Existing Home Owners

If you spend any time around homeowners, you’ll probably hear at least one of them talk about making an extra mortgage (or principal) payment to pay off their mortgage faster. This process is sometimes called mortgage curtailment or a principal reduction (although most people don’t use that term in casual conversation). It’s a common strategy,
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Mortgages can last for 10, 15 or 30 years. Naturally, this creates ongoing responsibilities for both the borrower and the lender. If a mortgage is active, it will need to be continually serviced, and the process often contains a lot of moving parts. While one mortgage lender will want to manage your mortgage loan for
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In the U.S., most people own their home for about 13 years, after which they hope to sell the property for a profit.[2] Naturally, you’re probably curious about home appreciation and how much it affects the value of your home today and in the future.  Understanding home appreciation is important because it can give you
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When it comes to owning a home, some surprises aren’t as welcome as others. If you just found out that your outstanding mortgage balance is more than your home is worth, you have what’s known as an underwater mortgage, also known as an upside-down mortgage. If you have an upside-down mortgage, don’t panic. You have
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Three things in life are certain: taxes, iPhone updates and unexpected expenses. Unexpected expenses can cost homeowners a lot – even their homes. If you’re struggling to make your mortgage payments because of a medical emergency, an accident or the upheaval we all experienced during the COVID-19 lockdowns, you’re not alone. In March 2021, over
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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
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If you’ve been through bankruptcy, you may feel more cautious than ever about taking out new loans – especially on your home. But if you’re careful and well informed, refinancing can help you save money and unlock the equity in your home at a low-interest rate. What Are the Reasons To Refinance After Bankruptcy?  There
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Whether it’s a vacation home or a multiunit rental property with tenants, real estate investors can take pride in their financial savvy. With the right investment property, you’re not only earning income from your tenants, but you’re building equity.  The other side of the proverbial coin is expenses.  The biggest single expense for investment property
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If you’re a homeowner, refinancing your mortgage can be a great way to: Get a lower interest rate (especially if interest rates are low) Reduce your monthly mortgage payments Shorten your repayment period Take advantage of your home equity But before you can enjoy those perks, you have to pay your closing costs. Remember the
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Is it even daytime TV if you don’t catch an ad or two featuring charming, silver foxes like Tom Selleck, Henry “the Fonz” Winkler, or Joe Namath telling you about the benefits of a reverse mortgage? The spokesperson may change, but the message rarely does: “You’ve worked hard to pay down or even pay off
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