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Adjustable-rate mortgages, or ARMs, have started to recover from more than a decade of disinterest from both consumers and lenders. A type of mortgage that often offers lower introductory mortgage rates than conventional mortgage financing, ARMs are returning to the fold amid a sharp increase in home prices and fixed mortgage rates that began in […]
Adjustable-Rate Mortgages Make a Comeback Read More »
If you’re facing financial hardship and struggling to make your monthly mortgage payment, a mortgage modification may make your home loan more affordable and help you avoid foreclosure. Loan modifications date as far back as the 1930s, when they helped stabilize the housing market during the Great Depression by making mortgages more manageable for homeowners.
What Is the Fannie Mae and Freddie Mac Flex Modification Program? Read More »
Getting a mortgage can be challenging if your budget leaves little room to save for a down payment. Additionally, some lenders have stringent lending criteria, making it nearly impossible to qualify if you have low income or bad credit. Challenges like these can be discouraging and even overwhelming if you have limited financial resources, making
How to Get a Mortgage on a Tight Budget Read More »
When it comes to making financial decisions, there’s no substitute for crunching the numbers. Loan calculators can help you better weigh your borrowing options and choose the best repayment strategy for your budget. Here are four loan calculators from Experian that can help you understand loan costs and manage your debt. You’ll also find additional
4 Loan Calculators to Help Manage Your Money Read More »
An escrow refund is a payment your mortgage servicer may return to you when there is an overage in your escrow account. These bank accounts are set up by your mortgage servicer to hold funds for paying property taxes, homeowners insurance, and other expenses on your behalf, and there are several reasons why they may
What Is an Escrow Refund? Read More »
In a home purchase, seller concessions are closing costs that a seller agrees to pay on behalf of the buyer, usually as a way to make the purchase more attractive to the buyer. Seller concessions can cover a wide range of costs on a mortgage loan, but the exact terms can vary depending on negotiations
What Are Seller Concessions? Read More »
For better or for worse, debt is a common part of life. Borrowing can make it possible to buy a home or car, attend school and finance other large purchases. And while debt can be useful for achieving all types of financial goals, it can also become a large burden if you take on debt
What Are the Different Types of Debt? Read More »
For most homeowners, buying a new home involves taking out a mortgage loan that covers the home’s purchase price minus your down payment. But what if you want to borrow extra money for other expenses? It is possible to borrow additional money on your mortgage, but it may not be your best option. Taking out
Can I Borrow Extra on My Mortgage? Read More »
Home appreciation refers to the increase in the value of a home over time. It is one of the primary ways for homeowners to build wealth and establish financial security, so understanding what a home is worth now—and predicting what it could be worth later—is essential. Read on to discover how home appreciation works, what
What Is Home Appreciation? Read More »
If you plan to buy a home in the coming year, taking steps now to spruce up your credit profile can increase your chances of qualifying for a mortgage and reduce the amount of interest you’ll be charged on the loan. Here are six steps you can take to prepare your credit for the mortgage
How to Get Your Credit Ready for a Mortgage Read More »
The emotional impact of a divorce is bad enough, but financial concerns can make the process even more stressful. And if you and your spouse own a home, one of the biggest questions in a divorce is what to do with it. If you plan to stay living in the home post-divorce, refinancing the existing
Do You Have to Refinance After a Divorce? Read More »
When you have questions regarding the mortgage process or how to shop for the best mortgage options, it can be difficult to know whom to ask. Generally, you can work with a mortgage broker, loan officer or mortgage lender for guidance through the various stages of the process. While some of their duties may overlap,
How Are a Mortgage Broker, Loan Officer and Mortgage Lender Different? 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 shut you out of the housing market altogether. In some cases, however, there are steps you can take
6 Ways to Deal With High Mortgage Rates Read More »
Many homeowners access their home’s equity to fund a home renovation project, consolidate high-interest credit cards or cover a hefty medical bill. No matter the purpose, a second mortgage can give you access to a large loan with low interest rates, but you must use your home as collateral. Taking out a second mortgage usually
What Is a Fixed-Rate HELOC? Read More »
Paying off your mortgage and owning your home outright is a major financial goal for most homeowners. Among the numerous benefits of being mortgage-free are the freedom from a major financial obligation and the potential to save thousands of dollars in interest payments. While paying off your mortgage ahead of time can be advantageous, it
6 Reasons Not to Pay Off Your Mortgage Early Read More »
Americans are taking out fewer mortgage loans as interest rates increase, a reflection of buyer uncertainty amid rising inflation, higher interest rates and concerns about economic slowdowns. And even as mortgage rates hover near highs not seen in 20 years, mortgage amounts have yet to fall back to pre-pandemic levels. Experian examined mortgage rate data
Fewer People Are Taking Out Mortgages as Interest Rates Increase Read More »
The U.S. housing market partied hard in 2021 and early 2022, as record-low mortgage rates and pandemic-induced demand set off vicious bidding wars and sent home prices soaring. The fun didn’t last. The Federal Reserve began raising interest rates in March 2022, turning off the easy-money spigot that fueled the boom. By the fall, homebuyer
Mortgage Delinquency Rates Record Low – Is This the Calm Before the Debt Storm? Read More »
As you’re looking for opportunities to save money during this period of soaring mortgage interest rates, a mortgage buydown is one solution that can lower your monthly payment. A mortgage buydown is when you pay more money upfront in exchange for a lower interest rate on your loan. Let’s go over how a mortgage buydown
What Is a Mortgage Buydown? Read More »
A decision that’s been eight years in the making, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have approved the use of the FICO 10 T and VantageScore® 4.0 credit scores. After a multiyear transition period, lenders will be required to deliver these scores to Fannie Mae and Freddie Mac
New FHFA Credit Scoring Model Could Help More Homebuyers Qualify for a Mortgage Read More »
Millions of American homeowners have enjoyed a spike in their home values over the past year, with home prices skyrocketing 13.5% from August 2021 to August 2022, according to a CoreLogic Home Price Insights report. One major side effect of this value increase was that those with mortgages saw their home equity increase greatly. By
What’s the Best Way to Use Home Equity When Rates Are High? Read More »
