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
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
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
With mortgage rates hovering at historic lows, many homeowners are rushing to refinance. There’s much to be gained by switching your existing home loan for a new one, and here are three reasons why refinancing now could be a smart move. 1. You could reduce your monthly payment The No. 1 goal when it comes to refinancing your mortgage should
Your mortgage likely will be one of your largest debts during your lifetime. And, depending on your choices, your home can help you build wealth, or destroy your credit and net worth. Fortunately, it doesn’t have to be difficult to make smart choices about home financing. You just need to avoid these seven mortgage mistakes. 1. Borrowing without a generous
