An interest-only mortgage is a type of home loan that offers a distinct, and often alluring, payment structure. For a set period, typically the first ...
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For homeowners who have built up significant equity, their property can become a powerful financial tool. Two of the most common methods for accessing...
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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 ...
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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 MoreNo. Checking your own credit score or report results in a “soft inquiry,“ which has no impact on your score. Soft inquiries are only visible to you and are used for background checks and pre-approved offers. “Hard inquiries” from a lender when you apply for credit can cause a small, temporary dip.
VA Loans: Guaranteed by the Department of Veterans Affairs, these loans are for eligible veterans, active-duty service members, and surviving spouses. They often require no down payment and have no mortgage insurance premium.
USDA Loans: Backed by the U.S. Department of Agriculture, these loans are for low-to-moderate-income homebuyers in designated rural and suburban areas. They also offer 100% financing (no down payment).
Yes, many state and local governments, as well as non-profit organizations, offer closing cost assistance programs for first-time or low-to-moderate-income homebuyers. These are often grants or low-interest loans.
Yes, changing jobs during the mortgage process can complicate your application. Lenders prefer to see a stable, two-year employment history. If you must change jobs, try to stay in the same field and avoid gaps in employment. A transition to a higher salary in the same industry is viewed most favorably.
A down payment calculator allows you to input different home prices and down payment amounts to instantly see how they affect your estimated loan amount, monthly mortgage payment, and the potential need for PMI. This helps you visualize the trade-offs and set a realistic budget.
