Before most home sales, the lender will require a home appraisal to determine the market value of the property. The better you understand the process, the less likely you are to get thrown off by a nasty surprise. Learn about home appraisals, the process, and tips for both buyers and sellers.
If you have limited savings or less-than-perfect credit, an FHA mortgage loan could be an option. But if you’re considering an FHA loan, familiarize yourself with its requirements and limits to learn whether it’s right for you.
Homeowners with ample equity have a ready-made source of low-cost capital to finance significant expenses: their home’s equity. If you’re shopping for a home equity loan or line of credit in the hope of taking advantage of low interest rates, get the scoop on the lenders with the best rates.
While you might need a loan to get your foot in the door of home ownership, that doesn’t mean you’re stuck with it for the next 30 years. Learn how to become debt-free by paying down your mortgage faster.
Lenders looking to minimize their risk often set minimum standards for how long you’ve met certain borrower requirements. As you shop for a home loan, keep these mortgage seasoning requirements in mind. Learn about the different types of mortgage seasoning requirements and how they work.
Mortgage points give homebuyers the option to “buy down” their interest rates by paying a fee upfront. Does it ever make sense to pay more at the settlement table to reduce your interest rate for the life of the loan? Learn about how mortgage discount points work and when they make sense.
All mortgage loans fall into two broad categories. Conforming loans abide by loan programs set out by Fannie Mae or Freddie Mac, while noncomforming loans don’t. If you’re buying a house, you need to understand the difference between the two and which type is best for your needs.
An adjustable-rate mortgage (ARM) is a mortgage whose interest rate changes over time. It’s different from a fixed-interest mortgage, where the rate stays constant for all 15-30 years of the loan term. Learn what to expect from an ARM and how to decide if it’s right for you.
Getting a mortgage can feel overwhelming. You have seemingly endless loan options, all of which read like a foreign language. If you’ve never taken out a mortgage before, or if you need a refresher, start with this overview of the types of mortgages to help you understand your loan options.
The decision to buy a house is one of the most consequential financial decisions you’ll ever make. The high cost of real estate only raises the stakes. It pays to find the best mortgage rates and loan terms and lowest overall monthly payment. Start your search with the best mortgage lenders around.
Buying a house requires a substantial down payment, but the balance of existing debts also affects your budget and the cost of borrowing. So how do you choose between paying off your debts and savings for a down payment? Consider these factors when deciding how to prioritize your savings.
If you see a line for “PMI” on your monthly mortgage statement, you’re paying for private mortgage insurance. But what is it actually for, who has to pay for it, and — most importantly — how can you avoid it? Learn about private mortgage insurance (PMI) and how to avoid paying for it.