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Home purchase loans, refinancing, mortgage insurance, escrow, home equity borrowing, and reverse mortgages. Get the right loan and pay less over its life.
The last place you want to find yourself is forced to relocate but unable to sell your house. Carrying two housing payments at once is a surefire recipe for financial stress. If you can’t sell your house, you can always…
Depending on who you ask, hard money loans are either the easiest and best source of funding for real estate investors or nightmare loans of last resort. Who’s right? Hard money loans are neither inherently good nor evil; they’re merely…
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 who doesn’t? Most importantly, how can you avoid it…
Getting a mortgage is overwhelming. You have seemingly endless loan options, all of which read like a foreign language. And each type of mortgage comes with its own separate set of rules, which add even more confusion. If you’ve never…
Shopping for a mortgage feels like learning an entirely new language of terms and acronyms. From LTVs to DTIs (front end and back end), cash reserves to credit scoring models, it’s overwhelming. So when your loan officer asks if you’d…
Buying your first home, and not sure what all the lender lingo means? Keep a glossary handy when you shop for a mortgage because the terminology gets confusing quickly. And that starts with a basic distinction: whether you want a…
Mortgage lenders earn thousands of dollars every time they close a loan. Although they earn that money in many different ways, one is by charging borrowers upfront fees called points. Don’t want to pay points among your closing costs? And…
Lenders operate on risk. The lower their risk, the less they charge in interest and fees. And one way they analyze risk is by looking at your financial stability. Enter: seasoning requirements. Lenders include these time requirements to make sure…
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…
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