According to a recent three-year study by LendingTree, the time it takes to get a mortgage—a process known as closing—lasts an average of 40 days in 2019. That’s down from 51 days in 2018, and 74 days back in 2017.
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Category: Mortgages
Condo Buyers Will Soon Have an Easier Time Scoring a Mortgage
Buyers are about to have an easier time scoring a government mortgage to purchase a condo. These loans can offer super-low down payment requirements.
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Should You Prepay Your Mortgage? The Pros and Cons
Should you prepay your mortgage? For some homeowners it’s a financially savvy move… but for others, beefing up loan payments just doesn’t make sense.
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Facing Foreclosure? Here’s When You Actually Have to Move Out
Going through a foreclosure can be confusing, complicated, and scary. Here is a guide to help you know when you actually need to be out of the house.
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Surprising Things That Can Drive Up the Cost of Buying a Foreclosure Home
These homes usually sell for about 15% below the home’s actual value, but buying a foreclosure isn’t always what it seems.
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What Is an Amortization Schedule? Mapping Out Your Mortgage Payments
What is an amortization schedule? The word “amortization” refers to the repayment of a debt through regular payments until the loan is paid off in full.
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What Is a Bridge Loan? A Way to Buy a New Home Before You Sell the Old One
What is a bridge loan? It’s a mortgage that allows you to purchase new property by using the home you currently own as collateral.
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How to Get a Mortgage: A Step-by-Step Guide for Home Buyers
If you want to buy a house but don’t have oodles of cash lying around, you’ll need to learn how to get a mortgage. Here are the steps.
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10 Things You Need to Do When Buying A Home
Everything you need to know about buying a home – on one index card. …
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The Earnest Money Deposit: How It Helps Buy a Home
Earnest money is a deposit on the house you want to buy. It shows sellers that you are a serious buyer, and it’s an important part of the purchase process.
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Should You Sell Your Home—or Rent It Out? 4 Times to Hang On Tight
Almost every homeowner is faced with the important decision at some point: Should you sell your home or keep it as a rental property?
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Should You Refinance Your Mortgage? A Homeowner’s Guide to HELOCs and More
A loan refinance with lenders can save money. Here’s how property owners can use home equity lines of credit, reverse mortgages, and other loan refinance options.
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7 Myths About Going Through Foreclosure to (Hopefully) Ease Your Mind
Foreclosure is disheartening, but we’ve rounded up the top misconceptions about the process in the hope that they’ll help you breathe a little easier.
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What Is a Hard Money Lender? It’s Not as Scary as You Might Think
What is a hard money lender? The term may conjure up visions of crooked-nosed guys who’ll cut off your pinkie finger if you flake on making prompt payments.
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You Won’t Believe What Trump Is Doing to Mortgage Assistance Programs
A federal crackdown on certain no or low down-payment assistance programs could hurt thousands of cash-strapped home buyers.
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Giving—or Receiving—a Down Payment Gift? Here Are the Tax Consequences
Sometimes home buyers’ family members will help with a down payment. But before you give or get a gift, make sure you understand the tax implications.
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What Is House Hacking? Hope for Buyers Who Can’t Afford a Home
House hacking is an old concept with a new twist: home buyers purchasing properties and then renting out parts of that property to lower their homeownership costs.
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4 Good Reasons to Not Get a Mortgage Online
Online mortgages are popular because of their speed and convenience, but they aren’t always a good idea for everyone.
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Small Mortgages Are Getting Harder to Come By
Lenders are offering fewer mortgages for cheaper properties even while racing to serve deep-pocketed home buyers.
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Q1 2019 Generational Propensity Report
Millennials continue to gain in share of primary home mortgage originations However, they are still putting less money down compared to other generations Millennials continue to take on larger mortgages compared to Baby Boomers, further adding to their debt load Markets…
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Who’s the Best Mortgage Lender for You? How to Find Your Match
To find the best mortgage lender for you, make sure to ask yourself these questions to home in on your perfect match.
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Same-Sex Couples 73% More Likely to Be Denied Mortgages, Study Finds
Modern communities are more diverse than ever, but a new study brings another reminder that housing discrimination is not yet dead. Not only are same-sex couples more likely to be denied a mortgage, if they get one they will likely pay…
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Mortgages? Big Banks May Be Throwing In the Towel
Comments from executives of America’s biggest banks made clear last week that the person making a mortgage loan is increasingly less likely to be a banker.
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A Guide to Mortgage Interest Rates: Why They Go Down and Up, and What to Do
Figuring out the best interest rate for your mortgage can be tricky, but it’s not impossible. Here’s what you need to know about interest rates before applying for a mortgage.
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How to Lower Closing Costs: A Guide for Home Buyers
How to lower closing costs crosses the mind of every home buyer. While you can’t get out of every fee, there are some closing fees that have flexibility.
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3 Deadly Mortgage Mistakes to Avoid If You’re Self-Employed
Love being your own boss? You might not love the process of getting approved for a mortgage as a self-employed borrower.
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I Got an Adjustable-Rate Mortgage and Wow, What a Ride!
I got an adjustable-rate mortgage, or ARM—and here’s how this decision impacted our finances over five, 10 years—and beyond.
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Can I Sell My Home If I’m Behind on My Mortgage?
If you’re behind on your mortgage payments and don’t see your situation improving, you might think the only way out of this mess is to sell your home. But can you? The short answer is yes.
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With Mortgage Rates at a Low, Loan and Refinance Applications Surge
As mortgage interest rates dropped last week, home owners and buyers raced to submit their refinance and other loan applications before rates start going up again.
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‘Can I Refinance While Buying a Second Home?’ Here Are the Mortgage Rules
Whether you’re buying an investment property or a second home, these are the rules of refinancing while taking out another mortgage.
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How Much Is Capital Gains Tax on Real Estate? What Homeowners Need to Know to Avoid It
How much is capital gains tax on real estate? If you sell something that’s increased in value, you’ll likely face this tax. But here’s how to avoid it.
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I Survived An Audit (and It’s So Not What You’d Expect)
An IRS audit is one of the scariest things a taxpayer can face. Here’s what can trigger an audit and how to deal if one comes your way.
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Your 2019 Home Tax Deduction Checklist: Did You Get Them All?
Here’s your home tax deduction checklist for the 2018 tax year. Be sure to know about all of the tax breaks for homeowners, so you don’t leave anything on the table.
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9 Hidden Home Maintenance Costs That Can Blindside First-Time Buyers
You’ve saved up for a down payment and closing costs, so that’s it … right? Here are hidden home maintenance costs that first-time buyers often forget.
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‘I Got a Home Loan in 24 Hours’: How to Get a Mortgage Fast, Revealed
A growing number of mortgage lenders are offering rapid pre-approval to home buyers—some within 24 hours. Here’s how to get a mortgage fast.
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Top 10 Questions to Ask a Mortgage Lender: Do You Know Them All?
While your mortgage lender will have specific recommendations to ensure speediness, here are some general recommendations.
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How Long Does Mortgage Pre-Approval Last?
Since lenders realize that buying a house does take time, pre-approval has a shelf life, but not an indefinite one. In general pre-approval is good for about three months.
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5 Tax Breaks That Disappear This Year—and Some Loopholes That Offer Hope
The U.S. tax code just got a major overhaul. Here’s a rundown of five major tax breaks that changed this filing year and how to take full advantage of them.
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How Does Paying Off Your Mortgage Affect Your Credit Score?
Paying off your mortgage early will affect your credit score, but will it have a positive or negative impact? Our experts weigh in.
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How to Improve Your Credit Score Before You Buy a House
Want to buy a house, but are held back by your low credit score? We’ve got you covered with these sneaky tricks to raise your credit score almost overnight.
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A Whole New Credit Score Is Coming—Are You Prepared?
FICO is rolling out a new UltraFICO score. What is it? Will it help your credit score? What are the drawbacks? Find out about the new scoring system
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What Is an APR? Annual Percentage Rate, Explained
The annual percentage rate, or APR, is how much you’ll pay in interest and other fees when you get a mortgage to buy a home.
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What Is PMI? Private Mortgage Insurance, Explained
“PMI” is an acronym you might hear your Realtor bandy about when you’re buying a home. So what exactly is private mortgage insurance?
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Real Estate Agent Fees: Who Pays the Bill?
Real estate agent fees are how most real estate agents are paid for the homes they sell. Who pays the real estate agent fees: the buyer or the seller?
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Generational Propensity Report: 2018 in Review
In November 2018, Millennials finally overtook Generation X as having the largest share of loan originations by dollar volume. They had previously overtaken Generation X as having the largest share of counts in January 2017. However Millennials still make lower down…
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What Is a Mortgage? Home Loan Basics Explained
What is a mortgage? We take a look at the process of getting a mortgage and some key terms you need to know to get the best mortgage for you.
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What Is a Reverse Mortgage? The Real Risks and Rewards, Revealed
What is a reverse mortgage? Most home buyers know what a mortgage is, but a reverse mortgage may seem far less familiar.
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Foreclosure vs. Short Sale: What’s the Difference?
What is the difference between a short sale and a foreclosure? They’re both options for homeowners who fall behind on mortgage payments.
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What Is a Good Credit Score to Buy a House?
What is a good credit score to buy a house? When you’re trying to get a mortgage, a high number helps, but how low can you go and still have a good credit score?
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That’s So 2018! Outdated Mortgage Advice You Should Ignore Right Now
Buying a house is exciting, but signing the mortgage is terrifying. Follow this mortgage advice from our experts—they know what works in 2019.
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