Category: Tips

15-year Mortgage

When Refinancing, Should You Opt for a 15-year Mortgage?

Before the pandemic, 15-year mortgages were simply too expensive for many homeowners seeking to refinance. Popular instead was the 30-year fixed-rate loan, which typically comes with a more affordable monthly payment.  But now the tide seems to be turning, with 15-year mortgages accounting for 17 percent of home loan applications this past September, up from 10.2 percent a year earlier,

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Skipped Mortgage Payments in 2020?

If you are one of the millions of Americans who received forbearance and were allowed to pause your monthly mortgage payments during the past year, that could have implications when it comes time to file your taxes this year and in the years to come. Exactly how will forbearance affect your ability to deduct the interest? Individuals typically use what’s

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Tax Advantages of Owning a Home

As you prepare to file your 2020 taxes, you might be asking yourself what the perks of owning a home are. Well, while the revised Tax Cuts and Jobs Act of 2018 remains in effect, the pandemic has changed the scene somewhat. The IRS has delayed filing season by about two weeks, for example, meaning it won’t begin accepting or

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renter, homeowner, myths, debts, owning a home

Myths About Transitioning from Renter to Homeowner

Are you ready to make the leap from renter to homeowner? First, you want to be sure you’re prepared to take stock of your financial situation and determine if you’re ready for the responsibility.  For many, the top concern is affordability—including having enough cash saved up to fund a down payment and a credit score good enough to qualify for

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The Lowdown on Title Insurance

When purchasing a home with a mortgage, your lender likely will require you to buy title insurance to guard against the possibility that someone else might have a claim on your property.  In essence, it ensures that a homeowner and their lender will be alright in case the seller or previous owners didn’t have the absolute ownership of the house.

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pre approval

Things That Could Block Your Mortgage After Pre-Approval

Getting pre-approved for a mortgage is a key part of the process when it comes to shopping for a home. Many sellers even will require you to include a pre-approval letter with any offer to ensure that you’re a serious, well-qualified buyer. Getting approved also helps you determine how much you’ll be able to spend.  Just because you get a

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Mortgage principal

What is Mortgage Principal, and Why is it Important?

Mortgage principal is the amount you borrow from your lender to purchase your home. If your lender gives you $250,000, for example, your mortgage principal is $250,000. You’ll pay this amount off in monthly installments for a predetermined amount of time, maybe 15 or 30 years. You also might have heard the term outstanding mortgage principal before. This refers to

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Mortgage Rate

Should You Lock in Your Mortgage Rate Today?

Mortgage interest rates are dynamic and unpredictable and can fluctuate many times between when you file a loan application and your closing. So, if you want to avoid uncertainty and preserve the rate in your mortgage loan offer, you might want to consider getting a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but

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How to Improve Your Credit Score to Secure a Mortgage for Your First Home

You know exactly what you want in your first home—a four-bedroom property in a prime neighborhood with a top-notch school district. But before you can get a mortgage to buy that ideal house, you likely will need to improve your credit score.  If you’re borrowing money to purchase a home, your lender wants to know that you’ll be able to

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