A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
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When purchasing a home, most buyers diligently budget for their mortgage payment, property taxes, and homeowner’s insurance. However, a frequently o...
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In the journey of homeownership, managing a mortgage is a central financial task. While most people are familiar with refinancing, a lesser-known but ...
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For many homeowners, their property represents their most significant financial asset, one that grows in value over time. This growth, known as home e...
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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 journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
Read MoreThis depends entirely on the HOA’s policy for that specific assessment. Some associations may allow you to pay in monthly or quarterly installments, sometimes with an interest or administrative fee. Others may require a lump-sum payment by a specific deadline.
Generally, no. The covenants, conditions, and restrictions (CC&Rs) that govern the community bind all homeowners, and the board has a fiduciary duty to apply fees equally. Waiving a fee for one owner would be unfair to others who have to pay and could expose the board to legal action.
An escrow account is a dedicated holding account managed by your mortgage servicer. Its primary purpose is to set aside funds for the payment of your property taxes and homeowners insurance premiums. A portion of your monthly mortgage payment is deposited into this account, and when these bills are due, your servicer pays them on your behalf from the accumulated funds.
The interest rate is the cost you pay each year to borrow the money, expressed as a percentage. The Annual Percentage Rate (APR) is a broader measure of the cost of your mortgage, as it includes the interest rate plus other loan costs such as points, broker fees, and certain closing costs.
No, you cannot independently shop for monthly PMI. Your lender selects the private mortgage insurer. However, you can effectively “shop” for PMI by comparing loan estimates from different lenders, as their chosen insurer will affect your overall loan cost.
