Category: Mortgages

Being “house-rich, cash-poor” depends on how much you have in your pocket compared with how much you have tied up in your home. We explain it all here.
The post ‘House-Rich, Cash-Poor’: Here’s What It Really Means appeared first on Real Estate…

If you asked me six months ago, I’d tell you PMI meant flushing money down the toilet. But today, I’d call myself a private mortgage insurance advocate. Here’s why.
The post 3 Reasons Why PMI Saved Me Money—Really! appeared first on Real…

What is a recast mortgage? It’s where you pay off a lump sum of your principal, then your lender reamortizes the rest to lower your monthly payments.
The post What Is a Recast Mortgage? Way Easier Than Refinancing—Should You Try It? appeared…

How long does it take to refinance a mortgage? Refinancing should take anywhere from 30 to 45 days on average, although that can stretch to 60 days if you hit any snags along the way.
The post How Long Does It Take…

What is debt-to-income-ratio? This comparison of the money you owe to the money you make determines whether you can qualify for a mortgage.
The post What Is Debt-to-Income Ratio? The Key to Qualifying for a Mortgage appeared first on Real Estate News…

“What is MIP?” You might be wondering that if you’re a first-time mortgage borrower. If you want an FHA loan, you’d better read this.
The post What Is MIP? Mortgage Insurance Premium, Explained appeared first on Real Estate News & Insights |…

What is a mortgage note? Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender.
The post What Is a Mortgage Note—and Do You Know Where Yours Is? appeared first…

Obtaining a mortgage is a marathon—and because there are so many moving parts, it’s easy to overlook an important step or two along the way.
The post Oops! 5 Mortgage Moves You May Not Realize You Need to Do appeared first on…

Need a mortgage co-signer? That may be the case if you’ve found that perfect house, only to have lenders inform you that you don’t qualify for a mortgage.
The post Need a Mortgage Co-Signer? Here’s What It Means and What to Watch Out…

There are a number of reasons why mortgage applications end up being denied‚ and the saddest part about it is that many could have been avoided quite easily.
The post 5 Mortifying Reasons Mortgage Applications End Up in the ‘Reject’ Pile…

An FHA loan helped us buy our first home with a low down payment, but it wasn’t a total breeze. Here are a few things I wish I’d known before signing.
The post 4 Things I Wish I’d Known Before I Got…

If you’re wondering how to finance a house flip, this article will explain your five options, as well as the interest rates and pros and cons of each.
The post How to Finance a House Flip: 5 Types of ‘Fix-and-Flip’ Loans appeared…

The right of rescission is a little-known—but valuable—rule to consider when you’re going through the process of refinancing or taking out a home loan.
The post What Is the Right of Rescission? It’s Like a Safety Net for Home Loan Seekers appeared…

Are there liens on your property? The answer may not be so obvious. Here’s how to check.
The post Is There a Lien on My Property? How to Check appeared first on Real Estate News & Insights | realtor.com®. …

Your house may be in great shape, but issues such as an expensive plumbing bill or a flooded basement can happen. Here’s how much you need to set aside.
The post Saving for a Rainy Day: Your Home Repair Emergency Fund Should…

A foreign national loan helps noncitizens buy investment properties or vacation homes in the United States. But what are the parameters?
The post What Is a Foreign National Loan? One Way to Buy Investment Property in the U.S. appeared first on Real…

Can a non-U.S. citizen get a mortgage in the U.S.? The short answer is yes. “You do not have to be a citizen of the United States to purchase real estate here,” says Ines Hegedus-Garcia, a real estate agent in Miami, FL. However, the kind of loan you are eligible for—and the documentation required to

It’s understandable why borrowers think that the best way to get a lower mortgage rate is to pick a lender who advertises the lowest rate. Mortgage companies know that, and they try to differentiate themselves from competitors by advertising the lowest possible rate they can offer the most qualified borrower. Comparing the rates lenders advertise

While the new Tax Cuts and Jobs Act (TCJA) adversely shifts the playing field for home mortgage interest deductions, all is not necessarily lost. Many homeowners will be blissfully unaffected because “grandfather” provisions keep the prior-law rules in place for them. That said, many homeowners will be adversely affected by the TCJA provision that for

If you’re thinking about buying your first home, that pesky down payment has probably kept you awake more than a few nights. We get it—while a pre-approval is crucial for determining your buying power, it’s the down payment that shows you mean business. But saving up is hard. In a study conducted by NerdWallet, 44%

A proof of funds letter is a document that proves that a home buyer has enough liquid cash to purchase a home. It’s essential paperwork that all home sellers will want to see, so home buyers shouldn’t feel prepared to make an offer without one. “Sellers won’t want to take their property off the market without knowing that the buyers are truly able to

Is a mortgage transfer possible—where you hand off a home loan from one person to another? The answer is usually no. When you sell your home, the buyers have to get their own mortgage and you pay yours off in full with proceeds from the sale. But there are a few exceptions to the rule. Here are the ways you

Ah, the all-cash offer. If you’re a home buyer with this ace up your sleeve, you probably have a swagger in your step as you tour homes, looking for the perfect property. Home sellers swoon over all-cash offers for one simple reason: It means there’s no doubt that you’ve got the coin to close the deal. All-cash home buyers have

What is a closing disclosure form? Put simply, it’s a form outlining the terms and costs of your mortgage—and one of the most important pieces of paperwork to check before you close on a home. Lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before closing—that day when

If you’re a homeowner, you probably already know that recent tax legislation means you can now deduct only up to $10,000 worth of property taxes from your federal tax bill. And if you live in a high-tax state—New Jersey, Illinois, and Texas, we’re looking at you—that probably feels like a drop in the bucket. So it’s understandable

The home office tax deduction offers huge tax savings to those 24% of employed people who now do some or all of their work at home. Yet of all the tax breaks available, this one is among the most murky and misunderstood—all the more so since tax codes are changing big-time for 2018. All of this means it’s high time all you work-from-home folks—business owners,

Taxes are confusing enough as it is—throw in an overhaul like the Tax Cut and Jobs Act, and it’s understandable if you’re flummoxed. But fear not! With all the mayhem and misconceptions flying around, we’re here to set the record straight, by highlighting the top tax myths that might dupe even the financial Einsteins among us—both for this filing year (which is still under the

Welcome to your home tax deduction checklist! For homeowners, this guide is a godsend since, let’s face it, the new tax plan has caused a flurry of confusion. Don’t worry, the old IRS codes still apply to filing this year, but that also means it’s your last chance to take advantage of many traditional tax deductions (which is money you shave off your taxable income)

Have a home equity loan or home equity line of credit (HELOC), or thinking of getting one? Homeowners often tap their home equity for some quick cash, using their property as collateral, but watch out—you’ll want to know how this debt will be treated at tax time. With the recently passed Tax Cuts and Jobs Act, the rules of home equity debt have

“Do I need an accountant?” might be a question weighing on you as you prepare to file your taxes this year: Even if you typically whiz through TurboTax or some other online software package, this year’s different. In fact, it’s shaping up to be one of the most confusing since the presidency of Franklin D. Roosevelt

Homeownership is one of life’s great highlights, but ask homeowners about paying property tax and they’ll tell you it’s one of their least favorite responsibilities. But as much of a downer as they are, property taxes are vital for funding schools, libraries, police departments, fire departments, and public works like roads and parks. Savvy homeowners and prudent buyers

There’s a Japanese art to everything, including how to save up for a house! It’s called kakeibo, and it’s catching on for good reason: It claims to help people save more than one-third of their income—which could add up to a down payment on a house pretty quick. Pronounced kah-keh-boh (which means “household financial ledger”), the term and practice

When you file your taxes, now’s your last chance to take advantage of certain tax deductions from the old tax code. Here are four that should not be missed.
The post 4 Tax Deductions to Take Right Now Before They Disappear for…

What are the tax benefits of owning a home? Look no further than this guide to all the tax breaks of homeownership for this year (2017) and next (2018).
The post 7 Tax Benefits of Owning a Home: A Complete Guide for…

Getting a mortgage is the most treacherous part of the home-buying process for many people. Here’s what can go wrong.
The post 6 Ways Home Buyers Mess Up Getting a Mortgage appeared first on Real Estate News & Insights | realtor.com®….

Standard vs. itemized deduction: Which one should you claim on your taxes? This guide is to help you decide, particularly if you’ve recently bought a home.
The post Standard vs. Itemized Deduction: Which One Should You Take? appeared first on Real Estate…