Mortgage – Money Crashers

How Homeownership Affects Your Credit Score

Brian Martucci — Mon, 28 Aug 2023 17:00:00 +0000

The impacts of a mortgage appear as soon as you apply and continue until you sell or make your final payment. That’s why it’s important to understand exactly how homeownership affects your credit score and what you can do to minimize the potential negatives.

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8 Ways to Improve Your Credit Score After a Foreclosure

Brian Martucci — Thu, 27 Jul 2023 15:45:00 +0000

The worst part about foreclosure is losing your house, but the indirect financial fallout is pretty bad too. A foreclosure can cause your credit score to drop by 100 to 200 points, with much of the damage coming in the first two or three months after you first fall behind on your mortgage. If that’s

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How to Calculate Debt-to-Income Ratio for a Mortgage or Loan

Brian Martucci — Thu, 20 Apr 2023 21:20:00 +0000

Your debt-to-income ratio is the percentage of your monthly income that goes toward debt payments. While the math is easy, knowing what to put in the formula isn’t as simple. Learn how to calculate your debt-to-income ratio to keep tabs on how attractive you are to lenders.

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What Is a VA Home Loan – Mortgage Eligibility, Benefits & Limits

Brian Martucci — Sat, 22 Oct 2022 03:00:42 +0000

It’s a big decision to join the military. Members of the Armed Forces face a slew of risks to their physical safety and psychological well-being. They make many trade-offs in their personal lives as well, from frequent moves to new towns around the United States to overseas deployments that challenge even the strongest families. To help offset

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15-Year vs. 30-Year Mortgage — Comparison, Pros & Cons

G. Brian Davis — Wed, 19 Oct 2022 11:00:00 +0000

Buying a home comes with many decisions, among them the loan term you want. Should you choose a shorter loan term with higher minimum monthly payments or a longer loan term with smaller payments? Learn the differences between a 15-year and a 30-year mortgage, and the pros and cons of either option.

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Should I Refinance My ARM to a Fixed-Rate Mortgage?

G. Brian Davis — Mon, 08 Aug 2022 17:00:00 +0000

Adjustable-rate mortgages are great during the low-rate introductory period. But what happens when the fixed rate expires and starts adjusting? Often, that means higher monthly payments. Find out when it makes sense to refinance your ARM into a loan with a lower fixed rate.

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Is an Adjustable-Rate Mortgage (ARM) a Good Idea?

G. Brian Davis — Thu, 04 Aug 2022 16:00:00 +0000

With mortgage rates nearly doubling from 2021 to 2022, many homebuyers are taking a second look at adjustable-rate mortgages (ARMs). But these types of mortgages are riskier than traditional fixed-rate mortgages. Find out if they’re ever worth it.

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Should I Refinance My Home Mortgage Loan?

Brian Martucci — Tue, 21 Jun 2022 11:00:00 +0000

If today’s mortgage interest rates are lower than you’re paying now, refinancing your home loan could free up some space in your budget. But does that mean you should actually do it?

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Contract for Deed – Meaning, Pros & Cons of This Real Estate Agreement

G. Brian Davis — Wed, 18 May 2022 21:00:01 +0000

In a contract for deed transaction, the buyer skips the traditional mortgage lender and works out a deal directly with the seller. That sounds great on paper, but contract for deed sales have plenty of downsides. Learn more about this unusual type of real estate deal.

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Conventional Mortgage Loan – What It Is & Different Types for Your Home

G. Brian Davis — Fri, 13 May 2022 11:00:01 +0000

A conventional loan is any mortgage loan not issued or guaranteed by the FHA, VA, or USDA. Most conventional loans are backed by Fannie Mae or Freddie Mac. These government-sponsored enterprises guarantee the loans against default, which indirectly lowers borrowers’ costs.

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When Should You Lock in a Mortgage Interest Rate?

G. Brian Davis — Thu, 12 May 2022 11:00:01 +0000

You can’t buy a house or refinance your current mortgage without locking in your interest rate and finalizing your expected principal and interest payment. But when exactly should you do that? Learn when it makes sense to lock your mortgage rate and your options for doing so.

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How to Refinance Rental and Investment Properties

G. Brian Davis — Tue, 03 May 2022 15:38:42 +0000

There are many reasons to refinance your rental property, such as lowering your rate, changing your term, or converting an adjustable rate into a fixed rate. Learn how the process works and how to make sure it’s the best choice for your situation.

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What Is a Home Appraisal and What Do Appraisers Look For?

G. Brian Davis — Tue, 05 Apr 2022 11:00:00 +0000

Before most home sales, the lender will require a home appraisal to determine the market value of the property. The better you understand the process, the less likely you are to get thrown off by a nasty surprise. Learn about home appraisals, the process, and tips for both buyers and sellers.

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FHA Mortgage Loans Defined – What Is the Best Type to Qualify For?

Brian Martucci — Mon, 28 Mar 2022 11:00:00 +0000

If you have limited savings or less-than-perfect credit, an FHA mortgage loan could be an option. But if you’re considering an FHA loan, familiarize yourself with its requirements and limits to learn whether it’s right for you.

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The Best Home Equity Loan and HELOC Rates

Brian Martucci — Sun, 13 Mar 2022 11:00:00 +0000

Homeowners with ample equity have a ready-made source of low-cost capital to finance significant expenses: their home’s equity. If you’re shopping for a home equity loan or line of credit in the hope of taking advantage of low interest rates, get the scoop on the lenders with the best rates.

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How to Pay Off Your Mortgage Early – 7 Tips for Home Loan Repayment

G. Brian Davis — Mon, 21 Feb 2022 12:00:00 +0000

While you might need a loan to get your foot in the door of home ownership, that doesn’t mean you’re stuck with it for the next 30 years. Learn how to become debt-free by paying down your mortgage faster.

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What Are Mortgage Seasoning Requirements?

G. Brian Davis — Wed, 09 Feb 2022 14:00:03 +0000

Lenders looking to minimize their risk often set minimum standards for how long you’ve met certain borrower requirements. As you shop for a home loan, keep these mortgage seasoning requirements in mind. Learn about the different types of mortgage seasoning requirements and how they work.

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What Are Mortgage Discount Points and Should You Pay For Them?

G. Brian Davis — Fri, 28 Jan 2022 14:00:41 +0000

Mortgage points give homebuyers the option to “buy down” their interest rates by paying a fee upfront. Does it ever make sense to pay more at the settlement table to reduce your interest rate for the life of the loan? Learn about how mortgage discount points work and when they make sense.

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Conforming vs. Nonconforming Mortgage Loans – Differences Between Them

G. Brian Davis — Thu, 20 Jan 2022 14:00:04 +0000

All mortgage loans fall into two broad categories. Conforming loans abide by loan programs set out by Fannie Mae or Freddie Mac, while noncomforming loans don’t. If you’re buying a house, you need to understand the difference between the two and which type is best for your needs.

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What Is an Adjustable-Rate Mortgage (ARM)?

G. Brian Davis — Fri, 03 Dec 2021 12:00:09 +0000

An adjustable-rate mortgage (ARM) is a mortgage whose interest rate changes over time. It’s different from a fixed-interest mortgage, where the rate stays constant for all 15-30 years of the loan term. Learn what to expect from an ARM and how to decide if it’s right for you.

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