Only a small percentage of Americans owned homes, until what you know today as mortgages came into existence in the early 1930s. However, the very thing that has become the embodiment of the American dream can sometimes source distress if managed poorly. Although the number of foreclosures is at an all-time low of just 0.47%, […]
Mortgage
Whether you're just starting your home buying journey or a current homeowner, explore current mortgage topics to help make wiser decisions.
Disturbing Trend as Credit Scores Decline for Homebuyers Seeking FHA Mortgage
The housing crisis of the late mid to late 2000s pushed the financial situation of the United States into a tailspin. Combined with the crash of the stock market and a number of bubbles bursting, that was one of the worst financial situations to ever hit the country in its history. While the housing market […]
A New Bank Just Took Over My Mortgage, Now What?
Mortgage lenders sell loans for a variety of reasons. Even though your mortgage changes hands, it doesn’t change the terms of your loan or how you will pay it back. The transaction takes place between the two lending agencies. You are basically just along for the ride. While they have to inform you of what […]
What Is HELOC and How Do I Use It? (Home Equity Line of Credit)
Your home is one of the most important investments you will ever make. From the minute you purchase your home, you begin to build its value. In the beginning, most of the value is held by the lending institution but as time passes, your equity will begin to increase. It’s important to know what equity […]
The Pros and Cons of Living in an HOA
If you’re not careful, an HOA (homeowners association) can feel more like a nightmare than a perk. As a homeowner, you’re already paying a mortgage and taxes. For some, an HOA fee might seem like an added stress or unnecessary expense. However, HOAs wouldn’t be so prevalent if they didn’t actually come with some cool […]
What Is an FHA Loan?
FHA loans are often popular with first time homebuyers. These government backed loans are insured by the Federal Housing Authority (FHA). Compared to a conventional loan, FHA loans require a lower credit score and down payment. This makes them more attainable for potential homebuyers. There are a few options with FHA loans when it comes […]
How Some Teachers Are Buying Homes for 50% Off
We highlighted a few special down payment programs available for teachers recently, but did you know that some teachers are buying their homes for up to 50% off? Before you call “BS”, understand that you’re not the only one who hasn’t heard about this yet. Most teachers aren’t aware of these discount home buying programs, […]
Here Are the Down Payment Assistance Programs You Should Know
Jumping from a renter to a homeowner can have significant financial savings. Many financial experts believe that owning a home is a major asset, and that it’s essentially forced savings. Rather than putting your hard earned money into rent, you use it to build equity in a home you own. However, for many Americans, the […]
5 Things First Time Homebuyers Need to Do Before Buying
The first time home buying process can be fun, exciting, and super confusing. Beyond looking through Zillow listings, there are a few things that every first time homebuyer should know (and should do) before taking the plunge. Are you ready to go from renter to owner? 1. Know Your Credit Before Home Shopping It’s not […]
Homeowners Are Scrambling to Claim Their Benefit (up to $355/month) Before It Expires
UPDATE: The HARP program has expired as of 1/1/2019. There are other great mortgage programs available to help with refinancing and purchasing a new home. Homeowners can claim up to $4,264 a year Government wants to pay off your current mortgage HARP program is free to check eligibility Lower your interest rates Check eligibility in […]