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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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 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 MoreIf your rate lock expires before your loan closes, you will typically lose the locked rate. You will then be subject to the current market rates at the time of closing, which could be higher. In some cases, you may be able to pay a fee to extend the lock, but this is not guaranteed.
No. The transfer of your servicer does not change the original terms of your loan.
Your interest rate, monthly payment amount, loan balance, and maturity date all remain exactly the same.
The only thing that changes is the company you send your payment to.
You can check your credit reports for free at AnnualCreditReport.com. To improve your score: pay all bills on time, keep credit card balances low (below 30% of your limit), avoid opening new credit accounts before applying, and dispute any errors on your reports.
Yes, several alternatives exist, including:
Personal Loan for Debt Consolidation: An unsecured loan that doesn’t put your home at risk.
Credit Card Balance Transfer: Moving balances to a card with a 0% introductory APR can save on interest if you can pay it off within the promotional period.
Debt Management Plan (DMP): Working with a non-profit credit counseling agency to negotiate lower interest rates with your creditors.
Typically, no. Most renovation loans require a licensed and insured general contractor to perform the work. This ensures the renovations meet building codes and professional standards, which protects the value of the property that secures the loan. Some loans may allow for limited homeowner involvement for minor tasks.
