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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
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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 »
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,
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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
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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 »