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
When you’re nearing the end of the finish line in the journey to your new home, you don’t want anything to go wrong. That’s why realtor.com compiled a home closing checklist that outlines everything you should do in the days leading up to a settlement. Here, a closing process list to keep handy so you know you’ve done everything you need
Has someone close to you asked if you would co-sign a mortgage? Before you sign on the dotted line, it’s wise to consider if this move makes sense. After all, you’re not just putting your name on a piece of paper, you’re putting your own finances at risk. Here, realtor.com suggests four questions you should ask first. 1. What is
If you’re selling your home, it’s important to know how to calculate the closing fees and to factor those into the sale price. Closing costs vary according to where you live, but as the seller, you can expect to pay anywhere from 6 percent to 10 percent of the home’s sales price in closing costs at settlement. While this won’t
There’s no one-size-fits-all approach when it comes to financing a home. Instead, there is a wide range of conventional and government options. Here is a complete look at the basic alternatives to help you decide which kind of mortgage loan is right for you. Fixed-Rate Mortgage Can be obtained with as little as 5 percent down payment. If the
A 30-year mortgage is quite common among homebuyers because it spreads out the cost of a large loan over three decades, thereby making monthly payments more affordable. But you aren’t required to go that route. Instead, you might consider a 15-year mortgage that will cut your repayment period in half. Toward that end, here are three reasons to obtain a
Unless you have a boatload of cash lying around somewhere, applying for a mortgage is the way to owning a home for many. What can you expect? A lot of questions, especially since loaning someone money is a risky proposition and your mortgage lender will require some assurance that you’ll pay them back. To help you prepare, realtor.com offers up
