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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 […]
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Whether you’re buying or selling a home, a title company is often a major player in the process. Some of the roles of a title company include verifying the title’s history and potential claims, issuing title insurance, providing closing services and holding certain funds in escrow until they’re ready to be disbursed. Here’s what you
What Does a Title Company Do? Read More »
Staying in your home after retirement is a comfortable choice but, increasingly, it isn’t necessarily affordable. A growing number of retirees spend more than 30% of their incomes on housing, with 41% still carrying a mortgage at ages 65 to 79, according to a 2023 Harvard study. An analysis of retirement spending by T. Rowe
Can You Afford Your House in Retirement? 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. Mortgage Rates Tumble After Hitting 8% In October, mortgage rates made a brief stop at 8%, the highest since 2000. Since then, they’ve dropped sharply, according to Mortgage News Daily. Reasons for
The Latest Personal Finance News for December 2023 Read More »
Homeowners who want to borrow money without refinancing their mortgage may turn to a home equity line of credit, or HELOC. The option can be particularly attractive if you have a low-rate mortgage but want to tap the equity they’ve built in their home. However, you also need to watch out for fraudsters who want
How Homeowners Can Protect Themselves From HELOC Fraud Read More »
If you’re buying or refinancing a home, your mortgage lender will likely require a home appraisal to ensure the loan amount isn’t more than the home’s market value. These appraisals are generally reliable and don’t impact the mortgage loan, as the appraised home value usually matches or exceeds the contract price. In some cases, however,
How to Dispute a Home Appraisal Read More »
A loan modification is a permanent change in the terms of an installment loan—most commonly a home mortgage, auto loan, student loan or personal loan. Loan modification is intended to make payments more affordable for borrowers facing financial hardship. How Loan Modification Works Lenders are not obligated to provide loan modifications but may do so
What Is a Loan Modification? Read More »
By now, most prospective homeowners know how expensive it has become to finance a home. The typical 30-year conventional mortgage rate is north of 7.50% in October 2023, according to Freddie Mac data, 4 percentage points higher than just two years ago. And along with higher rates, home prices are still climbing as housing supply
Average Mortgage Balances Top $1 Million in These 26 Cities Read More »
A repayment plan is an agreement between you and a lender for how you’ll make payments toward a debt. Installment debts such as student loans and personal loans come with standard repayment plans, which reflect the repayment terms you agree to when you apply for the loan. But some loans, such as mortgages, student loans
What Is a Repayment Plan? Read More »
When closing on a home, you’ll need to provide certified funds—in other words, a personal check won’t do. Title companies and other closing agents usually accept wire transfers and cashier’s checks, but the best option for you depends on your situation and the closing agent’s guidelines. Here’s what you need to know about paying for
Should I Use a Wire Transfer or Cashier’s Check for Closing? Read More »
Wondering how to finance a home remodeling project, pay for your child’s wedding or pay off high-interest credit card debt? With home prices in many areas hitting record highs, borrowers with equity in their homes may be considering home equity loans. A home equity loan is a lump sum of money secured by the value
How Does a Home Equity Loan Work? Read More »
Paying off your mortgage is cause for celebration. Before you pop the Champagne, however, take these steps to smooth your financial path to full homeownership. 1. You’ll Receive Mortgage Release Documents After you make your final mortgage payment, your loan servicer typically sends you a packet of papers, known as the mortgage release or mortgage
What Happens When You Pay Off Your Mortgage? Read More »
Many people are lured into the world of real estate investing by stories of millionaires who started their journey with no money down or no steady employment. But the reality is that making money in… The post Real Estate Investing for Beginners: Buying Your First Property appeared first on Crediful. https://www.crediful.com/real-estate-investing-for-beginners/ #financialfreedom #money #entrepreneur #business
Real Estate Investing for Beginners: Buying Your First Property Read More »
The impacts of a mortgage appear as soon as you apply and continue until you sell or make your final payment. That’s why it’s important to understand exactly how homeownership affects your credit score and what you can do to minimize the potential negatives. The post How Homeownership Affects Your Credit Score appeared first on
How Homeownership Affects Your Credit Score Read More »
Spare a thought for mortgage refinancing, as homeowners won’t likely see it reappear as a viable option anytime soon. Cash-out refinancing was an extremely popular way to tap home equity in the 2010s. Average rates for 30-year fixed mortgages declined steadily throughout the decade, allowing homeowners to refinance once, twice or several times. By 2018,
When Will Mortgage Refinancing Return? Read More »
You can refinance an adjustable-rate mortgage (ARM) just like you could with any other type of mortgage. The option to refinance could make an ARM appealing if you’re looking to buy a home and want to start with the lower rate—and monthly payment—that ARMs can offer, but you’re worried about future rate increases. Refinancing is
Can You Refinance an Adjustable-Rate Mortgage? Read More »
Selling your house is often one of the largest financial transactions you’ll make in your life. It can be complex and emotionally challenging, especially if it’s your first time navigating the home-selling process or if… The post How to Sell Your House appeared first on Crediful. https://www.crediful.com/how-to-sell-your-house/ #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success
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Getting rid of your private mortgage insurance (PMI) can save you money, and there’s no downside. After all, the insurance only protects your lender —your homeowners insurance is the policy that protects you. The sooner you can cancel PMI, the more you’ll save. Here are five routes to explore. 1. Wait for Automatic Cancellation The
How to Get Rid of Private Mortgage Insurance (PMI) Read More »
Mortgages have a grace period—a specific time after your due date when you can still make your monthly mortgage payment without getting hit with a late fee. A grace period can come in handy when a holiday slows down your payment processing or your budget is strained, making it hard to submit your payment promptly.
Do Mortgages Have a Grace Period? Read More »
If your savings for a new home are short of your goal, you may be considering using funds from your 401(k), especially if it holds sufficient funds to meet the down payment for your dream home. But can you pull money from your 401(k) to buy a new home? Yes, you can use a 401(k)
Can I Use My 401(k) to Buy a House? Read More »
