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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 »
Few people can say that an episode of “Wheel of Fortune” changed the course of their life. Susan and Mike Pappas were in the midst of planning their retirement, with plans to soon move out of Santa Cruz, California. Settling in to watch “Wheel” one night, the couple saw Jimmy Buffet advertising his Latitude Margaritaville…
For Some Seniors, Home Is Where the Amenities Are Read More »
Interest rate normalization is causing the cost of debt to go up — and likely stay up https://financialpost.com/personal-finance/borrowers-higher-interest-rates #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
As mortgage rates continue their stomach-turning rise and serious shoppers compete for a limited supply of homes, would-be home buyers may be struggling to make a successful offer before their mortgage preapproval letter expires. According to Zillow, more than half of home buyers this year reported making two or more offers before closing on a…
Don’t Let Outdated Preapproval Add to Your Home Search Woes Read More »
Given inflation and mortgage rates have gone up aggressively since August 2020, was getting an ARM back then a bad move? Maybe. But I’ll argue probably not. Let me reason why. One of the best things about running Financial Samurai is having readers criticize my financial beliefs and actions. So long as the criticism is
Was Getting An ARM Before Inflation And Rates Went Up A Bad Move? Read More »
Though PMI is tax deductible through the end of 2013, most homeowners would rather actually save the money each month than have another write off come tax time.Pay off private mortgage insurance (PMI) early and you could pocket an extra $200 or more each month. Here’s how to remove PMI. The post How to Get
How to Get Rid of Private Mortgage Insurance (PMI) and Save $200 a Month Read More »
Paying off a mortgage with a negative real interest rate is a suboptimal financial move. However, that’s exactly what I did in this unusually high inflationary environment. Bad move? Maybe. The mortgage rate was a 30-year fixed at 4.25% and the latest inflation figure was 9.1%. Therefore, it had a negative real mortgage rate of
Why Pay Off A Negative Real Mortgage Rate When Inflation Is So High Read More »
When you get a mortgage, you receive your financing from a lender, such as a bank or credit union. However, the lender may not be the institution that actually manages the loan over the long term. Tasks like processing payments, providing customer service and handling the escrow account are all performed by an entity called…
What Is a Mortgage Servicer? Read More »
According to multiple news reports, the Biden administration is expected to announce forgiveness of $10,000 in student loan balances for borrowers making less than $150,000 a year. If a portion — or all — of your balance is forgiven, it could impact many areas of your financial life, including your ability to buy a home….
Student Loan Relief Could Inch You Closer to Homeownership Read More »
Almost one in four say they’ll have to sell if rates climb much higher https://financialpost.com/real-estate/mortgages/canadian-homeowners-feeling-the-pinch-of-rising-rates-manulife-bank-debt-survey #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Canadian homeowners feeling the pinch of rising rates: Manulife Bank debt survey Read More »
Imagine getting a $55,077 mortgage credit rather than paying a mortgage fee to get a new loan. A $55,077 mortgage credit was what I was quoted for a $4.125 million, 10/6 ARM at a 3.625% rate. Surely receiving a large credit is better than paying a mortgage fee right? Not necessarily. The higher the mortgage
Why It’s Better To Pay A Small Mortgage Fee Than Get A Large Credit Read More »
House prices have cooled and will likely decline in some of the hottest markets. However, on my quest to get financing to conquer my real estate FOMO, I realized a positive datapoint for the U.S. housing market. Well-qualified borrowers are paying much lower mortgage rates than the headline rates you see in the news. There
Well-Qualified Borrowers Are Paying Much Lower Mortgage Rates Read More »
Plumbing projects are among the most expensive — and stressful — repairs that a homeowner can face. Fixing a sewer main or septic tank can cost thousands of dollars, and even a smaller project, such as a garbage disposal repair, can cost hundreds. Many home warranty plans offer plumbing coverage, but only in a narrow…
Does a Home Warranty Cover Plumbing? Read More »
A real estate agent is a professional who helps people buy and sell properties. But there’s more to it than that. Here’s a primer on what real estate agents are (and aren’t) and the different roles agents can take on in a real estate transaction. What is a real estate agent? Real estate agents are…
What Does a Real Estate Agent Do? Read More »
In 2021, the American Rescue Plan Act set aside nearly $10 billion to provide direct relief to homeowners struggling with finances because of the COVID-19 pandemic. Known as the Homeowner Assistance Fund, or HAF, this money would be split among U.S. states, territories and tribal governments, with each creating its own program for distributing the…
The Homeowner Assistance Fund: How It Works and How to Apply Read More »
If you’ve built enough equity in your investment property, you may have considered getting a home equity line of credit, or HELOC, to make improvements, consolidate debt or even buy a new property. You can get a HELOC on an investment property and tap into its equity, but there are strict qualification requirements, they aren’t…
Can You Get a HELOC on an Investment Property? Read More »
A home equity loan can be a valuable way to access some of the funds tied up in the value of your home without having to sell it. Some homeowners choose a home equity loan to finance an expense such as completing a renovation or making another upgrade that will enhance their home’s worth. You…
Can You Refinance a Home Equity Loan? Read More »
Opendoor, the largest iBuyer in the United States by volume, uses technology to help people buy and sell their homes quickly for cash. Founded in 2014, Opendoor introduced the world to iBuying when it bought its first home. In the second quarter of 2021, the company says it purchased a record 8,494 homes. Opendoor debuted…
Opendoor: What to Know About the Home iBuyer Read More »
You go to the bank to put money in your savings account, to make a withdrawal, to apply for a loan, and more. But banks aren’t just places where you store your cash. They’re also businesses, and part of a large sector of the economy. The economy couldn’t function without a solid banking system, but
What the Financial Services Sector is All About Read More »
There are several options available to you when you need to find a loan to purchase a home. For example, you can work with a mortgage broker who will take your specific needs and circumstances into account and compare rates from a variety of lenders. You could also research lenders on your own and work…
Using a Mortgage Broker vs. a Lender Read More »
