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
In case you’re not familiar with a reverse mortgage, it’s a type of loan that allows homeowners ages 62 and older to leverage the equity in their house. If a homeowner owns their property outright—or has considerable equity to draw from—they can withdraw a portion of the equity as tax-free income without having to repay it until they leave the
In today’s rapidly changing mortgage landscape, it’s easy for myths to circulate. So, here’s the truth behind common mortgage mistruths you may hear today. 1. Everyone qualifies for low-interest rates There’s a lot of talk about record-low mortgage interest rates of late. Most recently, a 30-year fixed-rate mortgage dropped to 2.88 percent for the week of Aug. 6, according to
Even in the best of times, house hunting comes with built-in stressors ranging from mortgage approvals to bidding wars and beyond. But house-hunting during the coronavirus pandemic can change the game entirely. Toward that end, here are five surprising lessons one homebuyer learned while house-hunting during these ongoing difficult times. 1. Don’t expect bargains Early on during the pandemic, some
If you’re thinking about refinancing your mortgage to lower your interest rate, to help shorten your loan term, or to convert equity into cash for any unforeseen expenses, you’ll need to be aware that there also are closing costs to consider. Closing costs are about $5,000, although this varies according to the size of your loan, as well as the state and
Although millions of Americans struggling to make their monthly mortgage payments because of COVID-19 have received relief through the Coronavirus Aid, Relief, and Economic Security Act, mortgage forbearance is only temporary. Set to expire soon, it could leave many struggling homeowners wondering what to do next. Enacted in March, the CARES Act initially granted a 180-day forbearance (or pause in payments)
A 30-year mortgage can make a lot of homeowners feel like they’ll never be without debt. Fortunately, however, there are numerous effective ways to pay off a mortgage faster, while at the same time saving big on interest payments and sometimes without laying out extra cash. Here are some things you should know if you’re considering paying off your mortgage
With Low mortgage rates continuing to drop to unbelievably low levels, and many borrowers landing 30-year home loans at under 3 percent, it’s no wonder that homeowners with existing mortgages are considering refinancing—even if their current loan is only a year old. After all, refinancing at today’s record-low rates could save a few thousand dollars a year in interest, not
Put off filing your taxes until the extended deadline on July 15? No need to worry! Here are three last-minute tax tips that can save homeowners money. 1. Grab Form 1098 Otherwise known as the Mortgage Interest Statement, Form 1098 is like a one-stop-shop for your possibly two biggest tax breaks: mortgage interest and property taxes. The biggest real estate tax
Want to keep money in your pocket that you otherwise would have spent on an in-person appraisal? Consider waiving the appraisal. Here are some pros and cons of this interesting home-financing concept to determine whether it’s a good idea for you. What is an appraisal waiver? Also known as a property inspection waiver, this real estate term simply means you
