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Buying a house is a big part of the American dream. Mortgages are a necessary means to that end for most hopeful homeowners. When did mortgages come to be? And how have they changed over time? Let’s dive into the history of home mortgages to help you understand why certain lending criteria have been put … Continue reading The American Dream: Looking at the History of Home Mortgages
Some homeowners dream of paying off their mortgage. What could be better than freeing up that money so you can spend it on other things? Before you try to double or triple your mortgage payment to erase the debt, think about the pros and cons of paying your mortgage off early. PRO: You Save Money … Continue reading Pros and Cons of Paying Off Your Mortgage Early
Getting divorced is difficult. Whatever the circumstances, there are bound to be lots of decisions to make regarding the split. One of the biggest: What to do with the house? Options that you think may be your best move may actually hurt you in the long run, while an option you don’t understand may be the choice you … Continue reading Can I Take My Ex’s Name Off the Mortgage During a Divorce?
Buying a new house with your spouse is exciting and offers lots of possibilities for the future. Unfortunately, sometimes things don’t work out, and couples decide to get divorced. If this ends up happening, the house – and accompanying mortgage – need to be handled the right way. Being informed about the requirements and what … Continue reading Who Is Responsible for Paying a Mortgage When a Couple Gets Divorced?
Once you’ve found a property that’s in your budget, negotiated with the sellers, and gotten approved for a mortgage loan, you may think the hardest part of the homebuying process is behind you. While you’re definitely making progress, you need to be ready for what comes next: Closing. Preparing for closing means you should expect … Continue reading Understanding and Preparing for Prorations at the Closing Table
At first glance, buying a home in the winter may seem unappealing. Cold temperatures, shorter days, and the potential for bad weather could make you want to postpone your search until spring. Wintertime home purchasing has some positive points that other times of year don’t offer. Here are some surprising advantages of moving ahead with your … Continue reading Advantages to Buying a Home in the Winter
Homebuyers walk a fine line during the purchasing process. On one hand, you know the size and type of house you want, the neighborhood you want to live in, and the amenities you desire. On the other, you don’t want to spend more money than necessary, and you certainly don’t want to spend more than … Continue reading How Do I Know If I’m Paying Too Much for a House?
There are numerous factors that go into the rate of your mortgage loan. In fact, you may have done something today that will either help or hurt your chances of landing a great rate. Don’t guess how to prepare. Instead, take charge with these five ways to get the best rate possible on your mortgage … Continue reading Five Ways to Get the Best Rate on Your Mortgage
If you’re shopping for a home, you’re going to need a great loan officer. Don’t assume they are all the same, because lenders vary widely in their offerings. Find a lender who will work with you to make sure your experience is a positive one. Here’s how. Ask for Recommendations Talk to people you know … Continue reading Tips for Finding the Best Mortgage Lender for You
In 2021, the conforming loan limit will be increased for the fifth consecutive year by the Federal Housing Finance Agency. The move, which increases the limit by 7.5% from $510,400 to $548,250, follows a trend that began in 2016; previously, the agency hadn’t increased the limit in 10 years. In what has been an unusual … Continue reading Increasing Conforming Loan Limits: What It Means and Why It Matters
When you’re buying a house, there are many important decisions to be made. One of the biggest, and the one that ends up weighing heavily on your long-term finances, is which mortgage loan to choose. There are tons of options that require different down payments, different credit scores, and various interest rates. Wading through all … Continue reading What Will A Mortgage Company Do for Me?
If you’ve been renting for a long time, you’re probably used to a single monthly payment for your housing needs. For some people, your rent payment covers a range of things from housing, power and heat to parking, sewer and water. But when you own a house, your monthly payments are going to be a … Continue reading What Exactly Does Your Mortgage Payment Cover?
