Equity represents how much you own of an asset. So home equity is the percentage of your home that you own.  If you paid off your mortgage (or purchased the house with cash), you have 100% equity in your home.  If your home is worth, let’s say … $400,000, and your outstanding mortgage balance is

Oddly enough, owning a home does not give you complete control over it. There may be a variety of limits or claims on your property rights, including liens and encumbrances. Liens and encumbrances are different – and understanding these differences will help shed light on the broader topic of titles and other legal matters around

As a homeowner, you don’t plan on having to deal with foreclosure – and hopefully, you won’t ever have to. You can help prevent foreclosure by making your payments on time and communicating with your lender, but sometimes life hits unexpectedly hard, making it difficult or impossible to pay your mortgage.  A single late payment

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

When comparing different mortgages, one of the most important variables you will need to consider is the interest rate. Over a 30-year mortgage, a single percentage point change in your interest rate could cost or save you thousands of dollars. Many people assume that whatever interest rate their lender offers them is an interest rate

Home equity in a primary residence is the largest source of wealth for families across the nation, according to the National Association of Home Builders.[2] As a result, many people see homeownership as a sure path to building their nest egg – and in many cases, this can be true.  But the heart is not

Can your parents pay off your mortgage? Yes. Can you pay off your parents’ mortgage? Aww … and, yes.  In fact, you don’t have to be related to a homeowner to offer the gift of a mortgage payoff or a mortgage payment. You can make a payment on someone else’s mortgage to help them out

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

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