The internet has given us countless innovations over the last several years. And these days, you can buy just about anything online, including your next home. With an eMortgage (also known as an electronic mortgage), borrowers can potentially move through the entire home buying process, including closing, without ever getting off their couch. Given the
Mortgages
Mortgage delinquency is a term used to describe the state of a mortgage when the borrower falls behind on their payments. This can happen for a variety of reasons, and it can lead to plenty of consequences and stress. Left unaddressed, mortgage delinquency can lead to foreclosure proceedings. If you’ve begun to fall behind on
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
If you’re a potential home buyer, chances are you’re interested in getting a mortgage. And chances are the mortgage you’ll get is a “conventional” mortgage – one that conforms to the standards set by Freddie Mac and Fannie Mae. But if you wouldn’t call your financial situation “conventional,” you might be looking for other mortgage
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
Buying a home is more than a major life milestone. It’s a major financial investment. And with so much at stake, it’s important to work with real estate professionals, including mortgage lenders, that can offer accurate information and help you make smart decisions. Our guide will help you recognize the different types of mortgage lenders
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 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