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
The coronavirus pandemic has led to record-high unemployment rates not seen since the Great Depression, which can be particularly worrisome for would-be home buyers. If you were among the 23.1 million Americans laid off or furloughed, you might be worried about your financial future. And if you were hoping to buy a house—either now or in the next few years—you
Reverse mortgages enable older homeowners to turn a portion of their home equity they have amassed in their properties into tax-free cash via a loan that isn’t required to be repaid until they pass away, sell or move out of their house. This might sound like a good idea to a lot of seniors who are currently navigating the financial
Getting a mortgage loan, paying your mortgage, and refinancing your mortgage can be major undertakings anytime, but the process can become even more complicated when a global health crisis is involved. While there have been some silver linings—like record low-interest rates—there also have been several changes to note, with mortgage lending looking different now than at the start of the
When you purchase a home, the thought of having to pay a mortgage for decades can be daunting. That’s why you might consider paying off your mortgage as possible. But before you decide to make extra payments or to pay off your loan altogether, you should consider whether it really makes financial sense. For example, the amount you save on
Dreaming of breaking into the house-flipping game? While it might sound like something anyone can do simply by reading a book or watching a few TV shows, house flipping actually requires a substantial amount of capital to get going…and that’s the first major snag most folks face. Here are four strategies that can help you successfully navigate that issue, many
When you apply for a mortgage or refinance an existing mortgage, you want to secure the lowest interest rate possible, and this explains the allure of no-fee mortgages. But while a no-fee mortgage might sound appealing—thanks to a lack of lender fees or closing costs—they come with their own set of pros and cons. They almost always carry a higher
