A second mortgage is a loan you take out on your home if you’ve already got an existing mortgage. And if you are a homeowner in need of extra cash, there are two options you can consider. The first is to refinance your home using the equity you’ve built since you got your first mortgage.
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Debt can be a confusing part of life, especially when your options to pay it off sound similar but are totally different. Settled in full and paid in full are two debt repayment options. In both cases, your balance decreases to zero, and your account is closed. But each option has a different impact on
When you’re buying a home, you’ll want to make sure there are no legal issues with the property. Lis pendens means there is a legal dispute over a property, which can make a property difficult to buy or sell. Whether you’re a homeowner, a potential buyer or someone disputing property ownership, understanding how lis pendens
Home flipping can be a profitable venture if you know how to do it, but many people are afraid to get their feet wet. If you want to learn how to start flipping houses, the good news is that it’s not as scary as you think. You don’t even need to have a ton of
Did you know that flood damage isn’t typically covered by homeowners insurance? That’s right. Your policy covers different types of damage, but if your home gets flooded, your home and your belongings aren’t covered by your homeowners insurance policy. Here comes flood insurance to save the day! If you’re wondering whether you need flood insurance
After a buyer puts in an offer or purchase contract and makes a good faith deposit (aka earnest money deposit), there are only a few boxes left to check before the sale goes through. But what happens when the home appraisal comes back low, essentially warning you that you’re about to overpay for the home
You’re settled in your job, you’ve saved for a down payment and you’re ready to kiss paying rent goodbye. But before you start your search for the perfect pad, you’re told that it would be in your best interest to get a mortgage preapproval. To start the process of a mortgage preapproval, a lender will
Does the current seller’s market make you feel like you need to take a stealth approach to negotiations? When there are lots of buyers interested in a home, you may find yourself on the frontline of a bidding war. Sometimes buyers try to offer more than the seller’s asking price to give them the best
As a first-time home seller, you may be a bit anxious or confused about why a buyer might be quiet after the home inspection. Did they back out and not say anything? Should you look for a new buyer? How long does the buyer have to respond? All of these are valid questions and we’re
So you’re finally ready to purchase a home. You’ve been saving up and looking at listings, and you know what you want in a property. Now you’re ready to move on to the next steps and make your home buying dream a reality. You’re ready for the loan origination process. Unless you’re buying a home
One thing’s for sure, buying a home is an involved undertaking. And if you’re getting a mortgage or deed of trust to purchase a new home, it gets even more involved. There are all kinds of legal aspects to be aware of, including the due-on-sale clause that most mortgages contain. A due-on-sale clause is a
If you’ve been looking around for the perfect house, you may feel anxious about how to buy the one you’ve set your heart on at a price that won’t bust your budget. We know negotiating a home price may seem intimidating, but knowing the right moves to make ahead of time can relieve a lot
You’re selling your home. You’ve accepted an offer, and it looks like it’s smooth sailing ahead. But what happens if the home’s appraised value is lower than the buyer’s offer? Is the sale sunk or can it be salvaged? If the appraisal is lower than the offer, the buyer’s loan may not get approved. And
When you got your mortgage, you might have applied with a spouse or other co-borrower to get better mortgage terms, split the financial responsibilities or because you wanted to live together. But life happens and things change. Maybe you’re getting a divorce or you’ve decided you want to live on your own. Now you’re probably
When you become a homeowner, you hope that your home and its belongings are safe and protected for as long as you own the home. Unfortunately, no hope is guaranteed. Fire, theft, weather events, plumbing problems and the fickle finger of fate can strike your home at any time. That’s why you need homeowners insurance.
Whether you’ve been rejected in love – or loans – you’re in good company. Speaking from personal experience, it’s not fun, but people face rejection every day. If you want to show rejection that it’s not the boss of you, we’ve got a pro tip: dust yourself off and try again! Don’t be discouraged. Getting
Property taxes are payments you make to help fund your local, city and state governments so that they can provide you with public services. And that’s important. Ask yourself where you would be without vital community services like fire, police, schools, sanitation and, of course, local parks and recreation facilities. You may be wondering how
Getting a mortgage and being a homeowner is a big deal. And depending on where you want to live and the state of the housing market (if it’s a seller’s market or not), it can be an uphill battle to find and purchase a home in your price range. A loan alternative – like a
Let’s say you recently sold your home and want to buy a new home. Or maybe you’ve decided to refinance your mortgage with a new lender. In either case, your new lender is going to want to know more about your history with your previous mortgage lender. To get that information, they may request a
So, you’ve found a house, and your offer has been accepted. Congrats! Now you’re probably wondering how soon until you can move in. That’ll depend on when you’re scheduled to close on your new home. Closing is the date when everyone involved with the sale (including your lender) is satisfied and agrees that you and
You’ve persisted through long weeks of negotiations, tons of paperwork and hours of scrolling through home furnishing websites as you mentally decorated your new pad. But dreamtime is over. Now it’s time to collect those keys and rest your weary feet in your new home. It also happens to be a time for checklists and
You’ve saved the money, and you’ve found a house. And now it’s finally happening for you. As part of the exciting process of buying your first home, you apply to the bank for mortgage preapproval. In evaluating your request, the lender tells you they need to figure out if you can afford the monthly costs
There’s a lot that goes on during the home buying process, and one of those things is usually a home inspection. If foundation issues are uncovered, it can hamper your ability to get approved for a loan and might even hurt your home’s resale value. But you’ve got options. We’re here to help you figure
Your home is a large investment so you’ll want to make sure it stands the test of time. The foundation of a house is an essential component to its safety, stability and longevity. It keeps the house in place, ensures the house is level, keeps moisture out and even insulates. But foundations can have problems,
Just when you thought you had this home buying thing down, you hear about a hybrid appraisal. You know what a hybrid electric car is, but a hybrid appraisal? In real estate, a hybrid appraisal is an alternative to a traditional appraisal. With a traditional appraisal, a licensed appraiser inspects a property and analyzes local
Most of the time, when people buy their first home, they’re not thinking too much about what to do when they move. But as the years go by, different housing options might come to mind. You’ve probably heard – and seen on TV – that investing in real estate can make you money. Maybe you’re
The excitement of being a first-time home buyer is unbeatable. A home is one of the most important and largest purchases you’ll make, and it’ll have a significant impact on your financial future. The question that many first-time home buyers face? Should you buy a starter home or jump directly to your forever home? There’s
You’ve decided you’re ready to buy your first home, and you’ve started the mortgage loan application process. Everything has gone smoothly, but now your lender mentions that they want to grant you conditional approval. This may leave you wondering: What is conditional loan approval? And what does it mean for you? Conditional approval on a
Accidents happen all the time; it’s just a natural and unpreventable part of life. Homeowners might not be able to prevent all the accidents, but they can prepare for them. Creating a home inventory list is one of the most important steps you can take to prepare. Trust us, your future self will thank you!
When touring homes or checking out prospects online, do you ever admire the decor of a home so much that you wish you could buy it as-is? Or maybe you’ve experienced the opposite. Maybe you saw the perfect home, but something was off about the way it was decorated. That’s the power – good, bad
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