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Owning a home has long been considered to be part of the American Dream, but as the huge tidal wave of foreclosures has taught us in recent years, it can also be a major disaster if you buy a house you cannot afford - or if you buy a home before you are ready for home ownership. Purchasing a home is a major investment, and as with any investment, it is important to be educated before you dive
Picture this: You find the perfect house, forgo the bank and the associated mortgage paperwork, and break out your checkbook to purchase a home outright. While paying cash for a home is a still a far-fetched dream for many people, it's actually becoming more common in the real estate market. The National Association of Realtors reports that the number of homes bought with cash has increased to
Recent Articles in Mortgage
What Is a Home Appraisal – Tips & Process ChecklistMarch 7, 2013
When applying for a mortgage to purchase a new home or refinancing your existing mortgage, you have to be ready to jump through some hoops. It can be a difficult and time-consuming
5 Reasons You Shouldn’t Refinance a Mortgage to Pay Credit Card DebtDecember 19, 2012
Everyone knows that credit card debt is "bad" debt due to the high interest rates on most consumer credit cards, while mortgage debt is often described as "good" debt. But
Is Recasting a Mortgage Loan a Better Option Than Refinancing?November 27, 2012
While many homeowners are familiar with the option of refinancing their mortgage, not all homeowners understand loan recasting. This may be because not all lenders offer recasting
How Sellers Can Make Their Homes Eligible for an FHA MortgageNovember 16, 2012
If you're preparing your home for sale, you are surely focused on making it as attractive as possible to potential buyers. Making small repairs, removing clutter, and cleaning -
What Is Force-Placed Insurance Coverage – Why You Should Avoid ItNovember 2, 2012
The vast majority of home buyers use some type of mortgage loan to pay for their home. If you are one of them, then you likely know how much paperwork and fine print is
FHA vs. Conventional Mortgage Loans – Understanding the DifferencesOctober 23, 2012
Buying a house is complicated, with more than its share of intimidating paperwork and legalese - especially for first-time buyers. One way to minimize the stress is to get a loan
Pros & Cons of Refinancing Your Home Mortgage LoanOctober 18, 2012
Mortgage refinancing isn't a new concept, but whenever there's a significant drop in mortgage rates, it's not unusual for mortgage lenders to receive an influx of applications.
6 Ways to Get Money for a Down Payment on a HouseOctober 11, 2012
It's not easy to scrape together enough cash for 20% or even 5% of your new home's purchase price. Yet the fact remains that the more cash you pay upfront, the easier it can be to
How to Choose a Home Mortgage Loan TermOctober 11, 2012
Whether you're buying a home or refinancing your current home, you may assume your choices for financing with a fixed-rate home loan are limited to a 30- or 15-year term. While
What Is an FHA Streamline Refinance – Guidelines, Pros & ConsOctober 9, 2012
If you have an FHA-insured mortgage on your home, you may have the opportunity to refinance with an FHA streamline refinance. While the hype surrounding the FHA streamline
