Unforeseen expenses can pop up even if you’re well prepared. Events like a medical emergency, car accident or job loss can all affect your personal finances and make it difficult to cover monthly bills – especially if you don’t have an emergency fund. Fortunately, many financial institutions offer hardship loans that help people through challenging
With the rising cost of homeownership, it can seem impossible to save enough money for a down payment. Luckily, there are a few programs that provide legitimate down payment assistance. With the overall goal of making mortgages more affordable, Freddie Mac’s BorrowSmart℠ program offers credit toward qualifying home purchases for very low- to low-income home
Could you use some extra cash in your bank account – quickly? If you’ve had credit issues or money problems in the past, you might be considering a direct deposit loan. When you need money in a pinch, these quick-turnaround loans give you access to cash fast – but you pay dearly in astronomical interest
Given today’s home prices, buying a home on a teacher’s salary ain’t easy. If you’re a teacher and aspiring home buyer, you should know that many home loans are specifically designed for educators to help them purchase real estate. And you can also take advantage of mortgage assistance programs to help make buying a home
When you’re home shopping, there’s a lot to consider – and see. If you’re the “dinner, then dessert” type, your priority will likely be to confirm that the homes you’re interested in have good foundations and are structurally sound. Next, you’ll dive into dessert: the aesthetics, weighing the pros and cons of the architectural styles
If you qualify for an FHA loan, but you can’t find or don’t want a traditional house, you could opt for a condominium. Like houses, condos need to be approved by the Federal Housing Administration (FHA) before they’re added to the official list of FHA-approved properties. This means you’ll need to pick from available FHA-approved
Unless you have the resources to buy a home with cash, applying for a mortgage is the usual way most aspiring buyers purchase homes that would otherwise be out of reach. For most home buyers, taking out a mortgage is a clear path to homeownership. But what may not be so clear is the type
Did you finance your home with a Federal Housing Administration (FHA) loan? FHA loans are attractive to borrowers with less-than-ideal credit scores or lower amounts saved for down payments, unlocking the door to homeownership for many aspiring first-time home buyers. But your circumstances can change – and they can change for the better. If your
In life, few things are more exciting than buying your own home. The pride of homeownership is something most Americans strive for at some point in their lives. If you’re starting to explore houses on the market, there are two key factors you’ll want to keep in mind as a prospective home buyer: home prices
One of the benefits of homeownership is that you can access your home’s equity. Home equity loans are one of the most popular ways to borrow money against the equity you’ve built in your home. While home equity loans can be an excellent resource in certain situations, they do come with some risks for homeowners.
If you’re interested in buying a flipped home, there are a few things to consider before diving in. Knowing what to look for in a flipped house can mean the difference between buying a real-estate regret and buying a home with instant equity. This article will discuss what to look for in a flip house
If you own your home, there’s a good chance you bought it using a 30-year fixed-rate loan. But after a few years, your situation may have changed and you may have new financial goals – like paying off your mortgage sooner or saving on interest charges. Refinancing to a 15-year mortgage can help you build
Are you stuck with a mortgage that no longer works for you? Maybe your interest rate is too high, or you’re struggling to make your monthly mortgage payments. Maybe interest rates are falling or your credit score is rising, and you want a better deal. No matter the reason, refinancing your mortgage could be the
When you’re searching for your next home, a fully renovated property can be pretty appealing. But if you want to use a Federal Housing Administration (FHA) loan to purchase a recently renovated property, you might run into some trouble getting your financing approved. Even if you have excellent credit and enough cash for a sizable
Plunging into homeownership is a big deal. You want to make sure you’re getting the best deal possible, and that starts with researching your loan options. Federal Housing Administration (FHA) and Veterans Affairs (VA) loans are two of the most common government-backed mortgage programs – but they offer very different benefits for borrowers. So which
Before home buyers can get to the part when the seller’s agent hands over the keys to their new home, they probably start their home buying journey with one question: Is now a good time to buy a house? While the question might look simple – the answer isn’t. From your personal goals and finances
The Fannie Mae HomePath® program is a great way to buy a home at a more affordable price than you might find on the open market. Getting a mortgage through HomePath® could save you thousands of dollars on your down payment and closing costs. In this guide, you’ll learn everything you need to know about
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
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