Mortgage
10 articles
There are many reasons to refinance your rental property, such as lowering your rate, changing your term, or converting an adjustable rate into a fixed rate. Learn how the process works and how to make sure it’s the best choice for your situation.
You can’t buy a house or refinance your current mortgage without locking in your interest rate and finalizing your expected principal and interest payment. But when exactly should you do that? Learn when it makes sense to lock your mortgage rate and your options for doing so.
A conventional loan is any mortgage loan not issued or guaranteed by the FHA, VA, or USDA. Most conventional loans are backed by Fannie Mae or Freddie Mac. These government-sponsored enterprises guarantee the loans against default, which indirectly lowers borrowers’ costs.
In a contract for deed transaction, the buyer skips the traditional mortgage lender and works out a deal directly with the seller. That sounds great on paper, but contract for deed sales have plenty of downsides. Learn more about this unusual type of real estate deal.
With mortgage rates nearly doubling from 2021 to 2022, many homebuyers are taking a second look at adjustable-rate mortgages (ARMs). But these types of mortgages are riskier than traditional fixed-rate mortgages. Find out if they’re ever worth it.
Adjustable-rate mortgages are great during the low-rate introductory period. But what happens when the fixed rate expires and starts adjusting? Often, that means higher monthly payments. Find out when it makes sense to refinance your ARM into a loan with a lower fixed rate.
Buying a home comes with many decisions, among them the loan term you want. Should you choose a shorter loan term with higher minimum monthly payments or a longer loan term with smaller payments? Learn the differences between a 15-year and a 30-year mortgage, and the pros and cons of either option.
Buying a house requires a substantial down payment, but the balance of existing debts also affects your budget and the cost of borrowing. So how do you choose between paying off your debts and savings for a down payment? Consider these factors when deciding how to prioritize your savings.
Everyone knows that credit card debt is “bad” debt due to the high interest rates on most consumer credit cards, while mortgage debt is often described as “good” debt. But sometimes the distinction between “good” and “bad” debt isn’t so clear-cut. In fact, because of this generalization, some people make the decision to refinance their
House hunting is a bit like dating. Sometimes, you fall for the wrong person – or the wrong house. It’s not at all unusual to fall head over heels in love with a house that’s way out of your budget. You feel like you just have to have it, so you pull every string you can to get approved for a bigger mortgage. But