With interest rates at near historic lows, you might be thinking about refinancing. That means you may be able to swap out your old, higher interest rate for a new one with lower rates. But will that put you in a better financial situation? Today’s borrowers can get a 30-year mortgage for 3.81 percent and a 15-year loan for 3.16
If you’re planning on buying a home, you should know that maintaining a good credit score (between 700 and 749) can potentially save you hundreds of dollars a month on mortgage payments—and maybe tens of thousands during the course of the loan. Why? A high credit score assures lenders that you likely will be able to repay your loan, and
If you’ve ever purchased a home, you might think you’re something of an expert at figuring out how mortgages work. But you’re probably wrong. In terms of financing, there are several misconceptions that you might not be aware of that could hinder your ability to find the right home. Here, Realtor.com debunks four of the most egregious. 1. You need to
What if you find the perfect property, only to learn that you don’t qualify for the home of your dreams? If you don’t earn a loan pre-approval before you start looking, that could very well happen. Here, x reasons why a pre-approval is key to your home search. 1. Streamlined hunting Most home buyers start out by browsing homes for sale
Is your New Year’s Resolution to purchase a new home in 2020? If so, you likely will need to save some money for a down payment. Here are some quick ways to cut your spending and send the savings to your down-payment fund. 1. Focus on priorities Paying off rent and credit card debt should be your priority. This
Homeowners can easily get into a comfortable groove year after year by making monthly mortgage payments, auto-renewing homeowner’s insurance, and putting off upgrading appliances and lighting, among other things. But that groove can cost money. Making the minimum loan payments (while putting extra money in a low interest-bearing savings account) or keeping the same policy for years (without shopping around
Mortgages for vacation homes differ from loans on a primary residence. So, before you decide to purchase a home away from home, you’ll want to be sure that you know everything on the mortgage front. Here is some information on how vacation home mortgages work to help you sail through the process and into your own personal retreat without a
A little more than a year ago, mortgage rates almost hit 5 percent—levels that haven’t been seen since the early part of this decade. But as we prepare to move into a new decade, mortgage rates are more than a full percentage point lower than that, around the 3 percent to 4 percent range. And, according to a new forecast
When you take out a mortgage, you’re required to repay both the principal amount on the loan and the interest payments, which are based on a certain rate. If you find that you’re having a difficult time keeping up with your mortgage payments, or if you simply want to lower them, then it could make sense to refinance your home
Although you might consider yourself to be financially savvy, when it comes to buying a house for the first time, navigating the world of mortgages, closing costs and escrow can be something altogether different. You might know that you should never buy anything you can’t afford, for example, but some other aspects of the process could come as a big
