Category: Mortgages

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Refinance boom dies down as mortgage rates soar

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  For large parts of the past two years, mortgage refinancing has been booming, as historically low mortgage rates and surging home prices created an opportunity …

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The most equity-rich homeowners in America live here

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  Nearly half of U.S. mortgage payers own at least 50 percent equity, according to ATTOM’s Q2 2022 Home Equity & Underwater Report. This means that the balance of …

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Inflation could mean your house is underinsured. Here’s why

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  With home construction costs continuing to soar due to issues with the supply chain, labor shortages, and worsening natural disasters, many homeowners could be left underinsured. …

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Why homeowners in this state are facing an insurance crisis

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  Florida has generated reams of feverish headlines lately for controversies about the teaching of sex and gender issues in public schools, and whether the Disney …

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Why you shouldn’t try to pay off your mortgage too quickly

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  You’ve seen them. Over and over and over again, so-called personal finance gurus railing against debt. But as I pointed out before, they’re dead wrong (in …

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4 genius ways to cut your mortgage costs, even as inflation soars

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  As mortgage interest rates edge toward 5% and higher,  expect to see fewer refinances compared with the last two years. “Mortgage refinances surged in the last two …

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Can you really pay off a mortgage in just 5 years?

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  Paying off your mortgage ahead of time might sound like an incredibly savvy thing to do, and in some cases, it is. But it’s not …

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Why aren’t more homebuyers comparing mortgage rates

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  Can you be sure you snagged the lowest mortgage rate possible if you didn’t compare offers from different lenders? For many American homeowners surveyed by …

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Mortgage rates are at a 13-year high. Here’s why

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  Mortgage rates in the United States continued their steep climb last week, adding to the woes of would-be home buyers that are already facing historically high …

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Are we in another housing market bubble? Will it burst again?

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  The housing market is out of control in many areas of the country, with record-high home prices and record-low inventories. Prices had been steadily increasing since 2012, …

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States where mortgage rates are rising most

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Since the start of the year, mortgage rates have risen dramatically. The record-low rates of 2021 are gone, with rates above 5% becoming standard. While a lower rate …

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Is paying mortgage points ever a good idea?

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If you’re shopping for a home mortgage, you’ve probably seen the term “mortgage points.” Before you take the next step to sign a mortgage preapproval or …

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Should you take a loan for mortgage closing costs?

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Borrowers with good credit may get a personal loan for mortgage closing costs. Bringing personal loan money to the closing table can help you finalize your …

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Don’t pay off your mortgage early. Here’s why

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Paying off your mortgage has been a monumental goal for decades now. But is it the right thing to do in the 21st century? Read on …

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7 big mortgage mistakes (and how to avoid them)

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Although mortgage interest rates have recently pulled back some, they’re still historically low. When rates were lower yet, I decided to refinance the mortgage on our home. …

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9 mortgage scams you need to know about

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What is mortgage fraud? Mortgage fraud refers to lying or omitting information to fund or insure a mortgage loan. It results in billions of dollars in …

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Thinking about getting a reverse mortgage? Read this first

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If you’re at or nearing retirement age and looking for a way to generate cash flow, a reverse mortgage can seem like a great idea, especially …

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18 questions you need to ask before closing a mortgage

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Hiring a knowledgeable mortgage lender is one of the first steps you’ll take on your journey to homeownership. A good lender could help you make a …

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Want a mortgage approval? Avoid these 7 mistakes

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How much house can I afford? That is a question many home-buyers ask themselves when they are in the process of buying a new home. Purchasing a home is …

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What is a fixed-rate loan?

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A fixed-rate loan is a lending product that allows eligible consumers or businesses to borrow money with an interest rate that does not change over the …

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Your home insurance is about to get more expensive

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  Homeowners may see an increase in their home insurance premiums in the coming year, according to a white paper released by the American Property Casualty Insurance Association. The spike …

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Mortgage interest deductions explained

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  Homeownership has long been a part of the American dream, and it opens the door to benefits like the mortgage interest deduction for those who …

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These cities saw the biggest rise in home prices this year

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It’s never easy buying a house, and in certain cities, real estate is coming at an increasingly higher cost, now more than ever. Following the onset …

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Why most people don’t get mortgages from banks anymore

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  The housing market is continuing its hot streak with mortgage applications surging into the holiday season, a time when demand typically cools off.  Getting approved for a …

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What is a second mortgage?

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  If you’re a homeowner, your house is not only the place you call home but also an asset. In fact, it’s the largest asset of …

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What is a piggyback mortgage loan & how does it work?

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  At its simplest, a piggyback mortgage can be defined as a second mortgage, typically a home equity loan or home equity line of credit (HELOC). …

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Here’s how your mortgage compares to your neighbors’

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  Figuring out how much home you can afford entails much more than the interest rate on a mortgage loan and what your monthly mortgage payment …

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How to buy a home when you’re single

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  Buying a house as a single woman has become more mainstream over the past few decades. This rise is partly due to an increase in …

Mortgages

What Is an assumable mortgage?

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Homebuyers have more mortgage loan options available when buying a home than they may think. One of those could be the assumable mortgage, a home loan …

Mortgages

Can you lose your house with a reverse mortgage?

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For older Americans who may find they need more money in retirement, using a reverse mortgage to convert some of their home’s equity into cash can …