personal Finance News for May 2024 Read More »
Mortgage lenders typically use FICO Scores from each credit bureau to help determine your loan eligibility and terms. Many mortgage lenders sell the mortgages they issue to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. To ensure they can sell the loan, they align their lending standards with the GSEs’ guidelines. As a result,
Which Credit Scores Do Mortgage Lenders Use? Read More »
For most people, buying a home is the largest purchase of their lifetime. Given the high costs of homeownership, it’s natural to look for opportunities to save money. Thankfully, several nontraditional listing options are available to help home buyers purchase a home for less. Real estate-owned (REO) properties are one money-saving option you might consider
What Is a Real Estate-Owned Property? Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Landmark Real Estate Settlement Changes Homebuying and Selling In mid-March, the National Association of Realtors (NAR) agreed settle a lawsuit brought by home sellers over agent compensation. The settlement will result in
The Latest Personal Finance News for April 2024 Read More »
One of the most important differences between owning a home and renting one is that homeownership allows you to build equity in a property. Home equity is the amount of your home you actually own, represented by the difference between your home’s value and how much you still owe on your mortgage. Your equity increases
What Is Home Equity? Read More »
Throughout the decade thus far, the U.S. economy has been defined by a series of shortages, which has affected virtually everything consumers could put in their baskets. From Grape Nuts cereal to personal shelter, shoppers either needed to compromise or find a substitute until supplies return. Most of those shortages are behind us now. Even
Average US Mortgage Debt Increases to $244,498 in 2023 Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. The First Wave of Forgiveness for SAVE Plan Borrowers Is Happening In late February, the U.S. Department of Education announced the first wave of forgiveness for eligible federal loan borrowers who have
The Latest Personal Finance News for March 2024 Read More »
If you want to pay your mortgage with a credit card directly, you may have to jump through a few hoops. While mortgage loan servicers don’t accept credit cards directly, there are third-party services and workarounds you may be able to use. Even when it is possible, however, the fees and high interest rates may
Can You Pay a Mortgage With a Credit Card? Read More »
Facing foreclosure on your home can be a scary prospect. You’re months behind on your mortgage payments, letters from your lender are piling up and you fear losing your home. Fortunately, you can take steps to avoid losing your home to foreclosure. Foreclosure happens when a borrower falls behind on mortgage payments, and the lender
How Can I Stop Foreclosure? Read More »
When debt becomes overwhelming, bankruptcy can offer relief and protection from collection activities. But, bankruptcy also affects your credit and can add complications when you’re trying to get a home loan. You can get a mortgage after bankruptcy, but first you may need to wait for a period of time and take steps to rebuild
Can I Get a Mortgage After Bankruptcy? Read More »
Buying a home can require a lot of cash. Even if you qualify for a mortgage with a small down payment, you might need money for closing costs, necessary repairs and the move itself. Plus, you might want to set aside money to cover unexpected expenses, and to help cover your new mortgage payments if
What Are Mortgage Reserves? Read More »
When you apply for a second mortgage, the lender will use your combined loan-to-value ratio (CLTV)—the total amount borrowed relative to your home’s value—to determine your eligibility and loan terms. Understanding how CLTV works and why it matters with home equity loans and home equity lines of credit (HELOCs) can help you evaluate your options
What Is Combined Loan-to-Value Ratio? Read More »
Mortgage forbearance—a lender’s agreement to temporarily suspend or reduce your payments to help you get over a short-term financial hardship—always comes with an end date. When that date comes, you’ll be expected to catch up on any full or partial payments you missed during the relief period. Here’s how that process works, and what your
What Happens When Mortgage Forbearance Ends? Read More »
The upper dollar limit for millions of U.S. mortgages has gone up by nearly 6% in 2024. These commonplace mortgages, known as conforming loans, meet the lending requirements of Fannie Mae and Freddie Mac. These two government-created enterprises back most mortgages in the U.S. The maximum dollar amount for loans that conform to Fannie Mae
Conforming Loan Limits for 2024 Read More »
