Category: Tips

Down payment

Quick Ways to Come Up with a Down Payment

Although the best way for first-time homebuyers to come up with a down payment for a home is to save for one, sometimes you’re in a hurry. Maybe your dream house just popped up on the market or you no longer are satisfied with being a renter.  Whatever the reason, you’re ready to buy a house now. But while your

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Reasons Retirees Should Refinance Their Mortgage Right Now

Record-low mortgage rates have seen more people choosing to refinance their existing home loans to save money of late. A precautionary measure taken by the Federal Reserve to mitigate the effects of the coronavirus pandemic, the rock-bottom rates could potentially help homeowners save thousands of dollars. But what if you’re retired and still owe money on your home? You might

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How Get the Lowest 15-Year Mortgage Rate for Your Refinance

With mortgage rates remaining at an all-time low, refinancing still is top of mind for many homeowners. And even though a 30-year fixed-rate mortgage might be the typical first choice among most borrowers, refinancing to a 15-year mortgage not only can shorten your mortgage term, but it also can keep you from paying additional interest. Keep in mind the monthly

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Should You Pay Your Closing Costs Up Front, Or Roll Them into Your Mortgage?

When you set out to purchase a home, some of your expenses likely will include a down payment, as well as money for movers and new furnishings. There’s also another expense that many homebuyers sometimes forget about: closing costs on a mortgage. Typically ranging from 2 percent to 5 percent of a borrower’s loan amount, closing costs average about $5.749

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Mortgage Divorce

What Happens to Your Mortgage After a Divorce?

One of the most important decisions facing a couple going through a divorce is what to do with the home they owned together. And if the breakup is bitter, attempting to agree on the house and mortgage can be difficult. There are several factors to consider, including how the property was financed and titled; whether or not one of the

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Home Insurance

Is Home Insurance Required When You Buy a House?

If you’re buying a home, one question you might have is whether home insurance is required when you own a house. In many cases, homeowner’s insurance is indeed mandatory, and even in cases where it isn’t absolutely necessary, it’s still a good idea. To help you understand why, here’s a look at exactly what homeowner’s insurance is, why it often

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refinancing your home again

Thining About Refinance Your Home, Again?

Plus, Other Questions You Might Have About Refinancing With today’s low mortgage rates, you might be thinking about refinancing your home again. But you might be wondering about the process, especially if you’ve refinanced before. Here are some answers to any questions you might have about refinancing a mortgage. How many times can you refinance your home? Refinancing involves obtaining

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Can You Get a Mortgage if Your Spouse Has Bad Credit?

With mortgage rates at an extremely low level, you and your spouse might be considering taking the plunge and buying a home. But what happens when you apply for a mortgage jointly and one credit score is much lower than the other? You’ll find out that you both need to have good credit to get an affordable mortgage rate, and

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What Exactly is a Second Mortgage…and How Does It Work?

A second mortgage is a type of home loan that a lender approves in addition to an original mortgage that has not yet been paid in full. Homeowners can use a second mortgage to borrow against the equity they have in their houses, often at lower rates than other types of financing. Essentially, a second mortgage is a lien that’s taken

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Getting Your Finances Under Control When You’re Buying Your First Home

When you’re just starting out, purchasing your first house can seem like a daunting task. But certain milestones can mean huge changes in how you handle your money. Here are six suggestions to help get your financial life on track. 1. Create a net worth statement To create a snapshot of your current financial situation, look online for helpful worksheets

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