Mortgage interest rates are dynamic and unpredictable and can fluctuate many times between when you file a loan application and your closing. So, if you want to avoid uncertainty and preserve the rate in your mortgage loan offer, you might want to consider getting a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but
You know exactly what you want in your first home—a four-bedroom property in a prime neighborhood with a top-notch school district. But before you can get a mortgage to buy that ideal house, you likely will need to improve your credit score. If you’re borrowing money to purchase a home, your lender wants to know that you’ll be able to
While there are many types of mortgages, many borrowers choose a 30-year fixed-rate mortgage that provides fixed monthly payments for the life of the loan. But another option is an adjustable-rate mortgage (ARM), which typically begins with an interest rate that is fixed for a period of time—usually three to 10 years—and then adjusts based on an index (a benchmark
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
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
Independent contractors account for a huge portion of the U.S. economy. According to the Freelancers Union, more than 50 million Americans operated this year as freelancers, which translates into about 35 percent of the country’s workforce. And while freelancing has many perks, getting approved for a mortgage isn’t one of them. Unfortunately, the ongoing coronavirus pandemic has put additional hurdles in
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
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
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
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
