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
A cash-out refinance lets you borrow from your home equity or the difference between your current mortgage balance and the value of your home. If your home is worth $200,000 and your current mortgage balance is $150,000, for instance, that means you have $50,000 in home equity. Getting a cash-out to refinance allows you to access that equity in cash
With the economy currently in unprecedented territory, homebuyers in search of a new mortgage undoubtedly have questions on how and when to proceed. To help, here are answers to 12 of the most frequently asked mortgage questions. 1. Are mortgage rates decreasing? While mortgage rates are down from a year ago, they are up from a few weeks ago. So, it’s
If you’re among the millions of Americans facing the prospect of unemployment or reduced income due to the coronavirus pandemic, you might be considering asking for a break on your mortgage payment. But keep this in mind: Requesting forbearance on your mortgage isn’t foolproof. The $2.2 trillion CARES Act stimulus package requires servicers to provide forbearance—or a temporary postponement of
Signing for a mortgage is the final step required before you’re given the keys to your new home, and that means it’s time to settle up closing costs—or the fees associated with a mortgage that typically amount to 2 percent to 5 percent of the loan principal. While the various closing cost components vary from state to state, some closing-related
