Getting a mortgage to buy a home is complicated. Making sure you have good enough credit to qualify and can provide a proper down payment can be difficult enough. According to the Urban Institute, in 2017, banks rejected almost one-third of applicants for…
Mortgages come in many varieties. One lesser-known type of mortgage is the balloon payment mortgage, sometimes called simply a balloon mortgage. Often a mystery to home buyers, this type of mortgage comes with unusual terms, a potential for huge savings, and…
Before you decide to purchase a home, it’s important to determine whether it’s the right path for you at this point in your life and career. Otherwise, you risk making a major home buying mistake that will be difficult and…
Whether you’re a first-time home buyer or have plenty of experience, purchasing a house is just plain stressful. It’s a complicated process involving both strong emotions – it’s a home, after all – and what may be the biggest financial…
“Stressful” is the best word to describe buying a house. It involves, among other tasks, the process of improving your credit score, securing financing, choosing the right agent, and looking at different houses. But the frustrations don’t stop there –…
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 or re-amortizing, and not all borrowers are eligible. However, the process could save…
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 – both inside and out – are very important steps to take….
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 involved. While you can’t be expected…
Whether you’re interested in snapping up a bargain home and renovating it to meet your needs, or you have a kitchen full of outdated appliances that you’d like to replace, an FHA 203k home loan may be the solution to your…
Record-low mortgage rates have been generating an avalanche of refinance applications, but if you’re age 55 or older, you need to seriously consider refinancing in the context of your retirement planning. How close you are to retirement has a big impact…
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