The journey to homeownership culminates in two critical final steps: the final walkthrough and the review of the Closing Disclosure. While they occur ...
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When embarking on the journey to homeownership, most prospective buyers diligently save for their down payment, viewing it as the primary financial hu...
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The journey to homeownership is filled with critical decisions, and one of the most nerve-wracking questions that can arise late in the process is whe...
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The journey to homeownership is filled with excitement and a complex financial lexicon, with “closing costs” being one of the most significant yet...
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When homeowners consider refinancing their mortgage to secure a lower interest rate or tap into their home’s equity, they often focus intently on th...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreA mortgage recast, also known as a re-amortization, is the process of applying a large, lump-sum payment toward your principal balance. Your lender then recalculates your amortization schedule based on this new, lower balance. This results in a lower monthly payment for the remainder of your loan term, while your interest rate and loan term remain unchanged.
Your credit score directly influences the interest rate you receive on your mortgage. A higher credit score typically secures a lower interest rate, which reduces the total amount of interest you pay over the life of the loan, thereby decreasing your overall debt burden.
HOA fees are regular payments (typically monthly or quarterly) made by homeowners in a community to their Homeowners Association. These fees are mandatory and are used to cover the costs of maintaining, repairing, and improving the shared/common areas and amenities of the community.
You should seek help from a HUD-approved housing counseling agency. These non-profit agencies offer free or very low-cost advice and can help you communicate with your mortgage servicer, understand your options, and avoid scams. You can find a counselor near you at the Consumer Financial Protection Bureau (CFPB) or HUD websites.
Even in a new home, you will likely have immediate costs. These often include changing all locks for security, deep cleaning, purchasing new tools (lawnmower, ladder, snow blower), and potentially addressing minor issues identified in the home inspection that weren’t covered by the seller.
