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Deciding to refinance your mortgage is only the beginning of the process. You’re far more likely to get a good deal when you understand what a mortgage refinance entails. From decision to closing, mortgage refinancing applicants pass through these four key stages. How to Refinance Your Home Mortgage – Step-by-Step Guide is a post from […]
How to Refinance Your Home Mortgage – Step-by-Step Guide Read More »
The standards and policies that banks and other lending institutions use to determine their lending practice vary over time for a variety of different reasons. The overall economic climate, a bank’s particular financial situation, and the local real estate market are among these reasons. The Federal Reserve sets interest rate policy for banks across the
What to Know About Mortgage Lending Standards Easing in 2021 Read More »
With the housing market heating up as mortgage rates remain low, people are flocking to buy a house, including many first-time buyers. The share of first-time homebuyers in the market reached 36 percent, according to the National Association of Realtors. This combined with low housing inventory across the U.S has created a competitive environment, so
New Mint Feature Highlight: Home buying made easier with Rocket Mortgage Read More »
When you’re buying a home or refinancing your current mortgage, your interest rate is one of the most important factors to pay attention to. And if you negotiate a lower interest rate, you can save thousands of dollars over the course of your loan. If you’ve shopped for loans before, you might have the mindset
5 Ways To Negotiate a Better Mortgage Rate Read More »
When you’re buying a house, it’s important to know what type of market you’re in: a buyers market or a sellers market. Each type of housing market offers its own set of unique opportunities and drawbacks depending on what side of the equation you’re on. In a buyers market, the market is more favorable toward
Buyer’s vs. Seller’s Market: What Do They Mean? Read More »
Are you in the process of buying a home? If so, or if you plan to venture into home buying in the near future, you should brush up on how the mortgage rate lock process works. This process gives you control of how much your mortgage loan interest rate will be, and it can help
What Is a Mortgage Rate Lock? Read More »
Freedom from debt is a common and powerful financial goal. Owning your home free and clear with no other debts gives you a strong financial base for whatever plans you may have in life. In most situations, you will save money if you make extra payments on an existing mortgage. Doing so will directly reduce
Here’s What To Do If Your Mortgage Won’t Let You Make Extra Payments Read More »
Buying a home is a major financial undertaking. After all, the median home listing price in the U.S. was nearly $230,000 in 2019, and the prices have only gone up since then. If you need to obtain a mortgage loan to complete the purchase, it can get even more expensive. When you add in a
How Are Mortgage Rates Determined? Read More »
If you’re thinking about buying a home with a mortgage loan, you may automatically gravitate toward a 30 year mortgage. These types of mortgage loans are, after all, the most common options for home buyers due to the low-interest rates, lower payments, longer term and other perks. There are several other options aside from a
The 15-Year Mortgage: Pros and Cons Read More »
Thinking of buying a new home? You’ll be surprised to find how much work it takes to not only find the right property but also make sure it’s worth the investment before you buy it. One of the important steps in this equation is the home inspection, which tells you whether or not the property
What Is a Home Inspection and How Does It Work? Read More »
The idea of building a dream home on a new plot of land inspires many future homeowners. There’s something exciting about the prospect of finding the right spot to build on and customizing everything in your new home. But while it’s not uncommon for potential home buyers to opt into building a home, the land
What Property Buyers Should Know About Land Loans Read More »
Federal Housing Administration (FHA) mortgage loans have helped millions of people with credit blips, lower incomes or smaller down payments achieve the dream of owning their own home. But while FHA loans can be a great way for some buyers to secure financing on their homes, these loans come with a small catch: you’ll need
Guide to FHA Mortgage Insurance Read More »
It’s official. DACA recipients who legally work in the U.S. can now apply for mortgages backed by the FHA. The Department of Housing and Urban Development put an end to years of confusion and controversy surrounding Dreamers’ eligibility for FHA-backed mortgages. Making Wednesday is the first day since the formation of the DACA program that
DACA Recipients Can Now Apply for FHA Mortgages Read More »
If you think that this is the year to purchase that new home, chances are you’re wondering whether that mortgage payment will fit into your budget. Many factors go into determining what your payment will look like at the end of the day, including the cost of the home, your interest rate, local taxes, and
What’s the Average Monthly Mortgage Payment in the U.S.? Read More »
If you own a home and are making monthly payments, you have probably read over the breakdown of your monthly mortgage charges once or twice. Your mortgage payment likely breaks out your monthly payment into three parts: principal, interest and funds that go to your escrow account. While you likely know that the principal is
Mortgage Escrow Account: Pros and Cons Read More »
The average 30-year mortgage rate broke record lows (again) at 2.65%, according to Freddie Mac. This marks the 22 weeks in a row that the average rate has been under 3% and the 17th time records have been broken since the start of 2020. Three of the records were broken in December alone. In response
Mortgage Rates Hit Another 50-Year Low. Should You Buy? Read More »
Investing in income properties is a great path to financial independence. It’s a form of passive income — after the initial legwork. First, you’ll need to do some research on the rental and real estate market in your area to find the right property at the right price and interest rate. Once you own the
The Ultimate Guide to Rental Property Tax Benefits Read More »
Thinking about a no down payment mortgage loan? You may qualify, but whether this type of loan is the best option for you will depend on a few different factors. The post What You Need to Know About Mortgages That Require No Down Payment appeared first on The Simple Dollar. #financialfreedom #money #entrepreneur #business #finance
What You Need to Know About Mortgages That Require No Down Payment Read More »
Buying your first home with a minimal down payment sounds, at least on the surface, like a great plan. After all, adulting costs money and you’ll need funds to buy furniture, appliances and other household items. Before you go looking for a mortgage lender willing to let you buy your next home without a significant
Here’s How to Remove Private Mortgage Insurance Read More »
Having trouble coming up with a down payment on your home? Down payment assistance programs could be available to help you out. The post Down Payment Assistance: How to Get Help Buying a House appeared first on The Simple Dollar. #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate
Down Payment Assistance: How to Get Help Buying a House Read More »
