The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
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Experiencing a financial hardship that threatens your ability to make your mortgage payment is a deeply stressful situation. Whether due to job loss, ...
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In the diverse landscape of home financing, the balloon mortgage stands as a unique and often misunderstood instrument. Unlike the ubiquitous 30-year ...
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The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
Read MoreYes, you can potentially reduce costs by: Shopping around for service providers like title companies (where lender-allowed). Negotiating with the seller to cover some costs. Asking the lender if any fees can be waived or reduced. Looking for first-time homebuyer programs that offer closing cost assistance.
The mortgage interest tax deduction allows homeowners who itemize their deductions on their tax return to deduct the interest paid on a loan used to buy, build, or substantially improve a qualified home. This reduces your taxable income, which can lower your overall tax bill.
Standard homeowners policies do not cover flood damage. If your home is in a designated high-risk flood zone (Special Flood Hazard Area), your lender will require you to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer.
It may not be the best choice if current interest rates are significantly higher than your existing rate, if you cannot afford the new monthly payment, if you plan to sell your home in the near future (making it hard to recoup the closing costs), or if you are using the cash for discretionary spending rather than a sound financial goal.
Your local climate has a major impact on cost:
Water Needs: Arid climates require drought-tolerant (xeriscaping) plants and/or expensive irrigation systems.
Plant Selection: Plants not native to your area may be more expensive and require more care to survive.
Seasonal Labor: In colder climates, you may have costs for winterizing irrigation and removing snow.
