Helping out a friend or relative has got to be one of the best feelings in the world. Whether it’s referring them for a new job, facilitating a conversation between them and a person of interest at the bar, or handing them a stick of gum in their time of need — it all comes
Mortgages
Let’s be real, past generations of home buyers had an easier time coming up with down payments and closing costs. And that was great for them, but times have changed. For most home buyers today – especially people trying to buy their first home – student loan debt, credit card debt and TWO recessions are
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
If you’re planning on becoming a homeowner right now, you may be feeling frustrated. Home prices are on the rise and available housing stock is getting snatched up every day. That may leave you wondering if you’ll end up paying more for a house that isn’t even the home of your dreams. What if –
Whether it’s a bad first date, an awkward family dinner or a client meeting that goes on forever, life is full of situations that may require a smart exit strategy. The best exit strategies are as drama-free as possible and can reduce or virtually eliminate any hard feelings. Home buying can be a lot like
Home buying can be a challenging experience for a variety of reasons. One of the biggest challenges for home buyers is saving up enough money to cover a down payment. Maybe that’s why a study from the National Association of REALTORS® (NAR) found that in 2019 more than 32% of first-time home buyers got a
Getting preapproved for a mortgage is the first big step in the home buying process. It can help you get your purchase offer accepted because it signals to the seller that a lender is willing to loan you money to buy a house. A preapproval is a lot of things, but here’s something it isn’t:
Feels like we can’t escape financial pundits telling us to stop eating out and to streamline our streaming subscriptions, so we can save for a down payment. Good advice. But how many decades will that take? Between stagnant wages, student loan debt and everything from cereal to cars getting more expensive (according to the Bureau
It’s a seller’s market. And that means home buyers are up against stiff competition. Acting fast and coughing up as much cash as possible can be the difference between a successful purchase and losing out against other eager buyers. The types of homes you’re looking at might also give you a competitive edge in this
Let’s get into this. A jumbo loan is exactly what you think it is: a ginormous load of cash. We’re talking over $550,000 to buy a house. These loans are ideal for buyers who have strong financial profiles and need access to much higher loan amounts than they would get under a conforming loan’s limit
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
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
Buying a house can be challenging. But getting a mortgage preapproval before making an offer can make buying a house go a lot smoother and work out in your favor, especially in a hot housing market. Home shop smarter, not harder. A mortgage preapproval letter proves that you not only want the house – but
Imagine being this close to calling it quits on your house search – and then it happens. You find THE house AND it’s in your price range. Granted, it’s affordable because it needs some serious repairs, rehab and renovation, but you love it and you’re willing to do what it takes to transform your fixer-upper
For some first-time home buyers, it can be hard to put together a down payment for a home. Just consider the following: Taking all of this into account, it’s easy to understand why it’s harder for today’s potential homeowners to save up for a down payment, especially when compared to previous generations. But don’t despair.
Refinancing your mortgage can be a great way to save money or get more favorable terms on your home loan. This is especially true if interest rates are low and your home value has increased since you bought your home. But what if your credit score is standing in the way of refinancing? When you
By the middle of 2021, total U.S. household debt was more than $14 trillion, according to the Federal Reserve Bank of New York. Credit card debt accounted for $1.56 trillion of that total. While Americans have paid down their credit card balances by $140 billion between the end of 2019 and the first quarter of
If you’re shopping around for a mortgage, you’ll probably hear words like “conventional” and “conforming” and acronyms like “VA” and “FHA” thrown around by mortgage lenders and loan officers. It can feel a bit overwhelming, but we’re here to translate. With this helpful guide to conventional mortgage loans, you can shop for your mortgage without
Cash-out refinancing (or cash-out refi) is a creative way for homeowners to borrow the money they need for big financial goals. Allow us to oversimplify for a sec. It’s kind of like using your house as a piggy bank. Except in this case, you’re finally taking out the money you’ve been putting into it (aka
There comes a time in every relationship when you need to have a little chat about the future. And that can be a pretty stressful conversation if you aren’t ready for it. Luckily, when it comes to refinancing your Federal Housing Administration (FHA) insured mortgage, the conversation is pretty simple (and far less awkward) –
Whether you’ve served on a ship, on an overseas base or in the field, if you’re a military veteran, you’ve probably spent a lot of time away from home. Maybe that’s why more than 75% of veteran households are homeowners, compared to just over 60% of the general population. Despite this, many eligible military borrowers
If you’re a homeowner, congrats! You survived the mortgage process once already, giving you a good baseline for what to expect when it comes to refinancing your home loan. Maybe interest rates are low and home values are up. So, it’s no surprise that you’re asking yourself if you should refinance your mortgage. Makes sense
What Is a Mortgage? To start, let’s discuss what the word “mortgage” actually means. A mortgage is a type of loan usually used to buy a home or other forms of real estate. For most of us, getting a mortgage is a necessary first step on the road to homeownership. Here’s why it matters: Using
It would be awesome if finding the right mortgage lender were as simple as swiping right on an app (#lender, anyone?). But you can’t choose a mortgage lender that way because there are too many moving parts. Your finances and your lender’s terms and services must match to make it work. Taking shortcuts when it
Have you missed one or more mortgage payments and can’t refinance your mortgage? In that case, you may be eligible for a mortgage loan modification. While this type of mortgage modification program is normally used as a last resort, after all other refinancing avenues have been exhausted, a modified mortgage loan can help you stay
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