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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 »
A cute little house with a white picket fence is a lot more romantic than the portion of the American Dream it represents: home equity. But there are a few things you need to understand about how it works, especially if you plan to borrow against it. The post Home Equity Meaning – How Much
Home Equity Meaning – How Much of Your House Do You Own? Read More »
A qualified mortgage is a home loan that meets federal guidelines aimed at preventing lenders from issuing loans that borrowers can’t afford to repay. These guidelines were created in the wake of the 2008 financial crisis and are designed to be less risky for borrowers and lenders alike. Qualified Mortgage Requirements The Consumer Financial Protection
What Is a Qualified Mortgage? Read More »
Refinancing your home can provide a lot of benefits, but it’s not always the best decision. Whether you’re looking to refinance your mortgage to secure a lower interest rate, cash out some of your equity or switch from a variable rate to a fixed one, here are some situations where it might not make sense.
7 Reasons Not to Refinance Your Home Read More »
There can be great satisfaction in making a house your own, but financing a home brings major obligations, so before you take the leap, make sure you’re doing it for all the right reasons and that the time is right for your circumstances. Here are some thoughts to consider when deciding when it makes sense
Pros and Cons of Buying a Home Read More »
A “cash-in” refinance allows a homeowner to replace their existing mortgage while making a lump-sum payment that enables them to get more favorable borrowing terms on the new loan. This type of refinance can be a viable option if you’ve recently received a cash windfall (via an inheritance, tax return, lottery winnings, etc.) and want
What Is a “Cash-In” Refinance? Read More »
It’s not required to make a 20% down payment when buying a house, but there can be some financial benefits if you do. At the same time, putting down that much money could also come with some potential drawbacks. As a result, it’s important to think carefully about your situation and your objectives to make
Should You Put Down 20% on a Home? Consider the Pros and Cons Read More »
Adjustable-rate mortgage (ARM) loans can be an attractive alternative to a fixed-rate mortgage because they offer lower introductory interest rates. But after the initial fixed period, the rate becomes variable, adjusting along with market rates. Fortunately, ARMs include a few different rate caps, which can limit how much your interest rate can rise. Knowing what
Do Adjustable-Rate Mortgages Have Rate Caps? Read More »
A zero down payment mortgage can be a good idea, but there are some drawbacks to consider before taking out this type of loan. Read on to discover the pros and cons of no down payment loans to see if it’s right for you. What Are No Down Payment Loans? As the name suggests, a
Are No Down Payment Mortgages a Good Idea? Read More »
U.S. home values surged from 2021 to 2022 and delivered hefty boosts in home equity to millions of homeowners. Home prices have since flattened and even begun to decline in some markets, but the total value of all U.S consumers’ home equity is at an all-time high, according to the U.S. Federal Reserve Bank of
Should You Tap Into Your Home Equity? Read More »
You can use a home equity line of credit (HELOC) to consolidate high-interest credit cards, fund a home renovation, or for just about any purpose. You can even use a HELOC to pay off your mortgage. But depending on the terms of your primary mortgage and the new HELOC, it might not always be a
How to Use a HELOC to Pay Off Your Mortgage Read More »