Between our roller coaster job market and saving for a down payment while battling inflation, buying a house can feel unattainable for many of us. Add to that our anxiety over good or bad credit scores, and it may feel like you’ll never own a home. But contrary to popular belief: You don’t need a
We’re not saying your home is a literal ATM, but if you take out a home equity loan or home equity line of credit (HELOC), you can withdraw from the equity locked inside your home to pay for home improvements, medical expenses or school expenses or to consolidate your debt. Of course, the process isn’t
Home Equity Lines of Credit (HELOCs) and home equity loans are two of the most popular ways for homeowners to borrow money at low-interest rates. HELOCs give a rolling line of credit with a variable interest rate, while home equity loans provide a lump sum upfront with a fixed rate. Each loan type has financial
Mortgages come in a variety of proverbial flavors. There are short-term mortgages, long-term mortgages, mortgages with variable rates and mortgages with fixed rates. The varieties are endless – and as anyone who has spent time in an ice cream shop knows – it can be challenging to decide on the flavor you want. If you’re
A Department of Veterans Affairs (VA) loan is one of the best ways active or veteran military service members can secure a mortgage. With a VA loan, veterans can get the money they need and not have to make a down payment. And your VA loan is a benefit you can reuse. You can use
Buying a home comes with a lot of decisions, from the property you choose to the type of financing you use. In addition to selecting the kind of mortgage you want to take out, you might also find yourself weighing your options for the length of your loan term. While most loan terms are 30
Student loans can be used to pay for rent. Additionally, you can use funds from student loans to pay for other living expenses, like food and transportation. However, there are some limitations you should know. So in this article, we’ll take a deep dive into what you can do with your student loan and how
Are you ready to purchase a home but worry you may not qualify for a mortgage? Have you considered the FHA’s adjustable-rate mortgage (ARM)? The FHA ARM (which is insured by the Federal Housing Administration) may be the loan that makes your home buying dreams a reality. The credit score and down payment requirements for
Buying a home can be an expensive pursuit. Fortunately, there are strategies you can take advantage of to lower your home buying costs. If you are an aspiring home buyer with a low- to moderate-income, you should explore the different loan options at your disposal. If you’re struggling to qualify for a conventional mortgage because
Find out what you can afford. Research what your monthly payment might look like with our intuitive mortgage calculator. The VA loan program is one of the best ways for qualified service members, veterans and surviving spouses to become successful home buyers. VA loans make home loans accessible and offer some of the most competitive
When you’re house hunting, finding the right home is only part of the battle. You’ll also need to decide how to finance your home purchase. If you’re going to take out a loan, you need to know which type of mortgage to use. Conventional loans and U.S. Department of Veterans Affairs (VA) loans are among
In the United States, there are many different paths to homeownership. One of the most common ways to buy a home – especially if you can’t make a huge down payment – is with help from the Federal Housing Administration (FHA). Established after the Great Depression, the FHA offers a variety of programs to help
Qualifying service members, veterans or surviving spouses turn to VA loans to help make buying a home less expensive and becoming a homeowner more affordable. With a VA loan in hand, borrowers can close on a new home without a substantial amount of money upfront. One of the biggest benefits of a VA loan is
Inheriting a home from a loved one can be a gift … and a challenge. There are plenty of ways to put inherited assets to good use, but capital gains taxes may put a damper on your plans. Understanding how capital gains taxes work can help you decide whether to move in, sell the property
As a consumer in the real estate industry, an awareness of mortgage scams is crucial to protect yourself from falling victim to them. A mortgage scam is when someone intentionally misrepresents information for their own profit or benefit. There are dozens of different mortgage scams, which can be perpetrated by mortgage lenders, real estate agents,
If you’re in the middle of shopping for a mortgage (or will be soon), you’ll probably come across two companies: Fannie Mae and Freddie Mac. Ring any bells? Fannie Mae and Freddie Mac are home mortgage companies created by Congress that play an important role in the U.S. mortgage industry. The two federally backed institutions
Winter is almost here again! You can already envision hot cocoa by the fire, cozy nights in front of the TV, and weekends spent sledding and building snowmen. But along with all the fun winter brings, there’s also the potential for severe weather – including blizzards. And if you are not prepared, a blizzard can
An energy-efficient home can bring you comfort and cost savings. The first step to improving your home’s energy efficiency is insulating your walls and other areas prone to losing heat. Today, new-construction homes have plenty of insulation and other energy-efficient features. But this wasn’t always the case. Older homes may have little or no insulation,
There are many reasons to explore applying for a home equity line of credit (HELOC). Maybe you want to consolidate your debt, pay tuition or finance home improvement projects. No matter how you spend the money when you use a HELOC, you’re taking advantage of a more flexible, less expensive way to borrow a large
For many of us, the American economy has felt like a rollercoaster lately. Interest rate hikes have become the new normal, and you can’t seem to escape inflation in stores or on the news. If you’re trying to buy a house, you’re probably wondering how interest rates and inflation will affect your home buying aspirations.
If you’re constantly running your heater and boarding off rooms like you’re defending the Wall from the Night King, it’s time to winterize your home. Though not an epic CGI battle, the cost of insulating a house can feel daunting. Several factors influence the cost to insulate your home, such as the size of your
If you take out a mortgage on a home, you might be surprised to receive your first bill from a bank you’ve never worked with before. You can thank the secondary mortgage market for that. When you take out a home loan, your lender can sell the loan – and the rights to collect payments
While most people buy a house under their own name, there are those who choose to purchase real estate with a Limited Liability Company (LLC). Buying a house under an LLC is something you might consider if you want to limit your liability exposure, conceal your identity as a homeowner or separate your business and
After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians. This large debt-to-income (DTI) ratio can make it harder for doctors looking
Have you been thinking about going solar? You’ve seen the commercials and are excited by the prospect of joining the renewable energy revolution, lowering your electric bills and doing your part to save the environment. But you can’t greenlight the purchase yet because you don’t know whether to lease or buy solar panels. It’s a
Like many Americans, U.S. military veterans and active duty service members may want to purchase an investment property. After all, real estate has proven to be one of the most lucrative investment opportunities. As an added bonus, service members and veterans get access to VA loans, which often come with more favorable terms and fewer
Who doesn’t need the occasional break from their daily grind? Vacations are a great way to get away from it all, travel and explore. And unless your idea of a vacation is watching The Great British Bake Off from your couch for a week (technically a staycation) – traveling can get real pricey real quick.
With the COVID-19 pandemic establishing a new remote work culture, more and more professionals are pursuing the Zoom town life as remote workers – making a living working from home or elsewhere outside of an office. Thanks to the increased popularity of online meetings and virtual events, you can Zoom into work from anywhere. So
This may not be a universal anxiety, but most of us don’t like to think or talk about dying. It can be an undeniably uncomfortable topic. So we’re going to focus on our legacies. For some of us, there is comfort in knowing we can leave behind property for our children or relatives to use
Between cash back, credit card points and travel miles, customer rewards have become a popular way to save money and drive business. If you’ve racked up rewards points you’re ready to spend, you might be wondering if you need to declare them on your taxes. Generally, you won’t be required to pay taxes on credit
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