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No matter how much they dislike debt, most people achieve home ownership with the help of a mortgage. But while you might need a loan to get your foot in the home ownership door, that doesn’t mean you’re stuck with…
Applying for a mortgage? Keep your stress ball handy. Aside from collecting your income and asset documentation and pulling your credit report — and a dozen other data points — lenders also require an appraisal of the property you want…
An 8% rental property mortgage may have seemed like a great deal 15 years ago. But rates have dropped like a rock, and your investment property’s kitchen and bathroom have seen better days. Should you sell and start over? Not…
On a $400,000 mortgage, the difference between a 4% and a 5% interest rate comes out to almost $240 per month. That’s over $2,800 per year. You could do a lot with that kind of money. And claiming it could…
The mortgage industry is rife with jargon and acronyms, from LTV to DTI ratios. One term you’ll hear sooner or later is “conventional mortgage loan.” It sounds boring, but it couldn’t be more important. Unless you’re a veteran, live in…
In a contract for deed transaction, the buyer skips the traditional mortgage lender and works out a deal directly with the seller. I’ve done a contract for deed deal as the seller, and it has worked out well for both…
With mortgage rates nearly doubling from 2021 to 2022, many homebuyers are taking a second look at adjustable-rate mortgages (ARMs). In fact, applications for ARMs have tripled since the beginning of 2022. A popular loan in the housing bubble of…
Sure, adjustable-rate mortgages (ARMs) are great during the low-rate introductory period. But what happens when the fixed rate expires and starts adjusting? Higher monthly payments, that’s what. That leaves borrowers in a bind: “Should I refinance or stay the course?”…
Buying a home comes with a hundred decisions, large and small. And some are easier to answer than others. Do I have time (and patience) for a fixer-upper or should I shell out the extra cash upfront for a turnkey…
Like many borrowers, I was told student loans were “good debt” that would lead to a steady income. That after 10-plus years working at public universities, the government would forgive the crushing multi-six-figure student loan debt I borrowed to get…
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