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
Mortgages
If you currently have a home mortgage loan through the Department of Veterans Affairs (VA), you may be looking for a way to refinance your loan so you can lower your interest rate. One option is a VA Interest Rate Reduction Refinance Loan (VA IRRRL), sometimes known as a Streamline Refinance loan. It’s a quick
When you think of theft, you probably think of someone stealing your wallet, your phone or maybe even your car. The idea of home theft may never have occurred to you – after all, how could anyone walk away with your home in their back pocket? Home theft can happen, though. It happens when a
Sometimes you need money fast. Maybe you want to buy a new home, but you haven’t sold your old home yet. Or maybe you have your eye on an investment property or a home you want to flip. If you need money for a real estate purchase and don’t have time to wait on mortgage
When you can’t afford a home in the neighborhood of your dreams, a fixer-upper can give you the chance to renovate a home anywhere and turn it into the house of your dreams. And because fixer-uppers likely need repairs, they’re usually easier on the wallet. Yes, it all sounds perfect until you realize how much
If you can’t qualify for a conventional loan or just aren’t interested in one, you may be wondering what other home loans are out there. Well, there are lots of options to choose from. And many of those options fit under the umbrella of “nontraditional” mortgages. So what is a nontraditional mortgage, and is it
You know you’re ready to become a homeowner. But when you apply for a conventional loan with a bank, credit union or online lender, you’re getting turned down. Maybe it’s because you’re a first-time buyer and your credit score isn’t high enough or you haven’t built up enough of a credit history. Or maybe you’ve
To thank veterans for their service, the Department of Veterans Affairs (VA) helps to guarantee VA home loans made by lenders like banks, credit unions and online lenders. When you start shopping for a home with a VA loan, you may find several lenders in your area that offer VA loans. If the program seems
After years of paying rent, wrangling roommates and asking your landlord permission to do anything besides put up temporary wallpaper in your apartment, it’s finally time to buy your own home. Unless you plan to pay for the home with cash, you’ll need to get approved for a mortgage. Before you check out any real
Once you start considering buying a home, the obvious next step is researching and creating a plan. And you quickly find one phrase that seems to proliferate in your search results like a financial-jargon bacteria: interest rate. Interest rates are one of the most important aspects of the mortgage process. They can have a huge
A deck is one of those home improvements that keeps on giving. While you’re living in your home, it expands your living space and makes it more comfortable to enjoy the great outdoors. When you’re ready to sell, a deck can increase your home’s property value and bring in a bigger profit. If you’re thinking
You got your finances in order to help you buy your dream home, and you organized a tall stack of paperwork to get a mortgage preapproval. You did everything right. But with home prices on the rise, you might discover that the price tag on your dream home is higher than the amount you’ve been
A condo can be a great option for someone looking to live in an urban area. Condos combine the amenities of a rental apartment complex with the benefits of homeownership. But condos can be trickier to buy and sell because the community you’re purchasing your unit in has a unique set of rules. If you’re
You cleaned up your credit history, saved a large down payment and applied for a mortgage. Now your lender has given you that coveted preapproval letter, and you’re ready to shop the real estate market. That’s great news! But home buyers must be aware that it’s possible to have a mortgage application denied even if
As a current or prospective home buyer, you know that every new home comes with different mortgage needs. Depending on your financial and real estate goals, you might look for alternatives to the standard 15- or 30-year fixed-rate mortgage to get the most from your money. That’s where adjustable-rate mortgages (ARMs) come in. In this
When it comes to mortgages, there is no one-size-fits-all solution. But there are lots of options. And your job as a borrower is to understand all your options. When you apply for financing to buy a home, an adjustable-rate mortgage (ARM loan or ARM) may be one of your options. And a 5/6 ARM is
Even if it’s not your first time buying a home, it may be hard to meet the income requirements to cover your mortgage payment. Lucky for you, you don’t necessarily have to commit to those big payments right away if you can get a graduated payment mortgage (GPM). A GPM is a loan where payments
Understanding the difference between title insurance and title endorsement is part of buying a home. And whether you’re ready to buy your first home or you’ve done the whole home buying thing before, you’ll need to either learn or refresh your memory of the title insurance and endorsement lingo used by real estate professionals. Humblebrag:
Going to college and buying a home are both important milestones, but student loan debt might make them feel like conflicting goals. Luckily, you can pursue both higher education and homeownership by understanding how loan debt might affect your mortgage. Read on to learn how student loans factor into getting a mortgage and get some
Whether you’re looking to take the leap into buying your first home or looking to upsize from your current property, you’ll probably need a mortgage to purchase the home. There are lots of different variables to consider as you apply for a mortgage. Your income, debts, savings and career plans should all factor into the decision.
Sometimes everything happens at once. Let’s say you’re a passionate entrepreneur with a small business that’s finally ready to scale up with the right financing when you learn that your family is about to grow, and you need a bigger house. Applying for a mortgage and a business loan at the same time is a
When you start the home buying process, it’s a good idea to get preapproved for a mortgage. After finding a lender you trust – and finding a mortgage with the right terms – you’ll go through the preapproval process. Once you’re preapproved, the lender will hand you a mortgage preapproval letter. You can add the
If you’re shopping for a home, getting a mortgage loan can be the largest hurdle standing between you and your dreams. With so many types of mortgages available, it’s easy to feel lost when trying to decide what loan is best for you. One big question for borrowers (especially first-time buyers) is whether a Federal
If you’re thinking of refinancing your mortgage, auto loan or your student loans, you may be wondering if it will affect your credit. The short answer is yes. But the good news is that the impact won’t be major or last too long. Want to refinance and keep your credit in good shape? Read on
Imagine this: Your search for a home is over, and you’re ready to embark on your home buying adventure. You’re preapproved (or approved) for a mortgage loan, and you’ve got a purchase agreement in your eager hands. You put the contract down long enough to calculate the final cost of buying the home – and
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.
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
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
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