As a consumer in the real estate industry, an awareness of mortgage scams is crucial to protect yourself from falling victim to them. A mortgage scam is when someone intentionally misrepresents information for their own profit or benefit. There are dozens of different mortgage scams, which can be perpetrated by mortgage lenders, real estate agents,
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If you’re in the middle of shopping for a mortgage (or will be soon), you’ll probably come across two companies: Fannie Mae and Freddie Mac. Ring any bells? Fannie Mae and Freddie Mac are home mortgage companies created by Congress that play an important role in the U.S. mortgage industry. The two federally backed institutions
Winter is almost here again! You can already envision hot cocoa by the fire, cozy nights in front of the TV, and weekends spent sledding and building snowmen. But along with all the fun winter brings, there’s also the potential for severe weather – including blizzards. And if you are not prepared, a blizzard can
An energy-efficient home can bring you comfort and cost savings. The first step to improving your home’s energy efficiency is insulating your walls and other areas prone to losing heat. Today, new-construction homes have plenty of insulation and other energy-efficient features. But this wasn’t always the case. Older homes may have little or no insulation,
There are many reasons to explore applying for a home equity line of credit (HELOC). Maybe you want to consolidate your debt, pay tuition or finance home improvement projects. No matter how you spend the money when you use a HELOC, you’re taking advantage of a more flexible, less expensive way to borrow a large
For many of us, the American economy has felt like a rollercoaster lately. Interest rate hikes have become the new normal, and you can’t seem to escape inflation in stores or on the news. If you’re trying to buy a house, you’re probably wondering how interest rates and inflation will affect your home buying aspirations.
If you’re constantly running your heater and boarding off rooms like you’re defending the Wall from the Night King, it’s time to winterize your home. Though not an epic CGI battle, the cost of insulating a house can feel daunting. Several factors influence the cost to insulate your home, such as the size of your
If you take out a mortgage on a home, you might be surprised to receive your first bill from a bank you’ve never worked with before. You can thank the secondary mortgage market for that. When you take out a home loan, your lender can sell the loan – and the rights to collect payments
While most people buy a house under their own name, there are those who choose to purchase real estate with a Limited Liability Company (LLC). Buying a house under an LLC is something you might consider if you want to limit your liability exposure, conceal your identity as a homeowner or separate your business and
After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians. This large debt-to-income (DTI) ratio can make it harder for doctors looking
Have you been thinking about going solar? You’ve seen the commercials and are excited by the prospect of joining the renewable energy revolution, lowering your electric bills and doing your part to save the environment. But you can’t greenlight the purchase yet because you don’t know whether to lease or buy solar panels. It’s a
Like many Americans, U.S. military veterans and active duty service members may want to purchase an investment property. After all, real estate has proven to be one of the most lucrative investment opportunities. As an added bonus, service members and veterans get access to VA loans, which often come with more favorable terms and fewer
Who doesn’t need the occasional break from their daily grind? Vacations are a great way to get away from it all, travel and explore. And unless your idea of a vacation is watching The Great British Bake Off from your couch for a week (technically a staycation) – traveling can get real pricey real quick.
With the COVID-19 pandemic establishing a new remote work culture, more and more professionals are pursuing the Zoom town life as remote workers – making a living working from home or elsewhere outside of an office. Thanks to the increased popularity of online meetings and virtual events, you can Zoom into work from anywhere. So
This may not be a universal anxiety, but most of us don’t like to think or talk about dying. It can be an undeniably uncomfortable topic. So we’re going to focus on our legacies. For some of us, there is comfort in knowing we can leave behind property for our children or relatives to use
Between cash back, credit card points and travel miles, customer rewards have become a popular way to save money and drive business. If you’ve racked up rewards points you’re ready to spend, you might be wondering if you need to declare them on your taxes. Generally, you won’t be required to pay taxes on credit
A trust fund is a financial tool where an individual can store assets for the benefit of another person or organization. If you’re in the process of planning your estate, you might be considering a trust fund to secure your family’s financial needs. They might be a popular option, but few people know all the
You can refinance your home multiple times for multiple reasons. Maybe you want to capitalize on a lower interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Some of us may decide to refi to help us get through a difficult financial situation. While it may be in your best interest
For many of us, buying a home is the pinnacle of adulting. There’s just something about owning property that makes most of us feel accomplished – and with good reason! It takes time, effort and preparation to finally get those keys in our hands. And speaking of preparation, one essential step to owning a home
Did you know your calendar can play a role in helping you get the best purchase price for the home you want? The time of year you buy a home can impact how much you pay for it. We don’t need to tell you homes are expensive. If keeping an eagle eye on your calendar
During a refinance, there are many moments of anticipation you hope will eventually lead to successfully refinancing your home. Minutes feel like eons when you’re waiting for an update from your loan officer. You’ll likely feel twinges of anxiety while you’re waiting for the results of your appraisal to come back. Your most pressing question
U.S. Bank is a tried-and-true heavyweight in the U.S. financial industry, issuing a sizable collection of its own credit cards as well as co-branded cards with merchants of all sorts. Looking for a way to repair your credit after some past mistakes? There’s a secured card that should help you get the job done. Or,
If you made changes to your home in 2022 or are planning to make improvements, you might be able to save on your taxes. Most home improvements aren’t tax deductible, but there are a few exceptions you should know about before tax season comes around. The rules on home improvements you can write off can
If you’re thinking about generating rental income by purchasing an investment property, you’re probably wondering how much money you need for the down payment. Though the process of buying an investment property shares some similarities with buying a primary residence or second home, it’s important to understand the differences – like the down payment requirement.
A home appraisal is a comprehensive evaluation of a home’s value that takes into account the living condition of the home, any improvements made and comparable homes in the area. It lets potential buyers and their mortgage lenders know if they may be paying too much for a home. If they are, the lender may
There’s a transition most young adults must face at some point in their lives: moving out of their parents’ home. And while you may end up back there for a stretch – if you fall on hard times or for another reason – it’s still generally not a great long-term arrangement. You may be wondering
It’s never too early to start saving for retirement. Investing in an individual retirement account (IRA) is a great way to save for the future. However, there are limits to how much you can contribute to these accounts each year. Keep reading to learn more about how IRA contribution limits work. 2022 Roth IRA Contribution
Every investor wants to avoid being hit with a massive tax bill, and real estate investments are no exception. Investing in real estate has plenty of upsides. Steady cash flow, passive income, long-term asset appreciation and tax deductions are just a few of those benefits. It’s no wonder rental properties are such a popular type
Navient – which was a spinoff from Sallie Mae – is a student loan service provider for private and Federal Family Education Loan Program (FFELP) student loan borrowers. The company was recently involved in several lawsuits, including a multistate lawsuit with 39 attorneys general. As a result of the settlement they reached, several changes have
Replacing your driveway isn’t something you do very often. But when the time comes, you’ll want to know what you’re getting yourself into. Driveway prices can vary significantly, depending on the type of driveway you choose and the square footage. Concrete, which is the most popular material used for driveways, has an average cost of
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