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A home equity line of credit, or HELOC, is a type of secured loan that gives you access to cash based on the equity in your home. You draw from a HELOC as needed and repay some or all of it monthly, somewhat like a credit card. When applying for a HELOC, a lender will […]
Pros and Cons of a HELOC Read More »
A home equity line of credit (HELOC) can offer a convenient way for homeowners to finance expenses such as home remodeling projects. HELOCs let you borrow money against the equity in your home up to the limit of your credit line. When it’s time to repay the balance borrowed from your HELOC, you’ll typically have
Can You Pay Back a HELOC Early? Read More »
An 80-10-10 mortgage loan, also known as a piggyback loan, lets you buy a house using two mortgages simultaneously. When you take out an 80-10-10 loan, you borrow a total of 90% of your home’s value. The first mortgage covers 80% of the price of your home, the second mortgage covers 10% and the remaining
What Is an 80-10-10 Mortgage Loan? Read More »
El proceso de compra de una vivienda puede ser abrumador, sobre todo si es la primera vez que compra una. Hay que pasar por muchos obstáculos, desde conseguir una hipoteca hasta encontrar una vivienda y cerrar el trato. Una vez que tenga las llaves de su nuevo hogar, tendrá que pagar el préstamo hipotecario. Asimismo,
Una guía paso a paso para ser propietario de una Vivienda Read More »
You can negotiate certain mortgage fees to lower your loan costs. It’s only natural to want to save as much as possible when making a purchase as large as a home. This is especially true when you consider that closing costs and fees usually range from 2% to 5% of your new home’s purchase price,
Can I Negotiate Mortgage Closing Costs? Read More »
When mortgage lenders speak of “seasoned money” for a down payment on your home, they mean money you’ve possessed for a certain period of time—commonly 60 days. Lenders require seasoning of large portions of your down payment to avoid potential fraud and the use of funds from criminal activities to make home purchases. Why Do
What Are Seasoned Funds for a Down Payment? Read More »
Owning real estate, particularly rental properties, is a time-tested way to build wealth. Still, many homebuyers can’t afford to buy multiple single-family homes while still making payments on their primary residence. One way to build your real estate portfolio and create a healthy cash flow is by buying a duplex. You can live in one
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The average rate for a 30-year fixed-rate mortgage has risen more than 2 percentage points in the first eight months of 2022, reaching a peak of 5.81% in June, according to Freddie Mac. After years of interest rates being at historical lows, this jump in rates is changing the math of buying a home. As
What Will Your Mortgage Payment Be at 6%? Read More »
Financing a vehicle during the mortgage approval process can have major consequences if you’re not careful. Not only could it affect your debt-to-income ratio, but it could also have an impact on your credit score and your cash reserves. Here’s what to know about how a car loan could affect your mortgage approval and some
How Buying a Car Affects Your Mortgage Approval Read More »
If you have an FHA loan—a mortgage issued through the Federal Housing Administration— the FHA streamline refinance program could make it easy for you to refinance your current mortgage. Whether or not that makes sense for you depends on the specifics of your original loan, especially in the current climate of rising interest rates. What
Is an FHA Streamline Refinance a Good Idea? Read More »
Home equity lines of credit (HELOCs) haven’t been where U.S. consumers turn for financing for a number of years. But recent data indicates that may be changing. According to Experian data, total U.S. HELOC balances grew over the three-month period ending in June 2022, the first quarter of HELOC balance growth since 2010. Total HELOC
Are HELOCs Becoming More Popular? Read More »
Guarantor mortgages can offer a path to homeownership for borrowers who may be too risky for mainstream lenders. If you lack the credit history or down payment to meet your lender’s requirements, enlisting a guarantor may help to tip the odds of a mortgage approval in your favor. To get a guarantor mortgage, you’ll need
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Being underwater or “upside down” on your mortgage means you owe more on your loan than your home is currently worth. It can happen when housing markets are declining—such as they did during the 2008 mortgage crisis—or when you fall behind on house maintenance or mortgage payments. While it can be discouraging to be underwater
What to Do if You’re Underwater on a Home Loan Read More »
It’s certainly possible to get a mortgage if you’re not a U.S. citizen. In fact, a 2020 study from the National Association of Realtors (NAR) revealed that 62% of resident foreign home buyers purchased their homes with U.S.-based financing. The process can vary depending on your residence status and other factors, but lack of citizenship
Do You Have to Be a U.S. Citizen to Get a Mortgage? Read More »
Housing prices have been smashing new records, and U.S. consumers are taking on more debt on average to keep up. Over the past half a decade, the average mortgage debt held by U.S. homeowners has risen 14%, according to Experian data. At the end of 2021, the average mortgage balance was $223,952 in the U.S.,
Average Mortgage Debt Rose 14% Over the Past 5 Years Read More »
Adjustable-rate mortgages are great during the low-rate introductory period. But what happens when the fixed rate expires and starts adjusting? Often, that means higher monthly payments. Find out when it makes sense to refinance your ARM into a loan with a lower fixed rate. The post Should I Refinance My ARM to a Fixed-Rate Mortgage?
Should I Refinance My ARM to a Fixed-Rate Mortgage? Read More »
Refinancing your home loan can have big benefits, such as saving you money on interest costs or giving you the option to cash out some of your home equity. Refinancing can be particularly beneficial if you have strong enough credit to qualify for good terms on the new loan and your long-term savings will easily
Pros and Cons of Refinancing Your Home Read More »
Getting a mortgage when you’re self-employed is possible, but it can require a bit of extra effort. It’s not because self-employed borrowers must meet impossible standards: Basic income, credit and down payment requirements are largely the same for a mortgage whether you’re an employee or self-employed, though terms will vary from one loan to another.
How to Get a Mortgage When You’re Self-Employed Read More »
In real estate, a seller’s market is when there’s a high number of buyers and a limited inventory of houses for sale. A seller’s market usually causes homes to garner multiple bids, with buyers sometimes offering over asking price and waiving contingencies. The housing industry has been a sizzling seller’s market since mid-2020 when interest
What Is a Seller’s Market? Read More »
Mortgage rates may be at an all time low, but there’s still a big difference between a 3 percent and 4 percent rate. We take a look at the factors that determine your mortgage rate and calculate how much you’ll pay. There’s a big difference in a 3% vs. a 4% mortgage rate. Read our
How Much Does a 1% Difference in Your Mortgage Rate Matter? Read More »
