Mortgage
12 articles
Bad credit doesn’t mean you can’t own a home. But the worse your credit, the harder it is to qualify for an affordable loan. And just because you can buy a home even with poor credit doesn’t mean you should. Read on to learn what to consider when buying a home with less-than-perfect credit.
Offering seller financing when you sell a home lets you act as the bank for the buyer’s mortgage. Seller financing may be the only way to sell a unique or difficult-to-finance property for what it’s worth. Is seller financing right for you? Read on to learn about the risks and rewards.
The longer your home sits on the market, the greater the chances are you’ll be forced to move before it’s sold. And carrying two housing payments at once is something no one wants to face. Follow these tips to maximize your odds of attracting showings and offers ASAP.
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? Learn about hard money loans for renovations in real estate, and whether you should consider getting one or looking at other options.
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.
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.
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.
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.
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.
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.
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.
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.